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    Fast Fashion Abercrombie & Fitch Group Failed To Meet Expectations In The Second Quarter.

    2019/9/2 10:42:00 0

    A&F

    The US youth fashion Brand Company Abercrombie & Fitch (abbegon & Fitch, hereinafter referred to as A&F) released key financial data in the second quarter of fiscal 2019 on Thursday, which failed to meet analysts' expectations. On Thursday, A&F's share price fell by 15.1%.

      

    After the announcement, A&F's share price fell by 15.1% on Thursday. "The tariff adjustment alone is not enough to explain why A&F chose to lower their expectations," said Paul Lejuez, an analyst at Citigroup. He added that A&F's forecast of profitability shows that they are facing "additional market pressure".

    As of the second quarter of August 3rd, the key financial data of A&F are as follows:

    Net sales amounted to US $841 million, down 0.15% compared with the same period last year, a year-on-year increase of 1% over the fixed exchange rate.

    Comparable store sales were flat compared with the same period last year.

    Operating losses of $39 million 500 thousand, a profit of $223 thousand during the same period last year. The main reason for the increase is the one-time cost of closing flagship stores.

    Diluted net loss of $0.48 per share, regardless of the impact of one-time costs, net profit after diluted to $006 per share, after a fixed exchange rate diluted to $0.01 per share

       By brand:

    Hollister sales increased by 1% to $505 million, up 2% at the constant exchange rate, comparable to last year's sales, less than 1% of analysts' year-on-year growth.

    Abercrombie&Fitch sales fell 2% to $336 million.

       By market:

    US sales increased 2% to $543 million, up 2% from the same year.

    Sales in the international market dropped 4% to 298 million US dollars, down 3% compared with the same period last year. The sales of Hollister brands that were stable over the past few quarters were comparable to that of the same period last year, and failed to achieve the expected growth of 1%. A&F's comparable store sales in the international market dropped by 3%, mainly due to protests in Hongkong and the impact of Britain's de Europe.

    A&F also lowered its forecast for the 2019 fiscal year: the annual sales will be flat from the same period last year to 2%, rising from 2% to 4% before the gross margin will fall 50 to 90 basis points, rather than the expected rise.

    A&F said the reduction was mainly due to several factors: the expected rise in the US dollar will have a negative impact on the sales of the company by 45 million US dollars and lead to a 60 basis point drop in the profit margin for the whole year. Meanwhile, the US President Trump's policy of raising tariffs will also have a great impact on the company.

    In response to tariff adjustments and the possible impact of Sino US trade war, A&F said it would reduce the proportion of products to China, with a target of reducing its share from 2019 last year to below 20% in fiscal year 25%. CFO Scott Lipesky said in a conference call that he thought A&F had the chance to reduce this figure to around 15% in 2020.

    Previously, nearly 200 industry executives from 138 American fashion companies wrote letters to Trump on their behalf, opposing the government's duty on textiles, clothing, footwear and accessories.


    Source: Gorgeous writer: Jiang Fan

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