|Bid||10.80 x 1000|
|Ask||10.85 x 1400|
|Day's Range||10.65 - 11.17|
|52 Week Range||7.42 - 19.18|
|Beta (5Y Monthly)||1.39|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug. 27, 2020 - Aug. 31, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Mar. 05, 2020|
|1y Target Est||12.64|
The Senior Secured Notes were offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The Senior Secured Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond A&F’s control.
As consumers' changing tastes have altered the retail industry, major U.S. retailers are now looking to tap the boom in the resale market.
Nordstrom's (JWN) online sales are gaining traction with consumers staying indoors amid the current COVID-19 scenario. Also, store reopening efforts bode well.
This represents a $50 million increase in the original offering amount of the Senior Secured Notes. The Senior Secured Notes will mature on July 15, 2025. The Senior Secured Notes were priced at 100% of face amount for a yield to maturity of 8.75%.
The Senior Secured Notes will be guaranteed on a senior secured basis, jointly and severally, by A&F and each of the existing and future wholly-owned domestic restricted subsidiaries of A&F that guarantee or will guarantee A&F Management’s existing senior secured asset-based revolving credit facility (the “Amended ABL Facility”) or certain future capital markets indebtedness. The Senior Secured Notes and the related guarantees will be secured by a first priority lien on certain of A&F Management’s, A&F’s and the other guarantors' real property, intellectual property, equipment, equity interests in A&F Management and the guarantors other than A&F, and general intangibles, subject to certain exceptions and permitted liens, and by a second priority lien on security interests in accounts and credit card receivables, inventory, deposit accounts, securities accounts, intercompany loans and related assets, which security interests will be junior to the security interests in such assets that secure the Amended ABL Facility.
Abercrombie & Fitch (NYSE: ANF) has long been considered a staple brand in the apparel industry. In addition to the namesake stores, the company also operates the Hollister chain, which caters to the teen shopper and comprises most of the company's sales and store count. Abercrombie & Fitch has been around for more than 100 years, and around 15 to 20 years ago, it was one of the hottest stores at the local shopping mall.
(Bloomberg Opinion) -- Investors appear to be getting more upbeat about the post-pandemic fates of major clothing retailers. Shares of companies from Gap Inc. to Urban Outfitters Inc. and Kohl’s Corp. have shot up from April lows as shopping centers start to reopen after Covid-19-related closures. Some chains have trumpeted eye-popping numbers about their re-openings, including T.J. Maxx’s parent, which said sales at reopened stores were higher than they were last year. Abercrombie & Fitch Co. has said sales productivity at reopened U.S. locations was at 80% of 2019 levels, while Guess Inc. said on Wednesday that reopened U.S. locations were at 75% productivity compared to last year. Those kinds of tidbits, along with a better-than-expected May jobs report and consumer surveys showing a willingness to spend, offer fresh hope that something close to normal shopping patterns might return sooner than anticipated. Not so fast. Optimism about the clothing business seems misplaced, at least for now. This retailing category will likely end up more scarred by the pandemic and recession than any other, and the bankruptcies and store closures announced so far are just the beginning of the devastation.In part, this is because many players in the segment didn’t enter this tumult in a position of strength. A long list of clothiers, including Victoria’s Secret, Banana Republic, Chico’s and Express have endured years of lackluster sales as they failed to deliver enticing fashions. And the likes of Macy’s Inc. and Nordstrom Inc. have been trying to reimagine the tired department store format with only limited success. If they were already straining to attract shoppers before the Covid-19 crisis, good luck doing so when many are approaching store visits with caution. It also could prove tough for clothing stores to renegotiate with landlords for more favorable lease terms right now if they weren’t a powerful driver of traffic to shopping centers in the first place.Apparel chains have other unique vulnerabilities in the current moment. Social distancing, of course, has turbocharged the shift toward online shopping. Plenty of clothing retailers have invested heavily in their digital experience and infrastructure in recent years and thus are decently positioned to handle the surge in orders. But return rates for online purchases of clothing are estimated to be far higher than for other types of items, and all that return shipping and restocking could crimp profits. Meanwhile, stores are revamping their procedures around trying on clothes. Nordstrom is opening only a small number of fitting rooms and cleaning them between customers. Kohl’s is keeping them closed altogether. They are right to make adaptations in the interest of public health. But “try before you buy” is crucial to the brick-and-mortar clothing model, and these set-ups just make it that much harder to score a sale. Plus, as Moody’s analyst Raya Sokolyanska pointed out to me, even if shoppers generally get more comfortable going to stores in a post-lockdown world, that doesn’t necessarily mean they’ll have the patience for crowd-control measures. Just because someone is willing to wait