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Abercrombie & Fitch beats earnings expectations, closed more than 130 stores in 2020

Abercrombie & Fitch Co. (ANF) stock rose 1.3% in Tuesday premarket trading after the apparel retailer reported fourth-quarter earnings and sales that beat expectations. Net income totaled $82.4 million, $1.27 per share, down from $83.1 million, or $1.29 per share, last year. Adjusted EPS of $1.50 beat the FactSet consensus for $1.22. Sales of $1.122 billion were down from $1.184 but just ahead of the FactSet consensus of $1.121 billion. Digital sales were up 34%. Digital sales comprised 54% of full-year revenue. And the company slashed its square footage by 17%, including eight flagship stores that Fran Horowitz, chief executive officer, said were "tourist dependent," and 129 locations that weren't flagships. Abercrombie & Fitch's lineup includes the namesake chain as well as Hollister. Abercrombie stock has more than doubled over the past year, up 114%, while the S&P 500 index is up 26.3% for the period.

-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

03-02-21 0751ET

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