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MarketScreener Homepage  >  Equities  >  Nyse  >  Abercrombie & Fitch Co.    ANF

ABERCROMBIE & FITCH CO.

(ANF)
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Gap cuts profit forecast as demand slows for Old Navy brand

11/20/2014 | 05:45pm EST
A shopper walks down Fifth Avenue carrying a Gap shopping bag in New York

(Reuters) - Apparel retailer Gap Inc cut its full-year earnings forecast as sales at the Gap brand continued to fall and demand for the cheaper Old Navy clothing slowed.

The company's shares fell 4.4 percent in extended trading.

Comparable-store sales fell 5 percent at Gap in the third quarter ended Nov. 1 while sales were flat at Banana Republic.

Comparable sales growth at Old Navy stores slowed to 1 percent from 4 percent in the preceding quarter.

Old Navy brand was Gap's strong point in North America even when demand for its premium brands cooled.

The company cut its earnings forecast to $2.73-$2.78 per share from $2.95-$3.00 per share for the year ending February 2015.

Apparel sales in North America have been slowing as retailers slash prices to attract shoppers at a time when consumers cut back on discretionary spending.

Gap's net income rose to $351 million, or 80 cents per share, in the third quarter from $337 million, or 72 cents per share, a year earlier.

The company said net sales fell slightly to $3.97 billion from $3.98 billion from a year earlier.

Analysts on average had expected a profit of 79 cents per share and revenue of $4.04 billion, according to Thomson Reuters I/B/E/S.

The company's shares closed at $40.14 on the New York Stock Exchange on Wednesday.

(Reporting by Ramkumar Iyer and Nayan Das in Bangalore; Editing by Don Sebastian)


© Reuters 2014
Stocks mentioned in the article
ChangeLast1st jan.
ABERCROMBIE & FITCH CO. -0.96% 22.61 Delayed Quote.30.77%
GAP INC 0.69% 21.75 Delayed Quote.23.02%
ROSS STORES, INC. -1.24% 109.54 Delayed Quote.-4.72%
THE TJX COMPANIES 0.67% 63.22 Delayed Quote.3.54%
URBAN OUTFITTERS, INC. -2.39% 29.05 Delayed Quote.4.61%
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Financials (USD)
Sales 2021 3 120 M - -
Net income 2021 -148 M - -
Net cash 2021 464 M - -
P/E ratio 2021 76,8x
Yield 2021 0,93%
Capitalization 1 410 M 1 410 M -
EV / Sales 2021 0,30x
EV / Sales 2022 0,26x
Nbr of Employees 26 000
Free-Float 59,0%
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Technical analysis trends ABERCROMBIE & FITCH CO.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 22,00 $
Last Close Price 22,61 $
Spread / Highest target 23,8%
Spread / Average Target -2,70%
Spread / Lowest Target -55,8%
EPS Revisions
Managers
NameTitle
Fran Horowitz-Bonadies President, Chief Executive Officer & Director
Terry Lee Burman Non-Executive Chairman
Scott D. Lipesky Chief Financial Officer & Senior Vice President
Archie M. Griffin Independent Director
Michael Edward Greenlees Independent Director
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