in line to buy groceries doesn’t mean they’ll do so for swimsuits or sneakers. Then there’s the merchandise itself. Instead of dressing up for vacations, weddings, church services and board meetings, many shoppers are going to spend the rest of 2020 in sweatpants or their comfy, sartorial cousins. Yes, retailers have spent years making their supply chains speedier and more flexible to react more nimbly to trends. But this situation requires a change in assortment far more profound than adding more off-the-shoulder tops or animal prints, and I fear many of them will end up with piles of blazers, dresses and glittery high heels that they can’t sell. That’s all before you consider another particularly cruel reality that the entire retail industry is facing. For about a decade, stores have been obsessively focused on adapting themselves for the so-called “experience economy,” adding nail salons, personal styling services, coding classes, wine bars, Instagram-worthy photo-ops, or anything else that will convince people to linger and socialize. Those investments feel painfully useless at a moment when shopping safely means doing it in a solo, task-oriented way. So forgive me for not feeling much assurance from the lines seen at T.J. Maxx re-openings or from comments from Macy’s that demand its reopened stores was “moderately” better than their expectations. Those store visits came when shoppers might have had stimulus checks in hand and were itching to get out of the house as states had just begun lifting lockdowns. But after that burst of activity, the unemployment rate will remain high and Covid-19 fears and precautions will remain in place; that will make for extremely tough circumstances for selling clothes. Moody’s estimates that Ebitda will decline by at least 50% for most apparel retailers this year, and that even by 2021, earnings will be 15% to 35% below what they were in 2019. It seems inevitable that some chains won’t survive those conditions. Last month, J. Crew Group Inc. filed for bankruptcy protection, becoming the first major coronavirus casualty, and was followed soon after by Neiman Marcus Group Inc. and J.C. Penney Co. In the past week, Bloomberg News has reported that both Ascena Retail Group Inc., the corporate parent of Ann Taylor and other stores, and Tailored Brands Inc., parent of Men’s Wearhouse, are also considering bankruptcy. The clothing business is just beginning to unravel. It may be nearly unrecognizable by the time this crisis fully takes its toll. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Abercrombie's (ANF) Q1 results are affected by COVID-19. Expectations of continuing impact made management refrain from providing any fiscal guidance.
Abercrombie (ANF) delivered earnings and revenue surprises of -151.15% and -2.56%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?
The temporary closures of its recently remodeled stores have slowed Abercrombie's efforts to revive its struggling flagship clothing brand, hurt by past fashion missteps. Abercrombie said it was not providing a detailed forecast for the second quarter or the full year, but added that sales at its reopened stores in the United States and EMEA regions were at about 80% and 60%, respectively, of what they were a year-ago. The only bright spot in the quarter was Abercrombie's digital sales that rose 25% as online shoppers bought more loungewear, knits and joggers as well as Gilly Hicks' new activewear while they stayed at home.
Company continues to reopen stores globally on a rolling basis with roughly half of the fleet currently openQ1 results reflect strong cash flow management and month-over-month.
Abercrombie's (ANF) Q1 performance is likely to be hurt by store closures stemming from the COVID-19 crisis as well as softness in Hollister brand and international markets.
This week is a shortened trading week with major markets closed Monday in observance of the Memorial Day holiday. Investor focus will remain on the coronavirus and its impact on the U.S. economy as most states across the country continued their phased reopening plans.
Abercrombie (ANF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Abercrombie & Fitch Co. (ANF) today announced the election of two new independent board members, Susie Coulter and James A. Goldman, effective May 20, 2020. Additionally, James Bachmann’s term on the Board of Directors ended immediately prior to the Company’s Annual Meeting after serving on the Board for nearly 17 years. “I’d also like to thank Jim Bachmann for his many years of dedicated service to A&F. We greatly appreciate his numerous contributions to the Company over the years.”
Shares of lifestyle retailer Abercrombie & Fitch (NYSE: ANF) traded lower today despite positive outlooks provided by research notes from a pair of major investment firms. Both Wedbush Securities and investment bank B. Riley FBR expressed optimism today about the apparel seller, which, like much of the sector, saw sales and share value plunge in March and April as COVID-19 spread through major U.S. cities. From B. Riley, analyst Susan Anderson gave Abercrombie & Fitch a $13 per share price target, expecting it to "outperform" under current conditions, with sector sales recovering and company cost-cutting and online efficiency winning over investors.
Abercrombie & Fitch Co. (ANF) today announced that it has changed the date of its previously announced quarterly earnings conference call to Thursday, May 28, 2020 at 8:30 a.m. ET. Abercrombie & Fitch Co. (ANF) is a leading, global specialty retailer of apparel and accessories for Men, Women and Kids through three renowned brands.