Abercrombie & Fitch beats by $0.12, reports revs in-line; provides in-line Q4 sales expectations
- Reports Q3 (Oct) earnings of $0.33 per share, $0.12 better than the S&P Capital IQ Consensus of $0.21; revenues rose 0.2% year/year to $861 mln vs the $856.34 mln S&P Capital IQ Consensus.
- Hollister comp +4%
- Abercrombie comp +1%
- Direct-to-consumer net sales increased 16% from last year to $243.6 million
- The gross profit rate was 61.3%, flat to last year, and down approximately 40 basis points on a constant currency basis, net of hedging.
Q4 Guidance:
- Net sales to be down mid single digits, including the adverse effect from the calendar shift and the loss of fiscal 2017's 53rd week of approximately $60 million and the adverse effect from changes in foreign currency exchange rates of approximately $15 million.
- Comparable sales to be up low single digits.
- A gross profit rate to be flat to up slightly from the fiscal 2017 rate of 58.4%.
- Estimate was for 4% sales decline Y/Y on comps of 1.3%
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