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Abercrombie Q3 profit misses Street
New Albany, Ohio -- Abercrombie & Fitch earnings rose 1.7% in the third quarter, well short of analysts’ estimates, as rising costs pressures offset a big jump in sales.
For the quarter ended Oct. 30, the chain reported $50.9 million in earnings, up from $50 million in the same period last year. Total sales rose 21% to $1.08 billion, more or less in line with Wall Street estimates.
Total international sales including e-commerce rose 56% to $255.7 million. In the United States, sales rose 14% to $820.2 million.
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Report: New York City world’s most expensive retail destination
Los Angeles -- A report released Tuesday by CBRE Group said that New York City remains the world’s most expensive shopping destination as retailers focus on the major fashion capitals.
“Retailers continued to expand their store networks to gain market share during the third quarter despite concerns regarding consumer confidence,” said Anthony Buono, CBRE executive managing director of retail services.