Wall St. was unhappy with Abercrombie and Fitch (NYSE: ANF) sales data, and the stock sold down 13%
The company posted
performance for the quarter ended January 28, 2012. Net sales increased 16% to $1.329 billion for the quarter, compared to net sales of $1.149 billion for the fiscal quarter ended January 29, 2011.
Comparable store sales for the quarter were flat to last year. Comparable store sales for the quarter were below expectations, primarily due to lower than expected sales in U.S. stores.
Total U.S. sales, including direct-to-consumer sales, increased 4% to $962.2 million. Total international sales, including direct-to-consumer sales, increased 62% to $366.6 million. Total Company direct-to-consumer sales, including shipping and handling, increased 41% to $212.3 million.
Gross margin erosion for the quarter is now expected to be approximately 750 basis points, as a result of lower than expected sales and higher markdowns driven by a more aggressive promotional environment than anticipated.
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