- Prachi Singh |
Abercrombie & Fitch Co. reaffirming its outlook for the fourth quarter of fiscal 2019 said that the company expects net sales to be in the range of flat to up 2 percent, reflecting an adverse impact from changes in foreign currency exchange rates of approximately 5 million dollars, comparable sales to be in the range of flat to up 2 percent, against positive comparable sales of 3 percent last year.
Commenting on the update, Fran Horowitz, the company’s Chief Executive Officer, said in a statement: “We are pleased to reaffirm our fourth quarter outlook. We experienced record revenues in the US 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 US to outperform international.”
The company anticipates gross profit rate to be down approximately 150 basis points as compared to fiscal 2018 rate of 59.1 percent, reflecting a combined adverse impact of 70 basis points from changes in foreign currency exchange rates and anticipated China tariffs.
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