It's basically - buy before ER's and sell after ER's. Entire sector has been doing very well recently so I'm just betting on everything in the sector as a whole (GAP, AEO, ANF, etc)

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Nope. It's basically I've been seeing more bulls than bears & the entire sector has been doing well (GAP, AEO, ANF, etc)

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Here's my read through from AEO results to what's going on at ANF. Comparable sales at American Eagle brand +1% vs -7% for Abercrombie brand. American Eagle benefiting from Abercrombie market share loss. AEO also bested ANF with an overall gross margin improvement vs overall decline at ANF if you take out tariffs from both. The divergence grows further with guidance. AEO's *comparable* growth is almost 2x ANF overall growth. So whatever AEO is doing (tits?) is giving it even more share in Q4 at the expense of ANF. Sequential improvement in Abercrombie brand from Q2 to Q3 doesn't matter. Q4 guide for overall sales growth at ANF is 200 bps worse than Q2 and Q3, which implies that Abercrombie brand comparable sales decline re accelerates in Q4. This was observed to be consistent with Black Friday traffic: [source](https://www.passes.com/wallstbeats/a847ca52-8043-4550-a5ea-c09350898dfe) That's half the company at ANF that's dying. ANF deserves to be at least 25% cheaper than it is.

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