Retail

Abercrombie & Fitch misses same-store sales estimates

Customers exit an Abercrombie & Fitch store in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images

Abercrombie & Fitch fell short of quarterly same-store sales estimates on Tuesday, hit by sluggish demand for the teen apparel retailer's surfwear-themed Hollister clothing line.

Sales at established stores were flat in the third quarter ended Nov. 2, while analysts on average had expected a 0.30% rise, according to IBES data from Refinitiv. Net income attributable to the company fell to $6.5 million, or 10 cents per share, from $23.9 million, or 35 cents per share, a year earlier.

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Key Points
  • Best Buy reports third-quarter earnings that beat expectations on the top and bottom lines.
  • The company also raises its forecast for fiscal 2020 adjusted earnings to a range of $5.81 to $5.91 per share from $5.60 to $5.75 per share.