Abercrombie & Fitch (ANF) Q1 Net Income Drops 88%; Outlook Weighs
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♫"We like stocks that are Abercrombie & Fitch..."♪
According to news out Wednesday, investors are definitely not humming that catchy LFO tune. Abercrombie & Fitch (NYSE: ANF) is getting hit amid a first-quarter 2012 beat, but tepid outlook.
Revenue at the clothier popped 10.1 percent in the quarter to $921.22 million at the end of April, compared with views calling for $951.33 million. Comps fell 5 percent in the quarter.
Net income fell 88 percent to $2.99 million, or 3 cents per share, besting expectations calling for 2 cents in earnings.
Gross margin fell 240 basis points to 62.6 percent, driven by an increase in average unit cost.
Looking ahead, Abercrombie sees 2012 comps down by a mid-single digit percentage. The retailer affirmed its EPS outlook, but said results would come from better gross margins offsetting lower sales.
Shares are 7.2 percent lower Wednesday in early trading.
According to news out Wednesday, investors are definitely not humming that catchy LFO tune. Abercrombie & Fitch (NYSE: ANF) is getting hit amid a first-quarter 2012 beat, but tepid outlook.
Revenue at the clothier popped 10.1 percent in the quarter to $921.22 million at the end of April, compared with views calling for $951.33 million. Comps fell 5 percent in the quarter.
Net income fell 88 percent to $2.99 million, or 3 cents per share, besting expectations calling for 2 cents in earnings.
Gross margin fell 240 basis points to 62.6 percent, driven by an increase in average unit cost.
Looking ahead, Abercrombie sees 2012 comps down by a mid-single digit percentage. The retailer affirmed its EPS outlook, but said results would come from better gross margins offsetting lower sales.
Shares are 7.2 percent lower Wednesday in early trading.
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