Abercrombie & Fitch (NYSE: ANF) reported Q2 EPS of ($0.25), $0.05 worse than the analyst estimate of ($0.20). Revenue for the quarter came in at $783.2 million versus the consensus estimate of $782.1 million.

Comps fell 4 percent, versus an estimated 3.8 percent drop.

Fiscal 2016 Outlook

For fiscal 2016, the company now expects:

• Comparable sales to remain challenging through the second half of the year, with a disproportionate effect from flagship and tourist locations
  
• Adverse effects from foreign currency on sales of approximately $25 million and on operating income of approximately $20 million, with the greatest impact in the third quarter
  
• A gross margin rate flat to last year's adjusted non-GAAP rate of 61.9%, but down in the third quarter due to adverse effects from foreign currency
  
• Operating expense dollars to be down slightly to last year's adjusted non-GAAP operating expense, with investments in marketing, skewed towards the third quarter, offset by savings from expense reduction efforts
  
• An effective tax rate in the mid-to-upper 30s
  
• Net income attributable to noncontrolling interests of approximately $5 million

• A weighted average diluted share count of approximately 68 million shares, excluding the effect of potential share buybacks

The company expects capital expenditures to be at the low end of 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 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.

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