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Abercrombie & Fitch (ANF) 2Q16 RESULTS: 2H OUTLOOK SUGGESTS LITTLE TO NO IMPROVEMENT OVER 1H

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Coresight Research

Key Points

  • Abercrombie & Fitch (A&F) reported 2Q EPS of $(0.25) versus consensus of ($0.20).
  • Total revenue was $783.2 million versus expectations of $782.6 million. Comps were down 4%, in-line with consensus. Abercrombie comps were (7)% versus consensus of (7.2)% and Hollister comps were (2)% versus consensus of (2.3)%. Traffic remained a significant headwind in the quarter. Sales recovered in the Hollister European business.
  • Looking toward 2H16, comps are expected to remain challenging with a disproportionate effect from flagship and tourist locations.
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