March 4, 2020 / 1:07 PM / 24 days ago

UPDATE 1-Abercrombie & Fitch fourth-quarter same-store sales beat estimates, shares rise

(Adds details on results, share movement)

March 4 (Reuters) - Abercrombie & Fitch Co beat quarterly same-store sales and profit estimates on Wednesday, boosted by holiday season demand for its flagship clothing brand at its U.S. stores, sending the retailer's shares up 6% in premarket trading.

The apparel maker said it expects a hit of up to $80 million to its annual revenue due to the coronavirus outbreak and forecast fiscal 2020 net sales growth of flat to 2%, while analysts expected a climb of 1.6%.

Abercrombie has been closing its sprawling flagship stores and focusing on smaller outlets and pop-ups, which the retailer says draw more traffic.

Sales at established stores rose 1% in the fourth quarter ended Feb. 1, while analysts on average had expected a 0.7% gain, according to IBES data from Refinitiv.

Abercrombie's same-store sales rose 8% in the quarter, outperforming estimates of a 3.3% increase.

Net income attributable to the company dropped to $83.1 million, or $1.29 per share, from $96.94 million, or $1.42 per share, a year earlier.

Excluding certain items, the company earned $1.31 per share, beating average estimate of $1.23.

Reporting by Uday Sampath in Bengaluru; Editing by Sherry Jacob-Phillips

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