Abercrombie & Fitch Co on Monday forecast holiday-quarter net sales to decline between 5% and 7%, as strong online demand was not enough to cushion the blow from temporary store closures and Covid-19 restrictions.
The New York-based fragrance company announced its financial guidance for fiscal 2021 on Tuesday, revealing hopes for a 49.1% year-over-year increase in diluted earnings per share after a difficult 2020.
Each company said it will work to maintain store safety by upholding safety measures like physical distancing, ramping up cleaning and sanitizing practices, and requiring employees to wear protective gear.
The company, which is set to borrow $210 million under its senior secured asset-based revolving credit facility, said it will follow the guidance of local governments and health organizations before reopening stores.
As Covid-19 continues to spread, Monday saw a number of North American retailers moving to protect consumers and employees by implementing store closures, including Nordstrom, Guess, Canada Goose, VF, PVH and Ulta.