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Abercombie & Fitch CEO Sells 100,000 Shares

June 24, 2011 | About:
Chairman and CEO of Abercrombie & Fitch Co. (ANF) Michael S. Jeffries sold 100,000 shares on 06/23/2011 at an average price of $65.77. The total transaction amount is $6,577,000. Abercrombie & Fitch Co. is principally engaged in the purchase, distribution and sale of men's, women's and kids' casual apparel. The company has a market cap of $5.83 billion; its shares were traded at around $66.9 with a P/E ratio of 27.1 and P/S ratio of 1.6. The dividend yield of Abercrombie & Fitch Co. stocks is 1.1%.

Michael Jeffries graduated from Columbia Business School with a Masters of Business Administration (MBA). In 1968, he joined the management training program at Abraham & Straus, a department store. In 1984, he founded Alcott and Andrews, a brand which was targeted at career women but fell into bankruptcy in 1989. Jeffries is the current chairman and CEO of ANF, and his actions with the company and its management have sparked much controversy.

Michael S. Jeffries has been continually selling off shares of ANF in 2011, each time selling 100,000 shares. He sold on 2/23/2011 and 3/23/2011, as well as in April, May and June.

Joel Greenblatt bought 6,338 shares in the quarter that ended on 03/31/2011, which is 0.11% of the $333 million portfolio of Gotham Capital. George Soros bought 3,400 shares in the quarter that ended on 03/31/2011, which is 0.0031% of the $6.42 billion portfolio of Soros Fund Management LLC. Lee Ainslie sold out his holdings in the quarter that ended on 03/31/2011.

EVP of Sourcing Diane Chang sold 78,932 shares of ANF stock on 05/26/2011 at the average price of 75.08. Diane Chang owns at least 16,114 shares after this. The price of the stock has decreased by 10.9% since. Other insiders have also reduced their positions in the company.

Abercrombie & Fitch Co. recently reported its first quarter 2011 results. The company announced unaudited results which reflected net income of $25.1 million and net income per diluted share of $0.28 for the 13 weeks ended April 30, 2011, compared to a net loss of $11.8 million and a net loss per basic and diluted share of $0.13 for the 13 weeks ended May 1, 2010. Net income for the 13 weeks ended April 30, 2011, included net income per diluted share of $0.01 from discontinued operations.

Abercrombie & Fitch Co. has historically not been a very predictable business. GuruFocus.com gives the company a predictability rating of 1 star.

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