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Abercrombie & Fitch Co Add to portfolio

NYA:ANF, Jul 10, 06:14 UTC

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Thursday, July 02


News

Abercrombie & Fitch Co. Announces Closing of Offering of $350 Million of Senior Secured Notes due 2025 and Repayment of All Outstanding Borrowings under Term Loan Facility and Amended ABL Facility

ANF

A&F Management used the net proceeds from the offering of the Senior Secured Notes to repay all $233 million in outstanding borrowings under A&F Management’s existing senior secured term loan facility, to repay a portion of the outstanding borrowings under A&F Management’s existing senior secured asset-based revolving credit facility (the “Amended ABL Facility”), and to pay fees and expenses in connection with such repayments and the offering of the Senior Secured Notes. A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond A&F’s control. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify forward-looking statements. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020 and Current Report on Form 8-K filed with the Securities and Exchange Commission on June 17, 2020, in some cases have affected, and in the future could affect, A&F’s financial performance and could cause actual results for fiscal 2020 and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this press release or otherwise made by management: the current outbreak of the novel coronavirus, or COVID‐19, has materially adversely impacted and disrupted, and may continue to materially adversely impact and cause disruption to, our business, financial performance and condition, operating results, liquidity and cash flows; the spread of the COVID‐19 outbreak has caused significant disruptions in the United States and global economy, the extent of the impact and duration of which is not yet known and any future outbreak of any other highly infectious or contagious disease could have a similar impact; changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits could have a material adverse impact on our business; failure to engage our customers, anticipate customer demand and changing fashion trends, and manage our inventory commensurately could have a material adverse impact on our business; our failure to operate in a highly competitive and constantly evolving industry could have a material adverse impact on our business; fluctuations in foreign currency exchange rates could have a material adverse impact on our business; our ability to attract customers to our stores depends, in part, on the success of the shopping malls or area attractions that our stores are located in or around; the impact of war, acts of terrorism, mass casualty events or civil unrest could have a material adverse impact on our business; the impact of extreme weather, infectious disease outbreaks, including COVID-19, and other unexpected events could result in an interruption to our business, as well as to the operations of our third-party partners, and have a material adverse impact on our business; failure to successfully develop an omnichannel shopping experience, a significant component of our growth strategy, or failure to successfully invest in customer, digital and omnichannel initiatives could have a material adverse impact on our business; our failure to optimize our global store network could have a material adverse impact on our business; our failure to execute our international growth strategy successfully and inability to conduct business in international markets as a result of legal, tax, regulatory, political and economic risks could have a material adverse impact on our business; failure to protect our reputation could have a material adverse impact on our business; if our information technology systems are disrupted or cease to operate effectively it could have a material adverse impact on our business; we may be exposed to risks and costs associated with cyber-attacks, data protection, credit card fraud and identity theft that could have a material adverse impact on our business; our reliance on our distribution centers makes us susceptible to disruptions or adverse conditions affecting our supply chain; changes in the cost, availability and quality of raw materials, labor, transportation, and trade relations could have a material adverse impact on our business; we depend upon independent third parties for the manufacture and delivery of all our merchandise, and a disruption of the manufacture or delivery of our merchandise could have a material adverse impact on our business; we rely on the experience and skills of our executive officers and associates, and the failure to attract or retain this talent, or effectively manage succession could have a material adverse impact on our business; fluctuations in our tax obligations and effective tax rate may result in volatility in our results of operations and could have a material adverse impact on our business; our litigation exposure, or any securities litigation and shareholder activism, could have a material adverse impact on our business; failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets which could have a material adverse impact on our business; changes in the regulatory or compliance landscape could have a material adverse impact on our business; and our credit facilities include restrictive covenants that limit our flexibility in operating our business and our inability to obtain credit on reasonable terms in the future could have an adverse impact on our business.

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Saturday, June 27


News

Why Is Abercrombie (ANF) Down 15.4% Since Last Earnings Report?

