Abercrombie & Fitch Co. Q2 Profit Increases, Beats Estimates

Abercrombie & Fitch

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(RTTNews) - Abercrombie & Fitch Co. (ANF) released a profit for its second quarter that Increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $141.383 million, or $2.91 per share. This compares with $133.168 million, or $2.50 per share, last year.

Excluding items, Abercrombie & Fitch Co. reported adjusted earnings of $112.758 million or $2.32 per share for the period.

Analysts on average had expected the company to earn $2.3 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 6.6% to $1.208 billion from $1.133 billion last year.

Abercrombie & Fitch Co. earnings at a glance (GAAP) :

-Earnings: $141.383 Mln. vs. $133.168 Mln. last year. -EPS: $2.91 vs. $2.50 last year. -Revenue: $1.208 Bln vs. $1.133 Bln last year.

Fran Horowitz, CEO of Abercrombie, said: “We delivered record second-quarter net sales, exceeding our expectations, with 7% growth to last year. We continued to drive meaningful engagement with our teen customer in Hollister brands, growing 19% on strong summer and back-to-school demand.”

Looking ahead, for the third quarter, the company expects net income of $2.05 to $2.25 per share, below analysts’ forecast of $2.58 per share. Sales growth is anticipated to be in the range of 5% to 7%.

For the full year, Abercrombie has revised its outlook to include the estimated impact from the tariffs on goods imported into the US.

The firm now expects net income per share of $10 to $10.50 against the earlier outlook of $9.50 to $10.50 per share. This revised outlook is in line with analysts’ view of $10.15 per share.

Annual sales growth is now anticipated to be 5% to 7%, higher than the prior guidance of 3% to 6%.