Abercrombie & Fitch Co. - Ordinary Shares - Class A

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Other Pre-Announcement

Abercrombie & Fitch Expects Higher Costs To Remain Headwind Through At Least Year-End

Published: 05/24/2022 11:44 GMT
Abercrombie & Fitch Co. - Ordinary Shares - Class A (ANF) - Reports First Quarter Results.
Q1 Sales Rose 4 Percent to $813 Million.
For Fiscal 2022, Company Now Expects: Net Sales to Be Flat to Up 2% From $3.7 Billion in 2021.
Qtrly Net Loss per Diluted Share of $0.32 and $0.27 on a Reported and Adjusted Non-GAAP Basis, Respectively.
Qtrly Results Were Driven by Ongoing Strength at Abercrombie & Fitch Brand, Where Global Sales Were Above Plan.
For Fiscal 2022, Sees Operating Margin in Range of 5 to 6%.
By Region, U.S. Continued to Outperform, Emea Net Sales Returned to Positive Territory in Q1.
Sees 2022 Capital Expenditures of Approximately $150 Million.
Sees Q2 Net Sales to Be Down Low-single-digits to Fiscal Q2 2021 Level of $865 Million.
By Region, Apac Was Impacted by Covid Lockdowns in China in Q1.
Sees Q2 Operating Margin in Range of 3 to 4% With Year-over-year Decline Driven by Higher Freight and Raw Material Costs.
Looking Forward, We Expect Higher Costs to Remain a Headwind Through at Least Year-end.
Will No Longer Provide a Full Year Outlook on Gross Profit Rate Or Operating Expense.
Q1 Earnings per Share View $0.02, Revenue View $799.3 Million -- Refinitiv Ibes Data (analyst estimates).
Expect Freight Relief in Q4.
Q2 Revenue View $888.4 Million -- Refinitiv Ibes Data (analyst estimates).
FY2022 Revenue View $3.73 Billion -- Refinitiv Ibes Data (analyst estimates).