ANF

Will the recent negative trend continue leading up to its next earnings release, or is Abercrombie due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Moving on, management witnessed material impact of COVID-19 in the reported quarter and anticipates a lingering effect. As a result, the company refrained from providing any guidance for the second quarter and fiscal 2020.Q1 HighlightsAbercrombie reported adjusted loss of $3.29 per share in the fiscal first quarter compared with a loss of 29 cents in the year-ago quarter. On a constant-currency basis, the top line declined 33%.Brand-wise, net sales declined 36% and 30% to $273 million and $212.3 million for the Hollister and Abercrombie brands, respectively.

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Thursday, June 18


News

Abercrombie & Fitch Co. Announces Pricing of $350 Million of Senior Secured Notes due 2025

ANF

NEW ALBANY, Ohio, June 18, 2020 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (ANF) (“A&F”) announced today that A&F’s indirect wholly-owned subsidiary, Abercrombie & Fitch Management Co. (“A&F Management”), has priced its offering of $350 million aggregate principal amount of 8.75% senior secured notes due 2025 (the “Senior Secured Notes”). This represents a $50 million increase in the original offering amount of the Senior Secured Notes. The Senior Secured Notes and the related guarantees will be secured by a first priority lien on certain of A&F Management’s, A&F’s and the other guarantors’ real property, intellectual property, equipment, equity interests in A&F Management and the guarantors other than A&F, and general intangibles, subject to certain exceptions and permitted liens, and by a second priority lien on security interests in accounts and credit card receivables, inventory, deposit accounts, securities accounts, intercompany loans and related assets, which security interests will be junior to the security interests in such assets that secure the Amended ABL Facility. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020, in some cases have affected, and in the future could affect, A&F’s financial performance and could cause actual results for fiscal 2020 and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this press release or otherwise made by management: changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits could have a material adverse impact on our business; failure to engage our customers, anticipate customer demand and changing fashion trends, and manage our inventory commensurately could have a material adverse impact on our business; our failure to operate in a highly competitive and constantly evolving industry could have a material adverse impact on our business; fluctuations in foreign currency exchange rates could have a material adverse impact on our business; our ability to attract customers to our stores depends, in part, on the success of the shopping malls or area attractions that our stores are located in or around; the impact of war, acts of terrorism, mass casualty events or civil unrest could have a material adverse impact on our business; the impact of extreme weather, infectious disease outbreaks, including COVID-19, and other unexpected events could result in an interruption to our business, as well as to the operations of our third-party partners, and have a material adverse impact on our business; failure to successfully develop an omnichannel shopping experience, a significant component of our growth strategy, or failure to successfully invest in customer, digital and omnichannel initiatives could have a material adverse impact on our business; our failure to optimize our global store network could have a material adverse impact on our business; our failure to execute our international growth strategy successfully and inability to conduct business in international markets as a result of legal, tax, regulatory, political and economic risks could have a material adverse impact on our business; failure to protect our reputation could have a material adverse impact on our business; if our information technology systems are disrupted or cease to operate effectively it could have a material adverse impact on our business; we may be exposed to risks and costs associated with cyber-attacks, data protection, credit card fraud and identity theft that could have a material adverse impact on our business; our reliance on our distribution centers makes us susceptible to disruptions or adverse conditions affecting our supply chain; changes in the cost, availability and quality of raw materials, labor, transportation, and trade relations could have a material adverse impact on our business; we depend upon independent third parties for the manufacture and delivery of all our merchandise, and a disruption of the manufacture or delivery of our merchandise could have a material adverse impact on our business; we rely on the experience and skills of our executive officers and associates, and the failure to attract or retain this talent, or effectively manage succession could have a material adverse impact on our business; fluctuations in our tax obligations and effective tax rate may result in volatility in our results of operations and could have a material adverse impact on our business; our litigation exposure, or any securities litigation and shareholder activism, could have a material adverse impact on our business; failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets which could have a material adverse impact on our business; changes in the regulatory or compliance landscape could have a material adverse impact on our business; and our credit facilities include restrictive covenants that limit our flexibility in operating our business and our inability to obtain credit on reasonable terms in the future could have an adverse impact on our business.

