Abercrombie’s new Pres/CMO: Fran Horowitz
Steve’s breakdown: OY! Just go ahead a keyword search Abercrombie on this site and see the bizarre recent history of this brand. Maybe you’ll be able to call Fran and talk logic . . .
NEW ALBANY, OH: FBR Capital maintained a Market Perform rating on Abercrombie & Fitch (NYSE: ANF) following the company’s announcement that A&F president, Christos Angelides, has left the company and the president of ANF’s Hollister banner, Fran Horowitz, has been promoted to president and CMO. With Fran’s promotion to CMO, FBR believes that this likely puts her one step closer to the CEO role. ANF has yet to find a new CEO and the thought has always been that one of the two brand presidents could eventually assume that role.
Analyst Susan Anderson commented, “Today, ANF announced that A&F president, Christos Angelides, has left the company and the president of ANF’s Hollister banner, Fran Horowitz, has been promoted to president and CMO. We believe Fran’s promotion reflects her success with the Hollister brand where performance improvement has exceeded the A&F brand. Additionally, we believe she has done a good job building out the Hollister team which has helped to drive its success. ANF also noted that they are on track to deliver sequential improvement in SSS (guided 4Q15 to flat) and profit expectations (flattish YOY ex-FX) for 4Q15. While we believe ANF is heading in the right direction, we believe there will still likely be pressure in the intermediate term (brand image/traffic, competition, and international margin pressure) as the company executes its turnaround. We reiterate our Market Perform rating.”
Shares of Abercrombie & Fitch closed at $25.54 yesterday.