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By
Reuters
Published
Aug 28, 2014
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Abercrombie comparable sales continue slide

By
Reuters
Published
Aug 28, 2014

Teen apparel retailer Abercrombie & Fitch's same-store sales declined for the tenth straight quarter as it struggled to attract customers who held back discretionary spending amid wage cuts and fewer jobs.


The company's shares were down 6.5 percent before the bell.

Abercrombie and rivals Aeropostale and American Apparel have struggled to keep teen shoppers from moving to cheaper and trendier "fast fashion" chains such as Forever 21, Inditex's Zara and Sweden's H&M.

Abercrombie's same-store sales decreased 7 percent in the second quarter ended Aug. 2 - more than the 4.1 percent dip expected by analysts polled by research firm Consensus Metrix.

U.S. same-store sales fell 5 percent.

Net sales decreased 6 percent to $890.6 million.

Net income rose to $12.9 million, or 17 cents per share, from $11.4 million, or 14 cents per share, a year earlier.

Excluding items, the company earned 19 cents per share.

Analysts on average had expected a profit of 11 cents per share on sales of $909.2 million, according to Thomson Reuters I/B/E/S.

Abercrombie Shares, which have risen 34 percent this year closed at $44.83 on the New York Stock Exchange on Wednesday.

 

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