Abercrombie Expects $120 Million Refund from Tariffs This Year
Dow Jones
Yesterday
0924 ET - Abercrombie & Fitch CFO Robert Ball says the company expects to recognize $120 million worth of tariff refunds this year. "We recognized $100 million in the second quarter and expect to recognize the remaining $20 million in the third quarter," he says on a call with analysts. Looking ahead, Abercrombie raises its full-year adjusted earnings and sales outlooks, in part to account for the tariff refunds. "While we benefited from a $100 million in tariff refunds (during the recent quarter), we beat our outlook by more than that on the bottom line," CEO Fran Horowitz adds. Abercrombie shares jump 16% premarket.
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