Abercrombie & Fitch sales fall 34%, with stores forced shut due to the pandemic; shares fall
The Hollister owner's shares were down more than 8% recently in premarket trading on the news.Earnings per share: An adjusted loss of $3.29Its net loss for the period ended May 2 widened to $244.1 million, or $3.90 per share, from $19.2 million, or 29 cents a share, a year ago. Excluding one-time charges, the company lost $3.29 per share.Analysts had been calling for Abercrombie to report an adjusted net loss of $1.39 per share on revenue of $497.3 million, based on Refinitiv estimates.
CEO Fran Horowitz said that as of Thursday, roughly half of Abercrombie's global store base is back open for business. As of Wednesday's market close, Abercrombie shares are down about 24.5% this year. The company has a market cap of $803.8 million.
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