Retail

How Abercrombie & Fitch Fell Flat in Q2

jetcityimage / Getty Images

Abercrombie & Fitch Co. (NYSE: ANF) reported its most recent quarterly results before the markets opened on Thursday. The firm posted a net loss of $0.48 per share and $841.08 million in revenue. Consensus estimates had called for a net loss of $0.53 per share and $852.47 million in revenue, while the fiscal second quarter of last year reportedly had $0.06 in earnings per share and $842.41 million in revenue.

During the most recent quarter, net sales decreased 0.2% year over year, while comparable sales remained flat compared with positive comparable sales of 3% from last year.

In terms of its segments, Abercrombie & Fitch reported as follows:

  • Hollister net sales increased 1% year over year to $504.76 million, an increase of 2% in constant currency.
  • Abercrombie net sales decreased 2% to $336.32 million, a decrease of 1% in constant currency.

Looking ahead to the fiscal third quarter, the company expects to see net sales up about 1% and comparable sales to be flat. Consensus estimates are calling for $0.36 in EPS and $882.6 million in revenue for the coming quarter.

CEO Fran Horowitz commented:

Trends improved throughout the second quarter, enabling us to deliver constant currency revenue growth and meet our previously-issued comp and gross profit rate outlook, while continuing to tightly manage expenses. Importantly, we have had a solid start to back-to-school in the U.S. and we look forward to building on that momentum in the back half through exciting product and cohesive marketing campaigns.

Shares of Abercrombie & Fitch traded down about 10% at $15.36 early Thursday. The 52-week range is $14.66 to $30.63, and the consensus price target is $19.60.


Is Your Money Earning the Best Possible Rate? (Sponsor)

Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.

However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.

There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.