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Abercrombie & Fitch Q3 Top Estimates; Boosts FY22 Sales Growth Outlook; Stock Up 15%

Specialty retailer Abercrombie & Fitch Co. (ANF) reported Tuesday a net loss attributable to the company of $2.21 million or $0.04 per share for the third quarter, compared to net income of $47.23 million or $0.77 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.01 per share, compared to $0.86 per share last year.

Net sales for the quarter declined 3 percent to $880.08 million from $905.16 million in the same quarter last year. Net sales were flat on a constant currency basis.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.15 per share on revenues of $831.13 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company projects a net sales decline of 2 to 4 percent in the fourth quarter from last year's $1.2 billion as well as a 2 to 3 percent decline for the full-year 2022 from last year's $3.7 billion, compared to the prior forecast for a mid-single-digits decline.

The Street is looking for net sales $1.09 billion for the quarter and net sales decline of 4.7 percent to $3.54 billion for the year.

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