Ohio-based retail brand Abercrombie & Fitch Co. (ANF) has dropped 12% in the market despite posting a better second-quarter result. Both the revenue and the earnings trumped Street view.
The retail brand reported a net income of $108.50 million or $1.69 earnings per share, compared to $5.46 million or $0.09 earnings per share in the same quarter last year. On an adjusted basis, the net income for the company was $109.06 million or $1.70 earnings per share, up from $14.71 million or $0.23 earnings per share in the same quarter last year. On average, ten analysts polled by Thomson Reuters projected the net income to be $0.72 per share.
The company reported $1.64 billion in revenue for the quarter, up from $1.18 billion last year, driven by a 31% increase in revenue to $601.76 million in the US. Eight analysts estimated the revenue to be $869.32 million for the quarter.
Currently, the shares are trading hands at $35.42, down $4.38 or 11.01% since their previous close at $39.80 on Wednesday. The shares opened at $36.40 in the morning and in the 52-week period, the shares have ranged between $11.68 and $47.29.
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