Apparel retailers Abercrombie & Fitch, American Eagle down after Q3 results

Aeorema Communications

21/11/2023 14:50

(Updates)
    ** Apparel retailers Abercrombie & Fitch  ANF.N  and
American Eagle Outfitters  AEO.N  down 
    ** AEO's shares down 16.98% at $16.40; Abercrombie & Fitch
down 6.07% at $67.85
    ** "With so many retailers warning about falling demand for
discretionary goods, investors may be skeptical about American
Eagle's - and Abercrombie's - ability to maintain their upward
trajectories" - Rachel Wolff, Insider Intelligence
    ** AEO expects FY 2023 revenue to be up mid-single digits
vs. prior forecast of a rise in low single digits
    ** Company sees Q4 revenue up high single digits vs. LSEG
estimates of a rise of 3.6%
    ** ANF forecasts FY net sales to rise between 12% and 14%
vs. previous outlook of about 10% growth
    ** ANF expects holiday-quarter net sales growth to be up low
double digits, largely in line with est of growth of 11.6%
    ** YTD ANF shares have more than tripled, while shares of
AEO are up 41.5%, as of last close

 (Reporting by Annett Mary Manoj and Juby Babu)
 ((AnnettMary.Manoj@thomsonreuters.com))