ANF and M are moving lower today
Apparel retailers Abercrombie & Fitch Co (NYSE:ANF), Lululemon Athletica Inc (NASDAQ:LULU), and Macy's Inc (NYSE:M) each provided guidance updates today. Below, let's dig deeper into what these companies had to say, and how shares are responding to the news.
Abercrombie & Fitch raised its fourth-quarter net sales growth outlook thanks to strong demand during the holiday season, but its 2024 sales forecast missed analysts' estimates. ANF is down 19.3% to trade at $129.88 at last check, after earlier falling to its lowest level since August, though long-term support at the 320-day moving average appears to be keeping losses in check. Now on track for its worst day since May 2022, the equity carries a 23.1% six-month deficit.
LULU was last seen up 1.2% to trade at $400.27, after the athleisure name also hiked its fourth-quarter sales guidance due to holiday tailwinds. Shares have found recent support at the $365 region as they struggle to break out above $420. Year over year, the equity is down 16.9%.
Meanwhile, Macy's expects net sales for the fourth quarter to miss expectations. M is down 7.1% at $14.73 at last glance, trading at its lowest level since November and on track for its fifth-straight loss, as well as its biggest single-day percentage loss since August. The stock is also looking to extend a 20.8% year-over-year deficit.