Abercrombie & Fitch Co. (ANF - Analyst Report), a specialty retailer of premium, high-quality casual apparel, released first-quarter fiscal 2015 results, wherein adjusted loss of 53 cents per share came in wider than the Zacks Consensus Estimate of loss of 34 cents as well as the year-ago quarter’s loss of 17 cents per share.
The company continues to expect foreign currency headwinds to impact its fiscal 2015 results.
Earnings Estimate Revision: The Zacks Consensus Estimate has been witnessing a downtrend in the last 30 days.
Revenues: Abercrombie & Fitch’s net sales dipped 14% year over year to $709.4 million and missed the Zacks Consensus Estimate of $734 million, primarily due to dismal comparable store sales performance and negative impact from foreign currency translations. Comparable store sales slipped 8%. Sales decreased 11% in U.S. and 18% in foreign territory.
Key Events: The company expects to open 17 full price overseas stores and 5 across North America and plans to shutter 60 domestic stores in the fiscal.
Zacks Rank: Currently, Abercrombie & Fitch carries a Zacks Rank #5 (Strong Sell) which is subject to change following the earnings announcement.
Stock Movement: Abercrombie & Fitch’s shares are up over 10% in early trading following the earnings release.
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