Abercrombie & Fitch (ANF) Tops Q3 EPS by 1c, Guides Below; A&F Comps Down 6%

Abercrombie & Fitch (NYSE: ANF) reported Q3 EPS of $0.42, $0.01 better than the analyst estimate of $0.41. Revenue for the quarter came in at $911 million versus the consensus estimate of $918.3 million.

Net sales by brand for the third quarter were $358.4 million for Abercrombie & Fitch, $81.3 million for abercrombie kids and $468.1 million for Hollister Co. Comparable sales by brand, including direct-to-consumer, decreased 6% for Abercrombie & Fitch, decreased 10% for abercrombie kids, and decreased 12% for Hollister Co.

The Company now expects adjusted full year diluted earnings per share in the range of $1.50 to $1.65, versus the consensus of $1.74.

Mike Jeffries, Chief Executive Officer, said:

"As referenced in our earlier Business Update, our third quarter results were disappointing in what remains a very challenging environment for young apparel. Comparable sales improved somewhat in November, and this improvement was maintained through the Black Friday weekend. However, we expect conditions to remain difficult through the balance of the fourth quarter.

Longer term, we continue to believe we are taking the right steps to position the company for future success, including our shift to a branded structure, changes in our assortment and how we engage with our customer, investing in direct-to-consumer and omni-channel, expanding our international reach, closing under performing stores, and continuing to reduce expense. The aggregate impact of these changes represents a significant transformation for our company, and we are hopeful that the benefits will start to become evident as we move through 2015."

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

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