Abercrombie off the mark in 3Q as turnaround efforts sputter

Markets Associated Press

FILE - In this Thursday, Dec. 4, 2008, file photo, a shopper hurries past the Abercrombie & Fitch store at Beachwood Place Mall in Beachwood, Ohio.  Abercrombie & Fitch said a key sales measure fell for the third straight quarter, after an effort to turn around the once-popular teen clothing brand failed to bring shoppers back to its stores.
The company also said its profit plummeted 81 percent in the most recent quarter, and its shares fell 12 percent before the stock market opened Friday, Nov. 18, 2016.
(AP Photo/Amy Sancetta)

FILE - In this Thursday, Dec. 4, 2008, file photo, a shopper hurries past the Abercrombie & Fitch store at Beachwood Place Mall in Beachwood, Ohio. Abercrombie & Fitch said a key sales measure fell for the third straight quarter, after an effort to ... turn around the once-popular teen clothing brand failed to bring shoppers back to its stores. The company also said its profit plummeted 81 percent in the most recent quarter, and its shares fell 12 percent before the stock market opened Friday, Nov. 18, 2016. (AP Photo/Amy Sancetta) (The Associated Press)

Abercrombie & Fitch Co. (ANF) on Friday reported fiscal third-quarter net income of $7.9 million.

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On a per-share basis, the New Albany, Ohio-based company said it had profit of 12 cents. Earnings, adjusted for non-recurring gains, were 2 cents per share.

The results missed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.

The teen clothing retailer posted revenue of $821.7 million in the period, also missing Street forecasts. Ten analysts surveyed by Zacks expected $830.6 million.

Abercrombie shares have declined 37 percent since the beginning of the year. The stock has fallen nearly 10 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ANF at https://www.zacks.com/ap/ANF

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Keywords: Abercrombie & Fitch, Earnings Report