US: Abercrombie & Fitch ups FY guidance
Abercrombie & Fitch updated its earnings forecast based on higher than expected sales
US apparel retailer Abercrombie & Fitch has upped its full-year earnings guidance based on higher fourth-quarter sales.
In an update yesterday (10 January), the company said it was updating its earnings forecast based on better than expected sales for the fourth quarter-to-date and ongoing cost reduction efforts.
It now expects full year adjusted non-GAAP earnings per diluted share to be in the range of US$1.55 to $1.65, compared to prior guidance of $1.40 to $1.50.
This updated projection assumes January comparable sales below the quarter-to-date trend reflecting a stronger prior year comparable sales base, it said.
Total comparable sales for the nine weeks ended 4 January, including direct-to-consumer sales, dropped 6% with comparable US sales falling 4%.
Comparable international sales were down 10%, while total direct-to-consumer comparable sales increased 25%.
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