Abercrombie & Fitch Jumps After Q2 Results

Struggling retailer Abercrombie & Fitch

released its second-quarter earnings results on Wednesday prior to the opening bell. The company reported net income of $15.52 million or $0.19 per share, compared to $32.03 million or $0.35 per share, in the year ago period. This came in ahead of Wall Street analysts' consensus EPS estimates of $0.17. Revenues in the quarter were up 4 percent to $951.41 million compared to $916.76 million last year. This was well below analysts' consensus revenue estimates of $993.98 million. Comparable store sales fell by 10 percent in the quarter. Mike Jeffries, ANF's CEO, said, "The second quarter results we are reporting today are disappointing and below our expectations coming into the quarter. In particular, we saw a further deceleration in the trend in our international stores, while our U.S. chain stores also comped negatively for the quarter for the first time since 2009." Looking ahead, the company backed its full-year guidance which it had lowered earlier this month. The company expects full-year EPS of $2.50 to $2.75. Earlier this year, Abercrombie & Fitch had been projecting full-year EPS of between $3.50 and $3.75. Wall Street analysts have consensus EPS estimates of $2.56 for the full-year. During Wednesday's trading session, ANF has surged better than 8%. At last check, the stock was trading at $35.00.