Abercrombie's Stock Inches Lower As Wider-than-expected Loss Offset By Same-store Sales Beat

Abercrombie & Fitch Co.'s stock inched 0.1% lower in premarket trade Thursday, after the teen apparel retailer reported a larger-than-expected loss but same-store sales that fell less than anticipated. For the quarter ended May 2, the net loss widened to $63.2 million, or 91 cents a share, from $23.7 million, or 32 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted per-share loss came in at 53 cents, compared with the FactSet consensus loss estimate of 34 cents a share. Sales fell 14% to $709 million, below the FactSet consensus of $731 million, with unfavorable currency movements reducing sales by 6 percentage points. Total same-store sales declined 8%, with sales falling 9% at its Abercrombie stores and 6% at Hollister stores, compared with the FactSet consensus for declines of 8.9%, 8.1% and 9.7%, respectively. The stock has tumbled 31% year to date through Wednesday, compared with the S&P 500's 3.1% gain.