Please select the second broker

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).




Scam Brokers, Broker Complaints

Are you aware of a scam broker or want to make a broker complaint?

We want our site users to find good brokers to trade through and to be warned off bad brokers. We encourage you to use our complaints tool to let us know about your experiences.

We have categorised the common complaints to make it easier for you and we have provided some guidance on what you may want to try before submitting a complaint, if our suggestions do not provide you with a resolution then by submitting a complaint, our team will attempt to take up your case with the relevant Broker and if needed, submit a formal report to the regulators.

We use the information you give us to decide if we want to continue to promote a broker on our site.

Your scam broker complaint not only helps you, it helps others and it helps us determine if we continue to support the broker.