Earnings Movers: FL plunged 30%, Victoria's Secret fell 26%

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$Abercrombie & Fitch(ANF)$ , the parent company of Abercrombie & Fitch and Hollister, said on Wednesday that its holiday quarter sales rose 21% and profits increased due to higher prices and lower raw material costs.

• This quarter, the company's revenue was 1.45 billion, exceeding analysts' expectations of 1.43 billion US dollars; earnings per share was US$2.97, exceeding analysts' US$2.83; comparable sales increased by 16%, and gross profit margin reached 62.9%, higher than the same period last year 7.2 percentage points.

• Abercrombie expects sales to grow by double-digit percentages in the current quarter, though he expects growth in the second half of the year to be slower than in the first half. The company's stock is up 59% so far this year.

Sneaker retailer $Foot Locker(FL)$ had revenue of $2.38 billion in the quarter, exceeding analysts' expectations of $2.28 billion; earnings per share of $0.38, exceeding analysts' expectations of $0.32; the company's revenue for the quarter ended February 3 Losses occurred during the three-month period.

• Foot Locker lost $389 million, or $4.13 a share, compared with revenue of $19 million, or 20 cents a share, a year earlier.

• Foot Locker CFO Mike Baughn said the company now expects the profit target it set at its March 2023 investor day to be delayed by two years given last fiscal year's performance was so bad. Bowen said the company now expects EBIT margins of 8.5% to 9% by 2028, before its shares plunged about 30%.

$Victoria's Secret & Co(VSCO)$ reported revenue of $2.08 billion, missing analysts' expectations of $2.09 billion, and earnings per share of 2.58, beating analysts' expectations of 2.47.

• As the North American market continues to decline, Victoria's Secret CEO expects sales to reach $6 billion next year, lower than Wall Street's forecast of $6.19 billion. The company's share price subsequently plummeted 26.23%.

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