Abercrombie & Fitch Posts Loss In Q1

(RTTNews) - Abercrombie & Fitch Co. (ANF) reported a first quarter net loss per share of $0.27 on an adjusted non-GAAP basis, compared to profit of $0.67, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.08, for the quarter. Analysts' estimates typically exclude special items.

Net loss attributable to A&F was $16.47 million or $0.32 per share compared to profit of $41.77 million or $0.64 per share, prior year.

Net sales were $813 million, up 4% as compared to last year. Analysts on average had estimated $799.31 million in revenue.

For the second quarter, the company expects net sales to be down low-single-digits. For fiscal 2022, the company projects net sales to be flat to up 2% from 2021, down from previous outlook of up 2 to 4%. Looking forward, the company expects higher costs to remain a headwind through at least year-end.

Shares of Abercrombie & Fitch Co. were down 25% in pre-market trade on Tuesday.