Abercrombie & Fitch (ANF) Looking Sharp Following Strong Q1 Results
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Abercrombie & Fitch Co. (NYSE: ANF) shares are trading nicely higher Wednesday following stellar first-quarter results from the clothing retailer.
Net income for Abercromie swung to $25.14 million, or $0.27 per diluted share, compared to a loss of $11.83 million reported in the same quarter last year.
Revenue climbed 21.6 percent from $687.80 million to $836.67 million.
Comparable-store sales increased 10 percent in the quarter.
Analysts were looking for EPS of $0.12 and revs of $825.6 million.
Store count remained flat in the quarter as well.
Abercrombie sees "opening five international Abercrombie & Fitch flagship locations during Fiscal 2011. In addition the Company expects to open up to 40 international mall-based Hollister stores, primarily in the latter part of the year. The Company expects a minimal number of domestic store openings in 2011. In addition, the Company continues to expect to close approximately 50 domestic stores during Fiscal 2011, primarily at the end of the year through natural lease expirations."
Shares are 3.3 percent stronger Wednesday morning, last trading around $75.59.
Net income for Abercromie swung to $25.14 million, or $0.27 per diluted share, compared to a loss of $11.83 million reported in the same quarter last year.
Revenue climbed 21.6 percent from $687.80 million to $836.67 million.
Comparable-store sales increased 10 percent in the quarter.
Analysts were looking for EPS of $0.12 and revs of $825.6 million.
Store count remained flat in the quarter as well.
Abercrombie sees "opening five international Abercrombie & Fitch flagship locations during Fiscal 2011. In addition the Company expects to open up to 40 international mall-based Hollister stores, primarily in the latter part of the year. The Company expects a minimal number of domestic store openings in 2011. In addition, the Company continues to expect to close approximately 50 domestic stores during Fiscal 2011, primarily at the end of the year through natural lease expirations."
Shares are 3.3 percent stronger Wednesday morning, last trading around $75.59.
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