Abercrombie & Fitch Co forecast second-quarter sales below estimates on Wednesday after the apparel retailer posted its slowest rise in quarterly same-store sales at its surf-themed Hollister brand in two years, sending shares down 18 per cent.
“Expectations were really high for Hollister, that has been their shining star ... Hollister’s numbers falling short and potentially slowing, is a red flag for investors,” Gabriela Santaniello, analyst at A line Partners, said. Abercrombie also said its international business took a hit from not taking advantage of some promotional events in Asia. Sales abroad fell 6 per cent in the quarter.
Abercrombie forecast second-quarter net sales to be flat to up 2 per cent, below estimates of a 2.8 per cent increase. The company blamed its disappointing forecast on a $10-million hit from a stronger dollar.
Source: News Formal (newsformal.com)
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