The apparel company reported a loss of $1.1 million, $0.02 per share, easily missing analysts’ average expectations of $0.16 in earnings. That’s down from $27.4 million, $0.35 per share, a year earlier, albeit in a quarter with an additional week. Same-store sales shrunk 6%.
The stock was out of fashion Wednesday morning, down 12.7% to $4.45 before the bell.
However, excluding costs associated with the CEO’s departure and the impairment of the company’s investment in vintage apparel company Homage, adjusted net income would have been $12.8 million, $0.19 per share, the company said in a statement.
The Columbus, Ohio-based company’s search for a new CEO is still ongoing.
Looking forward, the company expects a first quarter loss between $18 million and $23 billion, or a range of $0.27 to $0.34 per share. That’s worse than the average analyst estimate of a $0.04 loss per share.
The company declined to issue full-year guidance amid the active CEO search.
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