* Third-quarter revenue falls 12 pct to $1.03 bln vs est
* Comparable sales fall 14 pct
* Cuts full-year adjusted earnings/share view to $1.40-$1.50
vs est $1.96
* Shares fall as much as 15 pct in after-market trading
Nov 5 Abercrombie & Fitch Co reported
another double-digit drop in quarterly comparable sales as young
shoppers stayed away, and the teen retailer more than halved its
full-year adjusted profit forecast.
The company's shares fell as much as 15 percent after the
Abercrombie and rivals such as Aeropostale Inc and
American Eagle Outfitters Inc have been struggling as
young shoppers shy away from their logo-centric clothes in favor
of the trendier merchandise offered at chains like Zara, Forever
21 and H&M.
"Our results for the third quarter reflect continued
top-line challenges, with overall spending among younger
consumers remaining weak," Abercrombie Chief Executive Mike
Jeffries said in a statement.
Abercrombie said it expects adjusted earnings for the full
year of $1.40-$1.50 per share, down from its forecast of
$3.15-$3.25 per share in May.
Analysts on average were expecting a profit of $1.96 per
share, according to Thomson Reuters I/B/E/S.
Same-store sales declined 14 percent in the third quarter.
They fell 10 percent in the second quarter ended Aug. 3.
The company expects a low double-digit decrease in
comparable sales for the current quarter.
Net sales fell 12 percent to $1.03 billion in the quarter
ended Nov. 2, missing analysts' average estimates of $1.07
Abercrombie said it expects to incur pre-tax charges of
about $90 million-$100 million in the third quarter related to
the restructuring of its Gilly Hicks intimate apparel brand.
The company said it will close all of its standalone Gilly
Hicks stores and offer the brand through its Hollister stores
and online business.
Abercrombie shares were down 5 percent at $36.10 after the
bell. They had closed at $38.31 on the New York Stock Exchange