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By
Reuters API
Published
Mar 2, 2017
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Abercrombie's Hollister posts first comp sales rise in a year, net sales drop 7%

By
Reuters API
Published
Mar 2, 2017

U.S. teen apparel retailer Abercrombie & Fitch Co said on Thursday quarterly comparable sales of Hollister, its largest brand, increased for the first time in a year.


The company's shares rose 3.2 percent to $12.06 in premarket trading. - Reuters


Abercrombie reported a surprise 1 percent rise in comparable sales at Hollister, compared with the 0.7 percent decline expected by analysts polled by research firm Consensus Metrix.

The company said it closed 54 stores, mainly in the United States, in 2016 and that it would shutter 60 stores this year.

Net income attributable to the company fell to (39.8 million pounds), or 71 cents per share, in the fourth quarter ended Jan. 28, from $57.7 million, or 85 cents per share.

The retailer said net sales fell about 7 percent to $1.04 billion - the 16th straight quarterly decline - and said a competitive retail environment drove it to promote more.

Sales at established stores fell 5 percent, compared with analysts' average expectation for a 4.9 percent drop, according to research firm Consensus Metrix.

The company also forecast comparable sales to improve in the year ending January 2018, with Hollister expected to maintain or improve sales and the Abercrombie brand expected to improve.

 

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