Abercrombie & Fitch (NYSE:ANF) earnings for first quarter of 2020 have ANF stock falling hard on Thursday. That’s thanks to the company’s adjusted losses per share of $3.29. This is nowhere close to Wall Street’s estimate of a loss of $1.26 per share. Its revenue of $485.36 million also doesn’t help by massively missing analysts’ estimates of $536.99 million.
Let’s take a closer look at what went wrong during the most recent Abercrombie & Fitch earnings report below.
- Adjusted per-share losses are 1,034.5% wider than the 29-cent loss from the same time last year.
- Revenue for the quarter comes in 33.9% lower compared to $733.97 million in Q1 2019.
- Operating loss of $209.13 million is 667.2% worse than $27.26 million reported in the first quarter of the previous year.
- A net loss of $244.15 million in the Abercrombie & Fitch earnings report also isn’t helping ANF stock.
- That’s a 1,174.3% broader net loss than the $19.16 million reported in the same period of the year prior.
Fran Horowitz, CEO of Abercrombie & Fitch, included this statement in the earnings report.
“Today, roughly half of our global store base is open. With stores reopening in the U.S. and the EMEA regions, we have experienced sales productivity for reopened stores of approximately 80% and 60%, respectively, as compared to last year’s levels. We look forward to continuing to serve our customers across channels, and remain committed to, and confident in, our long-term vision including the global opportunities available to us.”
Abercrombie & Fitch isn’t providing much in the way of details for its outlook. That’s due to the novel coronavirus making predictions difficult. However, it does say it expects capital expenditures for 2020 to be roughly $100 million.
ANF stock ended the day Thursday down 11.1%.
As of this writing, William White did not hold a position in any of the aforementioned securities.