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Agree that ANF doesn't meet C-K criteria to the absolute letter of the law, excepting we see ANF products everywhere. Somewhat concerned they market too much to teenagers who change buying patterns on unexpected bursts of hormones. If you shop in one of their stores, they play teenage music loudly. (I personally find this annoying.)

However, with a market cap just under $2 billion, no debt, annual sales growth projected to run 43% over the next 5 years, annual EPS growth in excess of 70%, ANF may well become a C-K very quickly. They appear to be commited to an aggressive retail expansion. After reviewing SEC filings, interesting to note, they establish individual retail outlets for approx $500m a piece which optically seems cheap.

Somewhat conflicted about corporate "administrative expense" portion disclosure. Apparently ANF pays The Limited for use of office, support, etc. That agreement ends in a few years. Will it cost more to establish own admin? See ANF pays The Limited 5% over hardcost for this service.

All in all, suggest we take a more thorough look at this one.

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