Abercrombie & Fitch Q2 Profit Rises; Sales Down 6% - Quick Facts

(RTTNews) - Abercrombie & Fitch Co. (ANF) reported that its second-quarter net income increased to $12.9 million or $0.17 per share, from $11.4 million or $0.14 per share, last year. Excluding certain charges, adjusted non-GAAP net income was $14.1 million and adjusted non-GAAP net income per share was $0.19 for the second quarter.

On average, 35 analysts polled by Thomson Reuters expected the company to report profit per share of $0.11 for the quarter. Analysts' estimates typically exclude special items.

Total company sales were $890.61 million, down 6 percent from $945.70 million, prior year. Comparable store sales were down 11 percent, and total comparable sales declined 7 percent. Analysts expected revenue of $909.22 million for the quarter.

Mike Jeffries, CEO, said: "In a continued challenging environment, our sales for the second quarter were somewhat below plan, but we have seen modest improvement since the Back-to-School floorset. Despite the challenging conditions, we were able to exceed our earnings expectations coming into the quarter through continued excellent progress on our profit improvement initiative."

The company continues to expect full year earnings per share in the range of $2.15 to $2.35. The company noted that the guidance is based on the assumption that full year comparable sales will be down by a mid-single-digit percentage. Analysts expect the company to report full year earnings per share of $2.36.