New Albany, Ohio-based Abercrombie & Fitch Co. has reported a net loss of $7.2 million for a period of thirteen weeks ended May 4, 2013.
The teen clothing retailer’s net sales slipped 9 per cent to $838.8 million, from $921.2 million in the corresponding period of the previous year.
The results reported by the retailer missed analysts’ projections. Analysts had pegged the retailer’s loss for the period under review at 5 cents per share and revenue at $941.7 million.
Abercrombie & Fitch also announced that its total US revenue, including the category direct-to-consumer revenue, slipped a whopping 17 per cent, from $644.3 million to $534.9 million. However, international sales jumped from $277.0 million to $303.9 million.
Gross profit for the quarter was reported at $553,166 for a margin of 65.9 per cent; while the cost of goods sold during the 13-week period slipped from $380,126 or 41.3 per cent of net sales to $285,603 or 34.1 per cent of net sales.
The teen clothing retailer blamed inventory shortages for the steeper-than-expected fall in its first-quarter comparable sales.
Following the announcement of the results on Friday, the retailer’s shares lost nearly 10 per cent to $49.13 apiece on the NYSE.
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