-
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.
-
Express misses on Q1 earnings, sales
Specialty apparel retailer Express Inc. did not reach Wall Street expectations with declining profit and flat sales in a generally sluggish first quarter of fiscal 2016.
Net income slipped 1% to $12.9 million from $13.1 million in the same quarter the previous fiscal year. Outlet- and IT-related expense growth helped drive down profit.
Net sales stayed essentially flat at $502.9 million, compared to $502.4 million a year earlier. Same-store sales fell 3%, including a 1% dip in e-commerce sales.
