Guidance

(Updated - May 24, 2013 7:19 AM EDT)

Abercrombie & Fitch Co. (NYSE: ANF) reported Q1 EPS of ($0.09), $0.04 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $838.9 million versus the consensus estimate of $941.66 million.

Total comparable sales for the quarter, including direct-to-consumer sales, decreased 15% with comparable store sales decreasing 17% and comparable direct-to-consumer sales decreasing 6%.

Abercrombie & Fitch Co. sees Q2 EPS of $0.28-0.33, versus the consensus of $0.31.

Based on a modestly more cautious view for the remainder of the year, Abercrombie & Fitch Co. sees FY2013 EPS of $3.15-3.25, versus the consensus of $3.49. This projection assumes comparable sales, including direct-to-consumer to be slightly down for the balance of the year.

Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said:

"Our results for the first quarter reflect a sixteen cent improvement in earnings per share versus last year, including better than expected gross margin rate improvement and tight expense management.

The first quarter proved to be more difficult than expected on the top-line due to more significant inventory shortage issues than anticipated, added to by external pressures.

However, comparable sales trends progressively improved during the quarter and with the inventory headwinds largely behind us, we expect to see continued sequential improvement in the second quarter. We are also making good progress on our cross-functional initiatives, which we expect will generate substantial operating margin improvement on a sustainable, long-term basis."

For earnings history and earnings-related data on Abercrombie & Fitch Co. (ANF) click here.

Destination Xl Grp (NASDAQ: DXLG) reported Q1 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $93.6 million versus the consensus estimate of $99.59 million. DXL comparable stores rose 17.7%.

Destination Xl Grp sees FY2013 revenue of $415-420 million, versus the consensus of $414.7 million.

Management Comments

"We continued to execute well on our strategy to accelerate the rollout of the Destination XL concept during the first quarter," said President and CEO David Levin. "Sales and net income growth was affected by a colder-than-usual spring. However, the softness in February and March was partially offset by strong sales in April when the weather warmed up. More importantly, our DXL stores continue to deliver strong results that are better than we initially expected. Dollars per transaction at our DXL stores this quarter increased 17.6% to $154 from $131 in the first quarter of last year. In comparison, dollars per transaction at our Casual Male XL stores was $110 for the first quarter of fiscal 2013. Catalog sales continue to be a drag on our direct business as we transition to a more digital-focused direct marketing strategy."

"The traction we have made with the DXL concept has been accomplished with essentially no marketing," said Levin. "On May 5, we launched a six-week national marketing campaign to define the DXL brand more clearly, expand market awareness and grow our active customer base. The comprehensive campaign consists of a TV, radio and digital marketing mix and is based on a successful test-campaign we conducted during the fall of 2012 and an additional small test during the first quarter. The early response has been positive and we are anticipating results similar to those experienced in the test markets. We anticipate that this national marketing campaign will significantly raise DXL brand awareness."

"Fiscal 2013 is a critical year for DXL and our transformation," said Levin. "This year, we plan to grow the number of DXL stores in operation by opening between 57 and 64 stores, while closing between 110 and 119 Casual Male XL and Rochester stores. To support this transformation, our capital expenditures for 2013 are expected to be approximately $45 million, net of anticipated lease incentives. We also are increasing our marketing spend by $10 million to support our new campaign and expand awareness of the DXL brand on a national scale. We remain confident that, by the end of fiscal 2016, the DXL concept will have the potential to generate sales of more than $600 million, an operating margin of greater than 10% and cash flow in the range of $60 to $70 million."


For earnings history and earnings-related data on Destination Xl Grp (DXLG) click here.

(Updated - May 24, 2013 7:19 AM EDT)

Abercrombie & Fitch Co. (NYSE: ANF) reported Q1 EPS of ($0.09), $0.04 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $838.9 million versus the consensus estimate of $941.66 million.

Total comparable sales for the quarter, including direct-to-consumer sales, decreased 15% with comparable store sales decreasing 17% and comparable direct-to-consumer sales decreasing 6%.

Abercrombie & Fitch Co. sees Q2 EPS of $0.28-0.33, versus the consensus of $0.31.

Based on a modestly more cautious view for the remainder of the year, Abercrombie & Fitch Co. sees FY2013 EPS of $3.15-3.25, versus the consensus of $3.49. This projection assumes comparable sales, including direct-to-consumer to be slightly down for the balance of the year.

Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said:

"Our results for the first quarter reflect a sixteen cent improvement in earnings per share versus last year, including better than expected gross margin rate improvement and tight expense management.

The first quarter proved to be more difficult than expected on the top-line due to more significant inventory shortage issues than anticipated, added to by external pressures.

However, comparable sales trends progressively improved during the quarter and with the inventory headwinds largely behind us, we expect to see continued sequential improvement in the second quarter. We are also making good progress on our cross-functional initiatives, which we expect will generate substantial operating margin improvement on a sustainable, long-term basis."

For earnings history and earnings-related data on Abercrombie & Fitch Co. (ANF) click here.

Hibbett Sports, Inc. (NASDAQ: HIBB) reported Q1 EPS of $1.00, $0.07 worse than the analyst estimate of $1.07. Revenue for the quarter came in at $240 million versus the consensus estimate of $246.41 million.

Jeff Rosenthal, President and Chief Executive Officer, stated, "The colder weather clearly affected the performance of some key spring assortments, especially against last year's strong sales performance. Looking forward, we are well positioned for the summer and back-to-school sales periods given our improved aged inventory position, product assortments and excellent customer service. This, coupled with accelerated store growth, gives us confidence in maintaining our full-year guidance as well as increasing our new store opening goal."

Hibbett Sports, Inc. sees FY2014 EPS of $2.85-3.05, versus the consensus of $3.03. . For Fiscal 2014, the Company expects to open 70 to 75 new stores, expand approximately 18 high performing stores and close 15 to 20 stores.

For earnings history and earnings-related data on Hibbett Sports, Inc. (HIBB) click here.

Sabra Health Care REIT (Nasdaq: SBRA) has updated its 2013 guidance to take into account the issuance of the 2023 Notes, redemption of $113.8 million of the 2018 Notes and investments through March 31, 2013 of $17.5 million. In addition, the updated 2013 guidance no longer contemplates an issuance of $75.0 to $100.0 million of equity securities in 2013.

For fiscal 2013 the Company expects FFO to range between $1.53 and $1.57 per diluted common share and Normalized FFO, after adjusting for the redemption premium, write-off of deferred financing costs and issuance premiums associated with the redemption of $113.8 million of the 2018 Notes, to range between $1.79 and $1.83 per diluted common share. The Company expects AFFO for fiscal 2013 to range between $1.42 and $1.46 per diluted common share and Normalized AFFO, after adjusting for the redemption premium, to range between $1.66 and $1.70 per diluted common share. The Company expects net income attributable to common stockholders for fiscal 2013 to range between $0.65 and $0.69 per diluted common share.

The Company's guidance excludes the impact of investments that may be made during the remainder of 2013, which the Company expects to total between $150.0 million and $200.0 million for the full fiscal year, a significant portion of which is expected to close in the latter part of the year and having a continued focus on senior housing and memory care facilities. These future investments in 2013 are expected to be funded first with available cash and then with borrowings available under the secured revolving credit facility.