According to this FOX Business report Abercrombie & Fitch is closing three more flagship stores after reporting terrible first quarter earnings.
Abercrombie & Fitch Co. shares fell Wednesday after the retailer released first-quarter earnings that showed slow sales and more flagship store closings. This is the latest sign of retailers struggling Opens a New Window. to stay competitive.
Same-store sales rose by just 1 percent for the company overall, the below analysts’ prediction of 1.4 percent, Bloomberg Opens a New Window. reported.
Net sales rose slightly at $734 million compared to last year’s $730.9 million.
Net loss for the first quarter was 29 cents per share, compared to 62 cents per share last year, beating out Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was a loss of 43 cents per share.
“We are focused on our transformation initiatives, with global store network optimization a key priority. We continue to believe in stores and are committed to delivering intimate, omni-channel brand experiences that closely align with our customers’ needs,” Abercrombie’s Chief Executive Officer Fran Horowitz said in the report Wednesday.
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