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Abercrombie shrinks loss but still disappoints
Cost cuts helped Abercrombie & Fitch Co. put a sizable dent in its net loss during first quarter 2016, but the teen apparel retailer reported lower than expected sales and earnings as store traffic declined, particularly overseas.
Abercrombie reported a net loss of $39.6 million, down from $63.2 million in the year-ago period, Expense reduction efforts and the realization of savings on lower sales drove the loss reduction.
Net sales dropped 3% to $685.5 million from about $707 million, missing Wall Street projections.
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J. Crew narrows loss but sales still falling
J.Crew Group Inc. managed to narrow its loss in the first quarter even as it continued to struggle with sluggish sales.
The retailer’s net loss for the quarter totaled $8.4 million, significantly less than the net loss of $462.41 million from the first quarter of fiscal 2015. Reductions in cost of goods sold, selling, general and administrative (SG&A) expenses and impairment losses helped trim net loss.
Total revenues fell to $567.5 million from $581.8 million. Same-store sales dropped 7%.