Abercrombie & Fitch (NYSE: ANF) reported Q1 EPS of ($0.53), $0.19 worse than the analyst estimate of ($0.34). Revenue for the quarter came in at $709 million versus the consensus estimate of $730.08 million. Comps declined 8%.

The Company said it currently expects:

• Continued headwinds from foreign currency exchange rates.
• Continued sequential comparable sales improvement into the second quarter and the second half of the fiscal year.
• Gross margin rate to be flat to slightly up, driven by average unit cost reductions, partially offset by adverse effects from current foreign currency exchange rates.
• Operating expense now to be down year-over-year by approximately $40 million, excluding the effects related to changes in comparable sales, primarily as a result of additional expense savings identified.
• That over time, the sustainable tax rate to return to the mid-to-upper 30`s, upon the recovery of the Company`s profitability within the jurisdictions in which it operates. The tax rate is expected to be elevated in Fiscal 2015 and remains highly sensitive to the earnings mix by jurisdiction, particularly at lower levels of profitability.

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