Abercrombie & Fitch shares surged Wednesday morning after the company delivered quarterly profits that topped expectations.
Along with its fourth-quarter earnings that impressed analysts and robust full-year sales guidance, the company recorded its sixth-straight quarter of positive same-store sales.
The Ohio-based retailer plans to shutter up to 40 stores this year, largely in the US. It closed 29 stores last year. Here's what Abercrombie reported for the fourth-quarter, compared with what Wall Street surveyed by Bloomberg were expecting.The retailer said it expects net sales growth for fiscal 2019 to come in between 2% and 4%, driven in part by positive same-store sales., which has undergone changes under chief executive Fran Horowitz, who joined in 2017. The company has focused on changing up the perception of its brand with new marketing.
Abercrombie & Fitch also owns the Hollister and Abercrombie Kids brands. While Abercrombie's quarterly comparable sales fell 2% at the end of last year — a larger-than-expected decline — Hollister's rose 6%, topping estimates nearly two-fold. Even with revitalization efforts the company has made in recent quarters, Abercrombie's share price hasn't been able to make a sustained turnaround. Shares are still 20% below their 52-week high from August, and 72% below their record high of $85.77 set in mid-2007.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Abercrombie is planning to close up to 40 stores in 2019Abercrombie & Fitch is planning to close up to 40 stores, mostly in the U.S., during fiscal 2019.
Read more »
In major religion case, U.S. top court sympathetic toward Maryland crossSupreme Court justices on Wednesday signaled a willingness to rule that a 40-foo...
Read more »
U.S. top court sympathetic toward Maryland cross in major religion caseU.S. Supreme Court justices on Wednesday signaled a willingness to let a 40-foot...
Read more »
40% of A.I. start-ups in Europe have almost nothing to do with A.I., research findsA new report from London-based venture capital firm MMC Ventures, found no evidence that artificial intelligence was an important part of the products offered by 40 percent of Europe's 2,830 AI start-ups.
Read more »
The World’s Youngest Billionaires In 2019: Meet The 71 Under Age 40Of the 2,153 billionaires on Forbes’ 2019 list of the world’s richest, a record 71 members make up an even more select group — the under-40 set. Of this young group, 21 are newcomers from 18 countries and to the Billionaires List and two are returnees.
Read more »
Supreme Court seems open to allowing 40-foot cross on public landThe high court on Wednesday heard over an hour of arguments in the case about the World War I memorial sometimes referred to as the 'Peace Cross.'
Read more »
GM President of North America Alan Batey is retiring after 40 yearsGeneral Motors' President of North America Alan Batey plans to retire in 2019, the automaker said Thursday.
Read more »
Venezuela's oil exports drop 40 percent after U.S. sanctions: dataVenezuela's oil exports sank 40 percent in the first full month after the b...
Read more »
Trump should ignore House subpoenas after Mueller’s report, 40% of Republicans thinkPoll of American voters finds large portion of Republican voters believe President Donald Trump should resist attempts to subpoena his administration when special counsel Robert Mueller delivers his investigation’s final report.
Read more »
Board that handles federal worker disputes vacant for first time in 40 yearsThe Merit Systems Protection Board, a quasi-judicial government body tasked with settling workplace disputes for millions of federal workers, is officially vacant for the first time in its 40-year history.
Read more »