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Abercrombie & Fitch beats by $0.09, reports revs in-line (29.34)
Reports Q4 (Jan) earnings of $1.08 per share, $0.09 better than the Capital IQ Consensus of $0.99; revenues fell 0.6% year/year to $1.11 bln vs the $1.1 bln Capital IQ Consensus.
Comparable sales for the fourth quarter increased 1%. On a sequential basis, comparable sales trends improved across all brands and geographies.
The gross profit rate for the fourth quarter was 60.8%. Excluding certain items, the adjusted gross profit rate for the fourth quarter was 60.7% and included a 100 basis point improvement over last year on a constant currency basis, primarily due to higher average unit retails.
FY16 Outlook
Flat to slightly positive comparable sales
A gross margin rate approximately flat to last year's adjusted non-GAAP rate of 61.9%, but up on a constant currency basis
Slight leverage in operating expense relative to last year's adjusted non- GAAP rate of 58.3%
An improvement over last year's adjusted non-GAAP operating income, despite an adverse effect from foreign currency of approximately $30 million;
Targeting capital expenditures in the range of $150 million to $175 million for the fiscal year.