Originally published at www.seclive.com
Abercrombie & Fitch Co. (NYSE:ANF) announced its financial results for the fourth fiscal quarter 2013, posting an earnings decline of 58%. The company has been struggling with sales of its teen apparel, with consumer discretionary spending being limited. Net sales fell 12% to $1.3B, falling short of analyst expectations of $1.36B, while earnings fell from $157.2M and $1.95 per share to $66.1M and $0.85 per share. Overall company-wide same-store sales fell 8%, while sales at its Hollister brand fell 10%. Abercrombie Kids same-store sales dropped 8% as well as Abercrombie & Fitch stores. CEO Michael Jeffries was stripped of his CEO title last month due to pressure from activist investor Engaged Capital LLC aiming to improve the company's leadership and governance. Abercrombie & Fitch is predicting annual earnings per share in the new fiscal year between $2.15 and $2.35.
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