ANF - Abercrombie & Fitch Co. Non-GAAP EPS of $0.39 beats by $0.37 revenue of $835.9M beats by $20.97M

2023-05-24 07:45:54 ET

• Abercrombie & Fitch Co. press release ( NYSE: ANF ): Q1 Non-GAAP EPS of $0.39 beats by $0.37 .
• Revenue of $835.9M (+2.8% Y/Y) beats by $20.97M .
• The following outlook replaces all previous full year guidance. For fiscal 2023, the company now expects:
• Net sales growth in the range of 2 to 4% from $3.7 billion in 2022. This is an increase to the previous outlook of up 1 to 3%.
• Operating margin to be in a range of 5 to 6%. This range improves from the previous outlook of 4 to 5%.
• Effective tax rate to be in the high-30s. This replaces the previous outlook of mid-40s.

• For the second quarter of fiscal 2023, the company expects:

  • Net sales growth to be in the range of 4 to 6% compared to fiscal second quarter 2022 level of $805 million.
  • Operating margin to be in the range of 2 to 3% compared to breakeven in Q2 2022 period on expected net improvement in freight and raw material costs, partially offset by modest operating margin deleverage from the combination of inflation and increased operating expense investment for the 2025 Always Forward Plan initiatives, including an upgrade of our retail merchandising ERP system.
  • Effective tax rate around 50% with the rate being sensitive to the jurisdictional mix and level of income.

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