By  on September 8, 2008

Abercrombie & Fitch Inc., which on Thursday reported the weakest August same-store sales performance among a pack of weak specialty stores, on Friday saw its shares drop sharply following a downgrade by Citigroup to “sell” from “buy.”

Following the morning downgrade, shares hit a new 52-week low of $47.83 before reclaiming some lost ground to finish the New York Stock Exchange session at $48.61, down $2.38 or 4.7 percent. After declining in early trading, the Standard & Poor’s Retail Index ended the day up 0.6 percent at 403.78. The Dow Jones Industrial Average ended the week at 11,220.96, which was 0.3 percent ahead of Thursday’s close.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus