Struggling retailer Abercrombie & Fitch (NYSE:
) released its second-quarter earnings results on Wednesday prior
to the opening bell. The company reported net income of $15.52
million or $0.19 per share, compared to $32.03 million or $0.35 per
share, in the year ago period. This came in ahead of Wall Street
analysts' consensus EPS estimates of $0.17.
Revenues in the quarter were up 4 percent to $951.41 million
compared to $916.76 million last year. This was well below
analysts' consensus revenue estimates of $993.98 million.
Comparable store sales fell by 10 percent in the quarter.
Abercrombie CEO Michael Jeffries said, "The second quarter
results we are reporting today are disappointing and below our
expectations coming into the quarter. In particular, we saw a
further deceleration in the trend in our international stores,
while our U.S. chain stores also comped negatively for the quarter
for the first time since 2009."
Looking ahead, the company backed its full-year guidance which
it had lowered earlier this month. The company expects full-year
EPS of $2.50 to $2.75. Earlier this year, Abercrombie & Fitch
had been projecting full-year EPS of between $3.50 and $3.75. Wall
Street analysts have consensus EPS estimates of $2.56 for the
During Wednesday's trading session, Abercrombie has surged
better than 8 percent. At last check, the stock was trading around
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