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When Abercrombie & Fitch Co. (NYSE: ANF) released its fiscal first-quarter financial results before the markets opened on Wednesday, the firm said that it had a net loss of $0.56 per share and $734 million in revenue. The consensus estimates had called for a net loss of $0.44 per share and revenue of $733.16 million. In the same period of last year, the retailer said it had a $0.56 per share net loss and $730.9 million in revenue.

During the most recent quarter, comparable sales increased 1%, on top of 5% last year.

As part of its transformation effort, the firm is closing a few of its flagship locations in New York City; Fukuoka, Japan; and Milan, Italy. These build on the closures of the Pedder Street, Hong Kong and Copenhagen flagship locations.

Looking ahead to the fiscal second quarter, the company expects to see net sales increasing in the range of flat to 2%, with flat comparable sales. The consensus estimates are $0.08 in earnings per share and $866.69 million in revenue.

CEO Fran Horowitz commented:

We achieved our seventh consecutive quarter of positive comparable sales fueled by ongoing strength at Hollister and a return to positive comps at Abercrombie. This contributed to top-line growth, operating margin improvement and a net loss reduction compared to last year

Shares of Abercrombie & Fitch were down about 24% at $18.92 early on Wednesday, in a 52-week range of $15.28 to $30.63. The consensus analyst target is $24.50.

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