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ABERCROMBIE & FITCH CO. New Albany, Ohio Retailer Surprises Street By Raising Views.(A)
Byline: MARILYN MUCH
Pounded by the worst holiday season in 30 years, many major retailers cut earnings views for the most recent quarter.
Not Abercrombie & Fitch Co. On Jan. 9, the young men and women's clothes chain surprised analysts when it raised its fourth-quarter earnings estimate to a range of 86 cents to 88 cents a share, up at least 7 cents from its prior guidance.
Management based the revision on a good showing in December.
Total sales for the five weeks ended Jan. 4 climbed 19% from the prior year to $296 million. Same-store sales were flat -- not bad, considering that such sales declined during the eight previous months.
"December's results are a great indication that the potential for same-store sales to turn positive is very near," said analyst Jeffrey Klinefelter of U.S. Bancorp Piper Jaffray.
"The fact they posted flat same-store sales and took up their earnings guidance -- pointing to strong margins and improving traffic trends -- says they didn't buy the improvement with markdowns. That's an indication of the healthy growth of their business."
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