RTTNews | Nov 24, 2020 07:54AM EST

07:54 Tuesday, November 24, 2020 (RTTNews.com) - Abercrombie & Fitch Co. (ANF) on Tuesday reported net income for the third quarter of $42.27 million or $0.66 per share, up sharply from $6.52 million or $0.10 per share in the year-ago period.

Adjusted earnings for the quarter were $0.76 per share, compared to $0.23 per share last year.

However, net sales for the quarter declined 5 percent to $819.65 million from $863.47 million last year. Digital net sales grew 43 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.00 per share on revenues of $739.36 million. Analysts' estimates typically exclude special items.

"We are also pleased to announce the early exit of four additional flagship locations by the end of January 2021. This is in addition to the three previously announced fiscal 2020 natural lease expirations. With these seven closures, we should end the year with eight operating flagships down from fifteen at the beginning of the year," said Fran Horowitz, Chief Executive Officer of Abercrombie & Fitch.

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