Today, Abercrombie & Fitch (ANF) is the anti-Sears. The apparel retailer says its same-store sales fell only 6% Y/Y in the nine weeks ending Jan. 4. That easily beats guidance for a low double-digit percentage drop for FQ4 (ends this month), as well as an FQ3 level of -14%. (PR)
Comparable U.S. sales fell 4% (much better than FQ3's -18%), international sales fell 10%, and direct-to-consumer sales (a quarter of total revenue in December) rose 25%. Abercrombie adds "fall season carryover inventory levels are well controlled" as 2014 commences.
Abercrombie now expects FY14 (ends Jan. '14) EPS of $1.55-$1.65, above prior guidance of $1.40-$1.50 and a $1.47 consensus. FQ4 results are due on the morning of Feb. 26.