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Author: Alan LittleDate: 2020-11-26

Abercrombie & Fitch’s (ANF) Q3 beats “fueled” by digital sales

Fashion retailer Abercrombie & Fitch (ANF) said that strong digital sales “fueled” its Q3 earnings and revenue beats on Tuesday, but shares slumped into negative territory after rising in premarket.

Before open, Abercrombie & Fitch posted $0.66 earnings per share for the latest three-month period, which was four cents higher than the Wall Street consensus and 56 cents up year over year.

Sales did tumble 5% during the same period to $820m on COVID-19-related challenges, but that was still enough to comfortably beat the $739.4m expectations.

Abercrombie & Fitch’s online channels excelled in Q3 with digital sales soaring 43% to $382m.

The company’s Hollister brand, which operates 30 stores in the UK, also delivered $476.7m sales during the quarter.

CEO Fran Horowitz said that its global store base had seen “sequential sales improvements”.

She added: “Updated product and marketing resonated with existing and new customers across brands and regions.”

Abercrombie & Fitch is planning to close its flagship store in London by early next year, a move that will be mirrored in two other European destinations, including Paris and Munich.

The Dusseldorf flagship closed during Q3.

ANF stock climbed 9% in Tuesday’s premarket, but an immediate reversal after markets opened sent it 3.83% lower to $21.89.

Premium jewellery company Tiffany & Co (TIF) also came in with impressive Q3 beats in its latest report.

Tiffany, based in New York, posted $1.11 earnings per share and $1.1bn revenue versus the $0.66 and $972.5m consensus.

Digital sales skyrocketed 92% in global regions and the overall Chinese market was particularly healthy with a “dramatic” 70% spike.

CEO Alessandro Bogliolo said that the latest numbers highlight the “enduring strength of the Tiffany brand”.

TIF stock eked out gains of 0.31% on Tuesday, rising to $22.76 at around 2pm (ET).

Sources:

  • https://www.thestreet.com/investing/abercrombie-fitch-third-quarter-earnings-beat
  • https://www.thestreet.com/investing/tiffany-tif-stock-third-quarter-earnings-china
  • https://www.google.com/search?q=abercrombie+stock&oq=abercrombie+stock&aqs=chrome..69i57j0l7.3750j0j7&sourceid=chrome&ie=UTF-8
  • https://www.google.com/search?q=tiffany+stock&oq=tiffany&aqs=chrome.0.0i67i457j46i67i199i275i291j46i67i433l2j0j0i433j0j69i60.2079j0j7&sourceid=chrome&ie=UTF-8

 

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