May 26, 2016 / 11:52 AM / a year ago

BRIEF-Abercrombie & Fitch says Q1 same store sales fell 4 percent

May 26 (Reuters) - Abercrombie & Fitch Co

* Abercrombie & Fitch reports first quarter results

* Net sales for Q1 of $685.5 million were down 3% over last year, with comparable sales for Q1 down 4%

* Gaap net loss per diluted share of $0.59 for Q1 ended april 30, 2016

* Q1 same store sales fell 4 percent

* GAAP loss per diluted share for quarter adversely impacted by about $0.05 related to changes in foreign currency exchange rates

* Qtrly comparable sales for Abercrombie down 8 percent

* Qtrly comparable sales for Hollister flat

* “We expect Q2 to remain challenging, but to see better results in back half of year”

* Net sales for Q1 of $685.5 million were down 3%

* Company continues to expect capital expenditures in range of $150 million to $175 million for full year

* Results for quarter reflect significant traffic headwinds, particularly in international markets, in U.S. Flagship and tourist stores

* Anticipates closing up to 60 stores in U.S. during fiscal year through natural lease expirations

* Gross profit rate for Q1 was 62.1%, 410 basis points higher than last year

* Abercrombie & Fitch co sees 2016 gross margin rate up slightly to last year’s rate of 61.9%

* Abercrombie & Fitch co sees gross margin rate down modestly in Q2

* Q1 earnings per share view $-0.51, revenue view $710.3 million -- Thomson Reuters I/B/E/S Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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