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Wednesday, June 17


News

Abercrombie & Fitch Co. Announces Proposed Offering of Senior Secured Notes

ANF

The Senior Secured Notes and the related guarantees will be secured by a first priority lien on certain of A&F Management’s, A&F’s and the other guarantors' real property, intellectual property, equipment, equity interests in A&F Management and the guarantors other than A&F, and general intangibles, subject to certain exceptions and permitted liens, and by a second priority lien on security interests in accounts and credit card receivables, inventory, deposit accounts, securities accounts, intercompany loans and related assets, which security interests will be junior to the security interests in such assets that secure the Amended ABL Facility. This press release is neither an offer to sell nor the solicitation of an offer to buy any of the Senior Secured Notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful. A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond A&F’s control. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020, in some cases have affected, and in the future could affect, A&F’s financial performance and could cause actual results for fiscal 2020 and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this press release or otherwise made by management: changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits could have a material adverse impact on our business; failure to engage our customers, anticipate customer demand and changing fashion trends, and manage our inventory commensurately could have a material adverse impact on our business; our failure to operate in a highly competitive and constantly evolving industry could have a material adverse impact on our business; fluctuations in foreign currency exchange rates could have a material adverse impact on our business; our ability to attract customers to our stores depends, in part, on the success of the shopping malls or area attractions that our stores are located in or around; the impact of war, acts of terrorism, mass casualty events or civil unrest could have a material adverse impact on our business; the impact of extreme weather, infectious disease outbreaks, including COVID-19, and other unexpected events could result in an interruption to our business, as well as to the operations of our third-party partners, and have a material adverse impact on our business; failure to successfully develop an omnichannel shopping experience, a significant component of our growth strategy, or failure to successfully invest in customer, digital and omnichannel initiatives could have a material adverse impact on our business; our failure to optimize our global store network could have a material adverse impact on our business; our failure to execute our international growth strategy successfully and inability to conduct business in international markets as a result of legal, tax, regulatory, political and economic risks could have a material adverse impact on our business; failure to protect our reputation could have a material adverse impact on our business; if our information technology systems are disrupted or cease to operate effectively it could have a material adverse impact on our business; we may be exposed to risks and costs associated with cyber-attacks, data protection, credit card fraud and identity theft that could have a material adverse impact on our business; our reliance on our distribution centers makes us susceptible to disruptions or adverse conditions affecting our supply chain; changes in the cost, availability and quality of raw materials, labor, transportation, and trade relations could have a material adverse impact on our business; we depend upon independent third parties for the manufacture and delivery of all our merchandise, and a disruption of the manufacture or delivery of our merchandise could have a material adverse impact on our business; we rely on the experience and skills of our executive officers and associates, and the failure to attract or retain this talent, or effectively manage succession could have a material adverse impact on our business; fluctuations in our tax obligations and effective tax rate may result in volatility in our results of operations and could have a material adverse impact on our business; our litigation exposure, or any securities litigation and shareholder activism, could have a material adverse impact on our business; failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets which could have a material adverse impact on our business; changes in the regulatory or compliance landscape could have a material adverse impact on our business; and our credit facilities include restrictive covenants that limit our flexibility in operating our business and our inability to obtain credit on reasonable terms in the future could have an adverse impact on our business.

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Topics:
  • Business
  • Financial

