by Dean Seal
Shares of Abercrombie & Fitch Co. fell 31% to open a 52-week low of $18.31 after the company posted losses in the first quarter despite higher sales.
The apparel retailer reported a loss of $16.5 million, or 32 cents per share, for the quarter ended April 30, down from a profit of $41.8 million, or 64 cents per share, in the same period last year.
The company reported an adjusted loss of 27 cents per share. Analysts polled by FactSet were expecting a profit of 2 cents per share.
According to FactSet, sales for the quarter were $812.8 million, higher than $781.4 million and analysts’ estimates of $799.3 million.
The company lowered its outlook for full-year sales, saying it now expects sales to grow flat, or 2%. It had previously forecast sales growth of between 2% and 4%. The company said the revision is based on adverse changes in foreign exchange and the impact of inflation on consumer spending.
Write to Dean Seal at [email protected]
Credit: www.marketwatch.com /