Customers leave the Abercrombie & Fitch Store in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images
Abercrombie & Fitch On Monday, he said there was strong consumer demand during the holidays, but not enough inventories to sell, especially on the Hollister and Gilly Hicks lines.
Equities rose nearly 7% in long-term trading after the release, despite Abaclonby lowering its fourth-quarter sales guidance. Shares fell 2.5% to close at $ 32.35.
In a press release, CEO Fran Horowitz said, “I believe we could have achieved sales within our previous outlook if we had inventories.” “After the holidays, inventory increased, which accelerated sales trends.”
Ava Klongby said sales in the fourth quarter will increase by 4% to 6% from 2020 levels and decrease by 2% compared to 2019. Previously, we wanted holiday quarterly sales to increase by 3% to 5% compared to 2019. It didn’t provide revenue figures.
The company reported sales of $ 1.12 billion in 2020 and $ 1.19 billion in 2019.
Analysts sought revenue per share of $ 1.59 in the fourth quarter, up 10.7% year-on-year, according to Refinitiv’s estimates.
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Annual sales are up 19% to 20% year-on-year. Analysts were looking for a 21.2% increase.
The company also said it would reduce its annual planned capital spending from $ 100 million to $ 90 million to $ 95 million.
Find the full release from Abercrombie here..
Abercrombie & Fitch Adjusts Holiday Quarter Sales Outlook
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