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Abercrombie & Fitch is Withdrawing Q1 and FY 2020 Outlook Issued on March 4, 2020 Due to Coronavirus Impact

Abercrombie & Fitch Co. (NYSE: ANF) today announced updates to its global store operations in response to the continued spread of COVID-19. 

Benzinga · 03/15/2020 15:43

Abercrombie & Fitch Co. (NYSE: ANF) today announced updates to its global store operations in response to the continued spread of COVID-19. 

With the wellbeing of its customers, associates and communities in mind, and to help limit the spread of the virus, Abercrombie & Fitch Co. will temporarily close all stores across its brands outside of the APAC region, effective March 15 in North America and March 16 in EMEA, until March 28, 2020.  Its locations in the APAC region will remain open. The Company's online stores currently remain open in all regions.

Due to the heightened uncertainty relating to the potential impacts of COVID-19 on the Company's business operations, including its duration and its impact on overall demand for merchandise, the Company is withdrawing the first-quarter and full-year 2020 outlook issued on March 4, 2020, although it still expects material adverse impacts. The Company is not providing an updated outlook at this time. 

Fran Horowitz, Chief Executive Officer, said, "The decision to close all our stores outside of the APAC region has been done with a focus on the wellbeing of our associates, our customers, our partners, and our communities, and it is in keeping with our commitment to being a responsible corporate citizen.

Based on the significant investments we have made over the past several years in our people and our IT infrastructure, we have a robust digital business. We believe that our current capabilities will allow us to continue to fulfill our customers' needs during this unprecedented period of uncertainty."