Conclusion Commodity-price inflation, global recession and competition in the highly fragmented apparel industry coupled with stiff competition from rivals like Abercrombie & Fitch Co. ( ANF ) and Gap Inc. ( GAP ) are matters of concern. ABERCROMBIE (ANF): Free Stock Analysis Report GUESS INC (GES): Free Stock Analysis Report To read this article on Zacks.com click here. A slight improvement in conditions in North America was offset by lower spending in Europe, as the region adhered to austerity measures undertaken by governments to combat the debt crisis.