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+--- Thread: Abercrombie & Fitch's 15% Sales Plunge Sparks Steep Selloff (/thread-10954.html)
Abercrombie & Fitch's 15% Sales Plunge Sparks Steep Selloff - chairman - 05-24-2013
Abercrombie & Fitch (ANF) disclosed a deeper-than-feared first-quarter loss and a 15% plunge in same-store sales on Friday, triggering a 9% retreat in the apparel maker’s shares.
Management blamed the gloomy results on “significant inventory shortage issues,†but also forecasted full-year earnings that would trail consensus estimates.
A&F said it lost $7.2 million, or 9 cents a share, last quarter, compared with a deeper loss of $21.3 million, or 25 cents a share, a year earlier. Analysts had called for a loss of 5 cents a share.
Sales slumped 8.9% to $838.8 million, badly trailing the Street’s view of $941 million. Alarmingly, same-store sales tumbled 15%.
foxbusiness.com