Abercrombie & Fitch Co. (NYSE:ANF) stock is falling hard on Friday despite reporting an earnings beat for the first quarter of 2018.
Abercrombie & Fitch Co. reported losses per share of 56 cents for the first quarter of the year. This is much better than its losses per share of 91 cents from the same time last year. It also beat out Wall Street’s losses per share estimate of 77 cents for the quarter.
Net loss reported by Abercrombie & Fitch Co. for the first quarter of 2018 was sitting at $41.51 million. This is an improvement over the company’s net loss of $61.01 million that was reported in the first quarter of 2017.
During the first quarter of the year, Abercrombie & Fitch Co. reported an operating loss of $42.20 million. The clothing retailer’s operating loss from the same period of the year prior was $69.94 million.
Abercrombie & Fitch Co. also reported revenue of $730.90 million for the first quarter of 2018. This is up from its revenue of $661.10 million that was reported in the first quarter of the previous year. It also came in above analysts’ revenue estimate of $696.65 million for the period.
Abercrombie & Fitch Co. updated its outlook for the full year of 2018 in its most recent earnings report. The company is now expecting revenue for the year to increase 2% to 4% from last year. 2017 revenue came in at $3.49 billion. This would have revenue expectations for 2018 ranging from $3.56 to $3.63 billion. Wall Street is looking for revenue of $3.55 billion for the year.
ANF stock was down 8% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.