Abercrombie & Fitch (NYSE: ANF) reported Q1 EPS of ($0.63), $0.12 worse than the analyst estimate of ($0.51). Revenue for the quarter came in at $685.5 million versus the consensus estimate of $710.26 million.

Comps fell 4 percent.

Fiscal 2016 Outlook

For fiscal 2016, with references to last year being on an adjusted non-GAAP basis, the company now expects:

• Comparable sales to remain challenging in the second quarter, but to improve in the second half of the year
  
• Adverse effects from foreign currency on sales of approximately $10 million and on operating income of approximately $15 million, including the year-over-year impact from hedging
  
• A gross margin rate up slightly to last year's rate of 61.9%, but down modestly in the second quarter
  
• Operating expense dollars to be approximately flat to last year, with investments in marketing, store management and omnichannel offset by savings from expense reduction efforts. Based on the timing of these investments, the company expects operating expense dollars in the second quarter to be up 2% to 3% over last year
  
• An effective tax rate in the mid-to-upper 30s
  
• A weighted average diluted share count of approximately 68 million shares, excluding the effect of potential share buybacks

The company continues to expect capital expenditures in the range of $150 million to $175 million for the full year.

The company plans to open approximately 15 new stores in fiscal 2016, including approximately 10 in international markets, primarily China, and approximately five in the U.S. The company now plans to open six new outlet stores, primarily in the U.S. In addition, the company anticipates closing up to 60 stores in the U.S. during the fiscal year through natural lease expirations.

Excluded from the company's outlook are the effects of certain potential items, including, but not limited to, insurance recoveries, impairments and other items.

An investor presentation of first quarter results will be available in the "Investors" section of the company's website at www.abercrombie.com at approximately 8:00 AM, Eastern Daylight Time, today.

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