In the first quarter of the current fiscal year, Abercrombie & Fitch reduced its loss by half. However, the sales were lower than projected. We recall that the company is one of the leaders among the American retailers of casual clothes and is well-known to many customers thanks to the logo with the image of an elk.
On Wednesday, the company shares lost 20% in the course of the bid. During this year, the capitalization has fallen by 0.6%.
In the first quarter of the fiscal year, the company net loss amounted to $ 19.2 million (29 cents per share). Over the same period in 2018, it totaled $ 42.5 million. The revenue amounted to $ 734 million. Last year, the figure was $ 731 million.
Experts predicted that the company’s loss would be 43 cents per share and revenue nearly $ 733 million.
The sales have risen by 1%, which is worse than the forecasts of the experts, who expected the growth of 1.3%.
During the current fiscal year, the firm predicts the revenue growth of 3-4%, while the analysts believe that the revenue will grow up to 2.4%.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade