Abercrombie & Fitch (ANF) Tops Q3 EPS by 12c
Abercrombie & Fitch (NYSE: ANF) reported Q3 EPS of $2.50, $0.12 better than the analyst estimate of $2.38. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.18 billion.
| Fiscal 2024 Outlook |
| The following outlook replaces all previous full year guidance. For fiscal 2024, the company now expects: | ||
| Current Full Year Outlook | Previous Full Year Outlook (1) | |
| Net sales | in the range of 14% to 15% (2) | in the range of 12% to 13% |
| Operating margin | around 15% (3) | in the range of 14% to 15% |
| Effective tax rate | mid-20s (4) | mid-20s |
| Capital expenditures | ~$170 million | ~$170 million |
| Real estate activity (all approximate) | ~20 net store openings | ~20 net store openings |
| 60 openings, 40 closures | 60 openings, 40 closures | |
| 60 remodels and right-sizes | 60 remodels and right-sizes | |
| Fourth Quarter Outlook | ||
| Net sales | in the range of 5% to 7% (5) | |
| Operating margin | around 16% | |
| Effective tax rate | high-20s (4) | |
| (1) | Released August 28, 2024 | |
| (2) | The current outlook includes a 120 basis point adverse impact from the loss of the extra week in 2023. Additionally, the Americas will continue to lead the regional performance and we expect that Abercrombie brands will continue to outperform Hollister brands as well as a slight adverse impact from foreign currency. | |
| (3) | The current outlook expects the year-over-year improvement to be driven by a higher gross profit rate and operating expense leverage. | |
| (4) | The current outlook assumes the rate being sensitive to the jurisdictional mix and level of income. | |
| (5) | This outlook includes a 550 basis point adverse impact from the loss of the extra week in 2023 as well as an estimated 100 basis point adverse impact from foreign currency. |
For earnings history and earnings-related data on Abercrombie & Fitch (ANF) click here.