Abercrombie & Fitch Co. ANF
today reported on the Company's performance for the quarter ended July
28, 2012.
Net sales increased 4% to $951.4 million for the quarter, compared to
net sales of $916.8 million for the fiscal quarter ended July 30, 2011.
Total US sales, including direct-to-consumer sales, decreased 5% to
$648.0 million. Total international sales, including direct-to-consumer
sales, increased 31% to $303.4 million. Total Company direct-to-consumer
sales, including shipping and handling, increased 25% to $127.7 million.
Comparable store sales for the quarter were down 10% relative to last
year. Comparable store sales were down 5% in US stores and were down 26%
in international stores. Within the quarter, comparable store sales were
weakest in June.
The Company expects gross margin rate erosion for the second quarter of
approximately 100 basis points versus last year. Additionally, the
Company expects inventory at cost to be up approximately 20% at the end
of the second quarter versus a year ago.
The Company expects to report diluted earnings per share for the quarter
of approximately $0.15 to $0.18.
Based on a lower sales trend than previously projected, the Company now
expects full year diluted earnings per share of approximately $2.50 to
$2.75. This projection assumes same store sales to be down 10% for the
second half of the year, consistent with the second quarter trend. The
Company continues to expect substantial recovery of the gross margin
rate erosion seen in 2011 on a 2012 full year basis. In addition to
lower sales, the reduction in projected earnings per share also reflects
the impact of a stronger US dollar and the impact of an increase in the
effective tax rate primarily as a result of a reduced benefit related to
international operations taxed at a lower rate. The Company now expects
the tax rate for the year as a whole to be in the high 30's.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in