Abercrombie & Fitch (ANF) Tops Q2 EPS by 4c, Sales Miss; Lowers Outlook
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Abercrombie & Fitch (NYSE: ANF) reported Q2 EPS of ($0.48), $0.04 better than the analyst estimate of ($0.52). Revenue for the quarter came in at $841.1 million versus the consensus estimate of $851.78 million.
Comparable sales were flat against positive comparable sales of 3% last year.
Fran Horowitz, Chief Executive Officer, said, "Trends improved throughout the second quarter, enabling us to deliver constant currency revenue growth and meet our previously-issued comp and gross profit rate outlook, while continuing to tightly manage expenses. Importantly, we have had a solid start to back-to-school in the U.S. and we look forward to building on that momentum in the back half through exciting product and cohesive marketing campaigns."
"While we are committed to delivering near-term results, we remain keenly focused on our long-term goals as we execute on our transformation initiatives. In the second quarter, we delivered 26 new store experiences, closed our Hollister SoHo flagship store in NYC, realized double digit digital sales growth, continued our investments in key personalization tools, and grew our loyalty membership accounts across brands. We plan to build on these actions as we continue to lay the foundation to achieving our fiscal 2020 target.”
- Net sales to be in the range of flat to up 2%, driven by comparable sales and net new store contribution, partially offset by an adverse impact from changes in foreign currency exchange rates of approximately $45 million of which approximately $26 million has been reflected in year-to-date results.
- Comparable sales to be in the range of flat to up 2%, against positive comparable sales of 3% last year.
For earnings history and earnings-related data on Abercrombie & Fitch (ANF) click here.
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