Abercrombie: warns of flat sales in third quarter
(CercleFinance.com) - Abercrombie & Fitch Co.
has said that it has delivered both top- and bottom-line growth in the second quarter, although the US clothing retailer for young people warned of flat sales this quarter.
The New Albany, Ohio-based group said second-quarter sales rose 8% (period ended 4 August), driven by the calendar shift and positive comparable sales of 3%.
With its gross profit improving, operating income reached 200,000 dollars, compared to a loss of 21.1 million dollars last year.
Excluding asset impairment charges, adjusted non-GAAP operating income would have been 8.9 million dollars, against a loss of 15 million euros a year earlier.
For fiscal 2018, the company expects net sales to rise by 2% to 4%, with net sales in the third quarter to be approximately flat relative to last year, it said.
Abercrombie shares are down almost 10% in pre-market trading on Thursday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
has said that it has delivered both top- and bottom-line growth in the second quarter, although the US clothing retailer for young people warned of flat sales this quarter.
The New Albany, Ohio-based group said second-quarter sales rose 8% (period ended 4 August), driven by the calendar shift and positive comparable sales of 3%.
With its gross profit improving, operating income reached 200,000 dollars, compared to a loss of 21.1 million dollars last year.
Excluding asset impairment charges, adjusted non-GAAP operating income would have been 8.9 million dollars, against a loss of 15 million euros a year earlier.
For fiscal 2018, the company expects net sales to rise by 2% to 4%, with net sales in the third quarter to be approximately flat relative to last year, it said.
Abercrombie shares are down almost 10% in pre-market trading on Thursday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.