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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).
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