fashion

Abercrombie & Fitch posts Q1 sales increase of 61 percent


Net sales of 781 million dollars at Abercrombie & Fitch, were up 61 percent as compared to last year and up 6 percent compared to pre-Covid 2019 first quarter net sales. The company’s digital net sales increased 45 percent to 403 million dollars, while gross profit rate improved 900 basis points to 63.4 percent.

Commenting on the first quarter trading, Fran Horowitz, the company’s chief executive officer, said: “2021 is off to a strong start. We built on the significant progress we made in 2020, registering our best first quarter operating income since 2008. The first quarter is evidence that our shift to a digitally-led global business model is working.”

Operating income for the quarter was 57 million dollars and 60 million dollars on a reported and adjusted non-GAAP basis, respectively, as compared to operating loss of 209 million dollars and 166 million dollars last year, on a reported and adjusted non-GAAP basis, respectively.

Net income per diluted share was 64 cents and 67 cents on a reported and adjusted non-GAAP basis, respectively, compared to net loss per diluted share last year of 3.90 dollars and 3.29 dollars on a reported and adjusted non-GAAP basis, respectively.



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