viewAbercrombie & Fitch

Abercrombie & Fitch rallies on sales and bid hopes

Top brand Hollister was the star performer, with sales rising by 3% on a like-for-like basis

picture of Abercrombie store
Sales decline was less rapid as Hollister did well

Struggling fashion teen store chain Abercrombie & Fitch Co (NYSE:ANF) saw sales fall again in its latest quarter, but by less than expected sending its shares shooting higher.

Top brand Hollister was the star performer, with sales rising by 3% on a like-for-like basis instead of the small fall predicted by analysts.

Overall LFL or comparable sales were 3% lower versus a 3.4% decline in the three months previously, with revenues to March in total coming in at US$661mln or a 3.6% drop.

Losses rose to US$61mln or 91c a share from US$39.6m or 59c a year ago.

Next quarter will be tough said the retailer but the second half of the year should see an improvement as cost cuts start to come through.

Abercrombie’s steady fall from grace has seen bid interest surface recently with private equity capital Cerbrus the latest rumoured suitor after last month’s confirmation of merger talks with rivals Express and American Eagle Outfitters.

Shares added 8.57% to stand at $14 each.

Quick facts: Abercrombie & Fitch

Price: 16.65 USD

Market: NYSE
Market Cap: $1.04 billion

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