The clothing giant delivered a disappointing earnings report for the second fiscal quarter, and as a result, the share price of the company tumbled during yesterday's trading session. According to the findings of the report, the net sales reached $841, 078 whereas the recorded sales for the same period last year was $842,414. According to CNBC, Abercrombie has said that:
“tariffs were expected to have a “direct adverse impact” on cost of merchandise and gross profit of about $6 million for the fall season. To cushion the blow, the teen apparel maker has been aiming to cut the amount of foods sourced from China to below 20% in fiscal 2019 from 25% a year earlier.” [source]
The Earnings Per Share for Q2 have reached -0.48 cents, whereas the initial consensus among market analysts pointed towards a more severe collapse of the EPS to -0.52 cents. Fran Horowitz, the CEO of Abercrombie & Fitch Co., has commented on the earnings data by saying that:
“Trends improved throughout the second quarter, enabling us to deliver constant currency revenue growth and meet our previously-issued comp and gross profit rate outlook, while continuing to tightly manage expenses. […] While we are committed to delivering near0term results, we remain keenly focused on our long-term goals as we execute on our transformation initiatives.” [source]
Thus, the share price of the company tumbled with 15.10 per cent in yesterday’s trading session, from Wednesday’s closing price at 17.02 to 14.45, which is a level that has been reached for the last time in November of 2017.
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