Abercrombie & Fitch Co. (ANF) Misses Q1 EPS by 4c; Guides FY Below Views
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(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.
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.
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