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American lifestyle retailer Abercrombie & Fitch trimmed its 2022 earnings outlook following the net loss it incurred in the first quarter of the year.
Source: Abercrombie & Fitch
ANF is down 27.09%, while CALF is down 2.50%.
The company revised its full-year net sales outlook in the range of flat to up 2%, versus its previous outlook of up by 2% to 4$. Operating income growth is projected in the range of 5% to 6%, from the previous 7% to 8%.
First-quarter net loss was recorded at $16.5 million, indicating a reversal of the $41.768-million net income in the same quarter in 2021. Diluted net loss per share stood at $0.32 versus the $0.64 earnings last year.
Net sales climbed to $812.762 million, higher than the $781.405 million the previous year, while gross profit declined to $449.546 million versus the $495.143 million in the first quarter of 2021
The downgrade comes even as Chief Executive Officer Fran Horowitz said first-quarter net sales exceeded expectations, marking the highest first-quarter level since 2014.
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