Abercrombie Says Experienced 'Record Revenues' In The US Over Black Friday; Reaffirms . Q4 Guidance Of Sales Flat To Up 2%, Sees Prelim. Q4 Gross PRofut Down 150 Pasis Points

New Albany, Ohio, January 13, 2020: Abercrombie & Fitch Co. (NYSE:ANF) today announced that it is reaffirming its previously issued outlook for the fourth quarter of fiscal 2019 as follows: • Net sales to be in

Benzinga · 01/13/2020 12:23

New Albany, Ohio, January 13, 2020: Abercrombie & Fitch Co. (NYSE:ANF) today announced that it is reaffirming its previously issued outlook for the fourth quarter of fiscal 2019 as follows:

Net sales to be in the range of flat to up 2%, reflecting an adverse impact from changes in foreign currency exchange rates of approximately $5 million.

Comparable sales to be in the range of flat to up 2%, against positive comparable sales of 3% last year.

Gross profit rate to be down approximately 150 basis points as compared to fiscal 2018 rate of 59.1%, reflecting a combined adverse impact of 70 basis points from changes in foreign currency exchange rates and anticipated China tariffs.

Operating expense, excluding other operating income, to be in the range of flat to up 2% from fiscal 2018 adjusted non-GAAP operating expense of $555 million.
Fran Horowitz, Chief Executive Officer, said:
“We are pleased to reaffirm our fourth quarter outlook. We experienced record revenues in the U.S. over Black Friday week, which includes the Tuesday before Thanksgiving through Cyber Monday, with Hollister setting a new record and momentum at Abercrombie continuing to build, delivering its strongest topline in over five years. For the quarter, we expect Abercrombie comps to outperform Hollister and the U.S. to outperform international. We remain focused on executing to our key transformation initiatives and will provide an update on our progress when we report fourth quarter results.”