Sector Snap: Retailers fall on cost pressures

NEW YORK - Shares of retailers declined sharply Thursday on fears of rising costs for clothing makers at a time when shoppers are reluctant to spend. Abercrombie & Fitch Co. CEO Mike Jefferies cautioned that pressure from rising costs will be worse during the second half of the year. Retailers have talked all year about rising costs for things such as materials and transportation have squeezed margins, and forcing some to risk price hikes on jittery consumers. Jefferies, however, believes that the retailer's strong revenue momentum and overall performance the past several quarters gave the company confidence that it