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Abercrombie & Fitch bottom of the left-over pile

Friday, November 18, 2016 9:44
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(Before It's News)

Like-for-like sales fell for the third quarter in a row
year-on-year at pricey clothes seller target="_blank">Abercrombie & Fitch Co ( href="" target="_blank">NYSE:ANF).

The shares were the worst performers in early trading in New
York, tumbling 12.2% to US$14.86, as like-for-like sales fell 6%
year-on-year, which was even worse than the 4.4% fall analysts had
been expecting.

Underlying earnings per share crashed to two cents from 48 cents
in the corresponding period of last year. Analysts had forecast a
figure of 21 cents.

“As expected, our third quarter was challenging. While Hollister
improved sequentially, it was more than offset by disappointing
performance in A&F [Abercrombie & Fitch],” said Arthur
Martinez, A&F’s executive chairman.

“On a total company basis, conversion trends remained positive
across both channels and the direct-to-consumer business grew
domestically and internationally. In addition, we remained
disciplined as expense and inventory were well controlled,”
Martinez said.  

Story by target="_blank">ProactiveInvestors


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