Abercrombie & Fitch reports best ever Q1 with sales up 22% and profits nearly seven times higher

From CNBC: 2024-05-29 12:02:17

Abercrombie & Fitch reported its best first quarter ever, with sales up 22% and profits nearly seven times higher compared to last year. Shares spiked almost 20%, exceeding Wall Street’s estimates. The retailer’s net income for the period ending May 4 was $113.9 million.
The company saw strong growth across regions and brands, with Abercrombie up 31% and Hollister up 12%. Abercrombie is expecting to continue its growth trend for the fiscal year, with sales projected to grow about 10% and a mid-teens percentage increase in the current quarter.
Abercrombie plans to develop its Hollister brand and broaden its offering with the debut of the “A&F Wedding Shop,” which has received positive response. The retailer is looking to tap into the overall bridal wear market, projected to reach $83.5 billion by 2030 in the U.S.
The company is also focusing on its international markets, with sales up in Europe, the Middle East, Africa, and Asia Pacific regions. Abercrombie’s CEO, Fran Horowitz, expressed excitement about the opportunities ahead and believes the strong quarter shows that their strategies are working.



Read more at CNBC: Abercrombie & Fitch (ANF) earnings Q1 2024