Abercrombie & Fitch Co. (NYSE: ANF) shares dawled in Friday’s first hour, after the company posted upbeat Q1 results.
The retailer, based in New Albany, Ohio, reported GAAP net loss per diluted share of $0.62 for the first quarter ended May 5, 2018, compared to GAAP net loss per diluted share of $0.91 for the first quarter ended April 29, 2017.
Excluding certain items this year, the company reported adjusted non-GAAP net loss per diluted share of $0.56 for the quarter. Year-over-year changes in foreign currency exchange rates, net of hedging, was a benefit of approximately $0.03 per diluted share.
Net sales were $730.9 million, up 11% from last year, with comparable sales up 5%. Changes in foreign currency exchange rates and the calendar shift resulting from the 53rd week in fiscal 2017 benefited first quarter net sales by approximately 4% and 1%, respectively, which do not impact comparable sales.
Said CEO Fran Horowitz: "We are pleased with our performance across all brands, with the consistent execution of our playbooks delivering a solid quarter of sales growth, and bottom-line improvement. Results exceeded our expectations driven by a 5% increase in comparable sales, gross margin expansion, and 460 basis points of expense leverage.
"Hollister continued to drive strong sales growth across channels and geographies and Abercrombie built momentum with another quarter of positive comparable sales led by strength in North America."
Shares descended $1.09, or 4.6%, to $22.76 in mid-morning trading on Friday
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