** charts before earnings **
** charts after earnings **
Abercrombie & Fitch beats by $0.09, beats on revs; guides Q4 sales towards high end of expectations
- Reports Q3 (Oct) earnings of $0.30 per share, $0.09 better thanthe Capital IQ Consensus of $0.21; revenues rose 4.6% year/year to $859.1 mln vs the $818.41 mln Capital IQ Consensus.
- Comparable sales for the third quarter up 4% vs. ests near +0.5% and changes in FX rates benefiting net sales by 1%. By geography, net sales for the third quarter increased 4% to $554.7 million in the U.S. and increased 5% to $304.4 million in international markets over last year. Direct-to-consumer sales grew to ~24% of total company net sales for the third quarter, compared to ~23% of total company net sales last year.
- The gross profit rate for the third quarter was 61.3%, 80 basis points lower than last year on a constant currency basis, as lower average unit cost was more than offset by lower average unit retail.
- Q4 guidance: Comparable sales to be up low-single digits (ests near +0.5%), and net sales to be up mid- to high-single digits (ests +2.2%), including benefits from the 53rd week and changes in FX rates; The 53rd week to benefit net sales by ~$38 million and operating income by ~$2 million; Changes in FX rates to benefit net sales by ~$20 million and operating income by ~$5 million, net of hedging; A gross profit rate down ~100 basis points to last year's rate of 59.3%, in line with the third quarter year-over-year decline
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