Online:
Visits:
Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Trendy clothing stores group Abercrombie & Fitch reports 16th straight quarterly decline in sales

Thursday, March 2, 2017 7:27
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Trendy clothing stores group Abercrombie & Fitch Co (NYSE:ANF) has reported a 16th straight quarterly decline in sales as a competitive retail environment drove it to undertaken more promotions.

The New Albany, Ohio-headquartered group said comparable sales fell by 5% in the fourth-quarter, slightly worse than the 4.9% consensus decline forecast by analysts.

It added that Abercrombie & Fitch brand sales saw a 13% decline in the quarter, and were down 13% in total for 2016, while sales of the Hollister brand rose 1% and were flat across the year.

The retailer said its net sales fell 7% to US$1.04bn in the fourth quarter to January 28, down from US$1.11bn a year earlier

It added that its quarterly net income dropped to US$48.8mln or 71 US cents per share, against analyst expectations for 75 US cents, down from US$57.7mln or 85 US cents per share in the same quarter of 2015.

Fran Horowitz, Abercrombie & Fitch’s chief executive officer said: “Results for the quarter reflect a still challenging and competitive retail environment, however we continue to make progress on our strategic priorities.”

He added: “While the environment is likely to remain challenging in 2017, we have a strong balance sheet and continue to aggressively manage costs in order to continue our investments in strategies to provide our customers with compelling new experiences through a clearly defined brand voice, to position our business for sustainable growth.”

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/174136/trendy-clothing-stores-group-abercrombie-fitch-reports-16th-straight-quarterly-decline-in-sales-174136.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.