Abercrombie & Fitch Co. - ANF STOCK NEWS

Abercrombie & Fitch Co. (NYSE: ANF) announced its fiscal fourth quarter 2020 update, projecting a net sales decline of 5% to 7%, improved from previous estimates of down 5% to 10%. The gross profit rate is expected to rise by at least 130 basis points due to reduced promotions, while operating expenses may decrease by at least 2% compared to fiscal 2019. CEO Fran Horowitz highlighted the company's digital momentum despite ongoing store closures and restrictions, aiming for effective inventory and expense management.

Hollister Co., a global teen retailer, has formed a long-term partnership with The Academy Group, a non-profit focused on empowering youth from resilient communities. An initial donation of $200,000 will support educational and mentorship programs for Academy Group students. The collaboration reflects a commitment to addressing social injustices and closing the opportunity gap for Gen Z. The Academy Group provides resources and mentoring across a 14-year journey for students, preparing them for successful careers.

Abercrombie & Fitch Co. (NYSE: ANF) reported a net income per diluted share of $0.66 (GAAP) and $0.76 (non-GAAP) for Q3 2020, showcasing significant cash flow growth driven by a 43% increase in digital sales to $382 million. Total net sales were $820 million, reflecting a 5% decline compared to last year, primarily due to COVID-19 impacts. The company announced the early exit of four flagship stores, reducing liabilities and aligning with their strategy to optimize the store network. Liquidity stands strong at approximately $1.2 billion.

Abercrombie & Fitch Co. (NYSE: ANF) will conduct its third quarter 2020 earnings conference call on November 24, 2020, at 8:30 a.m. ET. A press release with the earnings results will be available around 7:30 a.m. ET the same day. Participants can access the call via the company’s investor relations website or by calling the provided domestic and international numbers. The call will be archived for later access on their site. This earnings report is significant for shareholders and stakeholders monitoring ANF’s performance during ongoing economic challenges.

Abercrombie & Fitch Co. (NYSE: ANF) will conduct its quarterly earnings conference call on August 27, 2020, at 8:30 a.m. ET. A press release with the second quarter results will be published shortly after 7:30 a.m. ET. Interested parties can access the results and the call via the company’s website or by calling specified numbers for domestic and international participants. The call will also be archived online.

Please note that forward-looking statements involve risks, including those related to COVID-19 and its impact on business operations.

Hollister Co., a division of Abercrombie & Fitch (NYSE: ANF), announces a partnership with TikTok stars Charli and Dixie D’Amelio and Noah Pugliano for its back-to-school campaign. The trio, alongside Bill Nye, will highlight the brand's denim fits through engaging social media content and a TikTok challenge. Starting July 16, selected denim styles will feature their “stamps of approval.” This collaboration aims to enhance teen confidence and comfort while promoting Hollister’s denim offerings during the critical back-to-school shopping period.

Abercrombie & Fitch Co. (NYSE: ANF) has successfully closed a $350 million offering of 8.75% senior secured notes due 2025. The funds will be used primarily to repay $233 million in outstanding borrowings from its senior secured term loan and to reduce debt from an asset-based revolving credit facility. Additionally, A&F Management has cleared remaining borrowings using cash on hand, enhancing its liquidity position. The notes were sold under Rule 144A and Regulation S and remain unregistered under the Securities Act.

Abercrombie & Fitch Co. (NYSE: ANF) announced plans to offer up to $300 million of senior secured notes due 2025 through its subsidiary, Abercrombie & Fitch Management Co. The notes will be secured by a first priority lien on various assets and guaranteed by A&F and its existing and future subsidiaries. Proceeds will be used to repay existing borrowings under the senior secured term loan facility and a portion of the Amended ABL Facility. The offering is exempt from registration under the Securities Act.

Abercrombie & Fitch Co. (NYSE: ANF) has appointed two new independent board members, Susie Coulter and James A. Goldman, effective May 20, 2020. This change follows the departure of James Bachmann, who served nearly 17 years on the board. Coulter, with experience at Victoria's Secret and Polo Ralph Lauren, and Goldman, former CEO of Godiva Chocolatier and advisor at Eurazeo, are expected to bring valuable insights to the board. The board now consists of 12 directors with 92% independence, enhancing its governance structure.