Abercrombie & Fitch Co. (NYSE:ANF) reported that it is withdrawing its earlier issued guidance for Q1 and FY 2020 following the spread of coronavirus.
The chain, based in New Albany, Ohio reported Sunday that, with the wellbeing of its customers, associates and communities in mind, and to help limit the spread of the virus, Abercrombie & Fitch Co. will temporarily close all stores across its brands outside of the APAC region, effective March 15 in North America and March 16 in EMEA, until March 28.
Its locations in the APAC region will remain open. The Company’s online stores currently remain open in all regions.
Due to the heightened uncertainty relating to the potential impacts of COVID-19 on the Company’s business operations, including its duration and its impact on overall demand for merchandise, the Company is withdrawing the first-quarter and full-year 2020 outlook issued on March 4, although it still expects material adverse impacts. The Company is not providing an updated outlook at this time.
CEO Fran Horowitz said, "The decision to close all our stores outside of the APAC region has been done with a focus on the well-being of our associates, our customers, our partners, and our communities, and it is in keeping with our commitment to being a responsible corporate citizen."
ANF shares closed Friday trading at $11.28.
