Abercrombie & Fitch Co. (ANF) Tops Q2 EPS by 8c; Comps Fell 7%
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Abercrombie & Fitch Co. (NYSE: ANF) reported Q2 EPS of $0.19, $0.08 better than the analyst estimate of $0.11. Revenue for the quarter came in at $891 million versus the consensus estimate of $909.62 million.
Total comps fell 7 percent.
Mike Jeffries, Chief Executive Officer, said:
"In the past quarter, we believe we have made great progress in evolving the fashion component of our assortment, and this progress is clearly evident in our Back-to-School presentation. In a continued challenging environment, our sales for the second quarter were somewhat below plan, but we have seen modest improvement since the Back-to-School floorset. We are confident that the evolution of our assortment will drive further improvements going forward, in particular as we move past the headwind of adverse likes in our logo business as we work to strategically reduce that element in our assortment.
Despite the challenging conditions, we were able to exceed our earnings expectations coming into the quarter through continued excellent progress on our profit improvement initiative. We remain highly focused on returning to top-line growth and driving long-term value for our shareholders."
Abercrombie & Fitch Co. reaffirmed FY2014 guidance.
For earnings history and earnings-related data on Abercrombie & Fitch Co. (ANF) click here.
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