Monday, June 08


News

Abercrombie (ANF) Strong on Online Sales Amid Coronavirus

ANF

Consumers’ growing preference for online shopping, owing to store closures stemming from the coronavirus situation, is touted to leave a lasting impression on the e-commerce industry. Sources reveal that e-commerce spending has surged more than 40% year over year following Trump’s declaration of health emergency on Mar 14.Notably, shares of Abercrombie Fitch Company ANF have gained 32.8% in the past three months, outperforming the industry and the Retail-Wholesale sector’s growth of 4.5% and 16.5%, respectively. Despite weak first-quarter fiscal 2020 results, digital sales grew 25% year over year to $275 million. Corp fell about 11% year over year in fourth-quarter fiscal 2020. However, its digital revenues were up 8%, with 9% growth in constant dollars during the fiscal fourth quarter, driven by double-digit growth in Vans, The North Face, Dickies and other emerging brands.After a brief hiatus, Abercrombie is on track to reopen stores in a phased manner with adjusted store hours. Hence, the company refrained from providing any guidance for the first quarter and fiscal 2020.All said, we hope that strong digital growth and store reopening initiatives will provide some cushion to this Zacks Rank #3 (Hold) company and help it overcome the headwinds caused by the COVID-19 crisis.

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Friday, May 29


News

A Look Into Abercrombie & Fitch's Price Over Earnings

ANF

Looking into the current session, Abercrombie & Fitch Inc. (NYSE: ANF) shares are trading at $11.91, after a 2.76% gain. The stock is currently above from its 52 week low by 60.62%. Assuming that all other factors are held constant, this could present itself as an opportunity for investors trying to diversify their portfolio with apparel retail stocks, and capitalize on the lower share price observed over the year. The P/E ratio is used by long-term shareholders to assess the company’s market performance against aggregate market data, historical earnings, and the industry at large. It shows that shareholders are less than willing to pay a high share price, because they do not expect the company to exhibit growth, in terms of future earnings.

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Thursday, May 28


News

Abercrombie & Fitch Co (ANF) Q1 2020 Earnings Call Transcript

ANF

At the time of our fourth quarter earnings call early March, the majority of our China stores had just reopened and we were pleased with the start of our global spring selling season across brands. Since then, we have all been tested in ways that we could never have imagined, both personally and professionally. These include optimizing our global store network and square footage, investing in our digital and omnichannel capabilities, increasing the speed and efficiency of our concept to customer life cycle, and improving our customer engagement. We adjusted to the different needs of our global customer base, pivoting our marketing message and tactics across channels to thoughtfully address our new normal while staying authentic, and continuing to be there for them whenever wherever and however they chose to engage with us. As stores closed, we leveraged our digital business. In April, we furloughed all of our U.S. and a portion of our EMEA store associates and funded a 100% of those eligible employee's health insurance premiums, enacted a temporary base reduction for VPs and above, and a temporary reduction in the Board's cash retainer, and temporarily reduced the work schedule for approximately 15% of our corporate associates.

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News

Abercrombie & Fitch (ANF) Reports Q1 Loss, Misses Revenue Estimates

ANF

Abercrombie & Fitch (ANF) came out with a quarterly loss of $3.29 per share versus the Zacks Consensus Estimate of a loss of $1.31. A quarter ago, it was expected that this teen clothing retailer would post earnings of $1.23 per share when it actually produced earnings of $1.31, delivering a surprise of 6.50%. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Abercrombie was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future.

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News

Abercrombie & Fitch (ANF) reports Q1 2020 loss, shares fall

ANF

Pedestrians are reflected in the window of an Abercrombie & Fitch store in New York. Abercrombie & Fitch's sales tanked 34% during the first quarter, the company announced Thursday, as its stores were forced shut during the coronavirus pandemic, and people purchased less apparel as they were holed up at home. The Hollister owner's shares were down more than 8% recently in premarket trading on the news. 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. However, it is difficult to compare reported earnings to analyst estimates for Abercrombie's first quarter, as the coronavirus pandemic continues to hit global economies with earnings impacts that are difficult to assess.

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News

Abercrombie & Fitch: Q1 Earnings Insights

ANF

Shares of Abercrombie & Fitch (NYSE:ANF) fell 6% in pre-market trading after the company reported Q1 results. Revenue of $485,359,000 decreased by 33.87% from the same period last year, which missed the estimate of $536,990,000. Abercrombie & Fitch hasn't issued any revenue guidance for the time being. How To Listen To The Conference Call. Abercrombie & Fitch Co is a specialty retailer that sells casual clothing, personal-care products, and accessories for men, women, and children.

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