Slowed consumer spending tripped up teen apparel retailer Abercrombie & Fitch Co., which on Friday posted a 4.2 percent dip in second-quarter profits, but the results still beat analysts’ expectations.
For the quarter ended Aug. 2, the company reported income of $77.8 million, or 87 cents a diluted share, compared with income of $81.3 million, or 88 cents a share, for the same year-ago period. Revenue was up 5.1 percent to $845.8 million, versus $804.5 million for the prior-year period last year. Analysts polled by Yahoo Finance expected earnings of 86 cents a share on revenues of $851.4 million.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"