Citi Reports New Range Of Comps On Abercrombie & Fitch

According to Citi, Abercrombie & Fitch (NYSE: ANF) management appears to be more bullish on sales trends, with color in the 10K that it is “targeting” FY2011 and FY2012 comps at “the same level or greater” than 2010's 7% comp.

Citi reported that it's not out of character for the company to update guidance intra-quarter when it has the opportunity (ie at a conference or in a filing). “The recent update on 2Q11 margin trends appeared to be driven by pre-opening costs. The updated stance on sales today might be driven by better trends in March (February comps were up +MSD, according to the company). And we may see more frequent updates given the decision to stop reporting monthly comps.”

Abercrombie & Fitch closed yesterday at $58.09.