Abercrombie Earnings Miss Expectations

By Tonya GarciaMarketsMarketWatch Pulse

Abercrombie & Fitch Co. reported fourth-quarter net income of $48.8 million, or 71 cents per share, down from $57.7 million, or 85 cents per share, for the same period last year. The FactSet consensus was 75 cents. Sales for the quarter were $1.04 billion, down from $1.11 billion last year and just below the $1.05 billion FactSet consensus. Same-store sales for the company fell 5%, with the Abercrombie & Fitch brand seeing a 13% decline and Hollister up 1%. The FactSet consensus was for a 5.4% decline. Abercrombie shares are unchanged in Thursday premarket trading, and down 61.6% for the past year. The S&P 500 index is up 20.6% for the last 12 months.

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