Patrick McKeever reacts to retail earnings. He thinks Abercrombie & Fitch (ANF) is successfully moving its target demographic to young professionals rather than teens, creating a “great merchandise success story.” He also breaks down Dick’s Sporting Goods (DKS), emphasizing the American love of casual sweats. Macy’s (M) he calls a “new management story” but notes that traditional department stores are still struggling. On Capri (CPRI), he notes their failed merger last year and the fact that they’re selling the Versace brand to Prada.