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Abercrombie & Fitch stock sinks after earnings and sales miss expectations
Abercrombie & Fitch Co. stock sank 8.1% in Thursday premarket trading after the clothing and accessories retailer reported earnings and sales that missed expectations. Net losses totaled $244.1 million, or $3.90 per share, after a loss of $19.2 million, or 29 cents per share, last year. Adjusted losses of $3.29 per share were below the FactSet consensus for a loss of $1.39 per share. Sales of $485.4 million were down from $734.0 million last year and below the $497.0 million FactSet outlook. Hollister sales fell 36% to $273.0 million while the namesake Abercrombie & Fitch sales declined 30% to $212.3 million. Digital sales grew 25% over the period, with about half of the company's 850 stores around the world now open for business after closing all locations due to the coronavirus pandemic. Abercrombie & Fitch had cash and equivalents of $704 million as of May 2 with $800,000 remaining from its $89.4 million ABL facility. The company has pulled its guidance. Abercrombie & Fitch stock has tumbled 24.5% for the year to date while the S&P 500 index is down 6% for the period.
https://finance.yahoo.com/m/1f396a8...d880/abercrombie-&-fitch-stock.html?.tsrc=rss
Abercrombie & Fitch Co. stock sank 8.1% in Thursday premarket trading after the clothing and accessories retailer reported earnings and sales that missed expectations. Net losses totaled $244.1 million, or $3.90 per share, after a loss of $19.2 million, or 29 cents per share, last year. Adjusted losses of $3.29 per share were below the FactSet consensus for a loss of $1.39 per share. Sales of $485.4 million were down from $734.0 million last year and below the $497.0 million FactSet outlook. Hollister sales fell 36% to $273.0 million while the namesake Abercrombie & Fitch sales declined 30% to $212.3 million. Digital sales grew 25% over the period, with about half of the company's 850 stores around the world now open for business after closing all locations due to the coronavirus pandemic. Abercrombie & Fitch had cash and equivalents of $704 million as of May 2 with $800,000 remaining from its $89.4 million ABL facility. The company has pulled its guidance. Abercrombie & Fitch stock has tumbled 24.5% for the year to date while the S&P 500 index is down 6% for the period.
https://finance.yahoo.com/m/1f396a8...d880/abercrombie-&-fitch-stock.html?.tsrc=rss
