Fri. Nov 22nd, 2019

Abercrombie & Fitch shares sink after sales miss, weak guidance

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Abercrombie & Fitch Co.

ANF, +2.72%

stock sank 6% in Thursday premarket trading after the clothing and accessories retailer reported a second-quarter sales miss and gave weak guidance. Net losses totaled $31.1 million, or 46 cents per share, after a loss of $3.9 billion, or 6 cents per share, last year. The result reflects a 50-cent charge for flagship store exits. Sales of $841.1 million were down from $842.4 million. The FactSet consensus was for a loss of 53 cents per share and sales of $852.0 million. Same-store sales were flat compared with the FactSet guidance for 0.5% growth. For the third quarter, Abercrombie expects sales to be up about 1% and same-store sales to be about flat. FactSet is guiding for sales of $882.4 million, up 2.5% year-over-year, and same-store sales growth of 1.8%. For the year, Abercrombie expects sales to be in the range of flat to 2% growth and same-store sales of flat to 2% growth. The company said its outlook takes the impact of tariffs on Chinese goods into account. The FactSet outlook is for sales of $3.66 billion, up 1.9%, and same-store sales growth of 1.5%. Abercrombie & Fitch stock has lost 15.1% for the year to date while the S&P 500 index

SPX, +0.65%

is up 15.2% for the period.

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