Abercrombie & Fitch (ANF) Tops Q2 EPS by 10c, Revenues Miss; Sales Comps Up 3%
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Abercrombie & Fitch (NYSE: ANF) reported Q2 EPS of $0.06, $0.10 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $842.6 million versus the consensus estimate of $845.15 million.
- Net sales up 8%, driven by the calendar shift and positive comparable sales
- Comparable sales increased 3%, with Hollister up 4% and Abercrombie up 2%
- Gross profit rate improved 110 basis points
- Operating expense leveraged 200 basis points, while continuing to invest in the business
"We are pleased with our second quarter performance, capping off a strong first half of the year. During the second quarter, we delivered both top and bottom line growth, while continuing to invest in the transformation of our business. Our results reflect another quarter of profit improvement fueled by comparable sales growth across both brands, gross margin expansion and expense leverage as we continue to execute our playbooks. Hollister continued its momentum with another quarter of strong sales growth and Abercrombie posted its third consecutive quarter of positive comparable sales, led by strength in the U.S.
Our customers remain at the center of all we do, and that singular focus continues to improve brand health metrics and drive our brands forward. We continue to make tangible progress in our transformation efforts, and after a strong first half of the year, we remain on track to achieve our full year 2018 expectations and our longer term 2020 targets."
For earnings history and earnings-related data on Abercrombie & Fitch (ANF) click here.
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