May 29, 2019 / 3:32 PM / a year ago

BUZZ-Abercrombie & Fitch: Set for worst day in 20 yrs as Hollister slows; drags peers


** Apparel retailer’s shares slump ~25% as Q1 same-store sales miss and forecasts Q2 sales below expectations

** On pace for worst day in nearly two decades and erase YTD gains

** ANF’s poor results drag other apparel retailers: American Eagle Outfitters fall ~5%, Gap Inc 2%, G-III Apparel 3% and Levi Strauss 3%

** Also weighing on the sector was disappointing earnings reports from Capri Holdings and Canada Goose

** ANF to close three additional flagship locations, bringing total to five since 2017

** Company’s willingness to sacrifice even high-profile stores, if they do not generate profitable benefits in sales or in terms of driving online revenue, is prudent - GlobalData’s Neil Saunders

** ANF’s Hollister apparel main contributor for weak Q1 comparable sales, international comparable sales fall 4%

** Expects flat Q2 comparable sales vs. est of 2.3% increase

** ANF top drag on S&P 600 Apparel Retail Index , with the entire index down (Reporting by Aishwarya Venugopal in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below