Abercrombie & Fitch Co. (ANF) Post Q4 EPS of $1.34 Ex-Charges; Comps Fell 16%

February 26, 2014 7:36 AM EST
Abercrombie & Fitch Co. (NYSE: ANF) reported Q4 EPS of $1.34, excluding restructuring charges related to Gilly Hicks, versus the analyst estimate of $1.03. Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.36 billion.

Comparable-store sales fell 8 percent in the quarter; Stores comps fell 16 percent and Direct-to-Customer comps rose 24 percent.

The Company ees FY2014 EPS of $2.15-$2.35, versus the consensus of $2.32.

Mike Jeffries, Chief Executive Officer, said, "2013 was a challenging year, with sales and earnings falling well short of the objectives we set at the beginning of the year. After three years of positive growth in our combined U.S. chain stores plus direct-to-consumer comparable sales metric, that metric turned negative in 2013 against the backdrop of a challenging retail environment, particularly in the teen space. It is important that we return to positive growth, particularly in our core U.S. business, and the steps we are taking as we execute against our long-range strategic plan should put us in a position to achieve this goal.

For the fourth quarter, we are pleased that results exceeded expectations coming into the quarter. Sales from our direct-to-consumer business were particularly strong, representing nearly 25% of sales for the quarter, we saw sequential improvement in our comparable store sales trend, and continued to see strong results in China and Japan. Additionally, we managed expense well, including accelerating savings from our profit improvement initiative.

As we look forward to 2014, there is much work ahead of us, but we are encouraged by the progress we are making as we continue to aggressively execute against our long-range plan objectives, which we believe will generate meaningful improvements in our business, and create significant value for shareholders."

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

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