Abercrombie & Fitch Co missed Wall Street estimates for quarterly same-store sales due to slowing demand for its surf-themed Hollister apparel and forecast second-quarter sales below estimates on Wednesday.
The Americans jeans maker said on Monday it expects to raise as much as $587 million through an initial public offering, giving it a value of up to $6.17 billion as it returns to the market after three decades.
The Ohio-based lifestyle retailer has beaten out analysts’ estimates to report $96.9 million in Q4 earnings, or $1.42 per diluted share, shooting the company’s shares up approximately 22% in morning trading on Wednesday.
At a spruced-up pilot store in H&M's home town of Stockholm, the chain founded in 1947 is testing new concepts that mark a break with its past, and partly echo some tactics already deployed by rivals to attract shoppers.
A recent study of teenagers’ conversations by Engagement Labs has found that they are moving away from traditional youth brands such as Abercrombie & Fitch, as Nike continues to cement its position as a Gen-Z favorite.