Abercrombie & Fitch (ANF): more than meets the eye

A GARP company or a falling consumer-discretionary knife?

Abercrombie & Fitch (ANF) is a fantastic example of excessive market optimism immediately followed by pessimism. Its valuation went from an EV/S of 0.2x in July 2022, to 2x (a 1,000% increase) in May…