Sunday, May 28, 2023

Abercrombie & Fitch earned €15.4 million in its fiscal first quarter against losses

Abercrombie & Fitch posted net attributable earnings of $16.6 million (€15.4 million), compared to losses of US$16.5 million (€15.3 million) the previous year, as reported by the American fashion company on Wednesday.

Revenues, on his side, stood at US$836 million (€774.9 million), and represent an advance of 2.9% compared to the volume of business of US$812.8 million (€753.4 million) from the previous year. Of these, 52.1% were generated by the Abercrombie brand ‘per se’, which billed a 13.5% more year-over-yearwhile the remaining 47.9% were generated by Hollister, which reduced its revenue by 6.8%.

By geographical origin, 76% of the sales they came from the United States; 16.6% from Europe, the Middle East and Africa; 3.9% from Asia-Pacific; while another 3.2% came from different markets. In addition, 23.9% were obtained from international sales.

As for the billssales, rental, distribution, marketing, general and administrative costs increased by 2.7%, to US$800.4 million (€741.9 million).

“He fiscal year 2023 is off to a good start with net sales and quarterly operating margin above our expectations,” said Fran Horowitz, CEO of Abercrombie & Fitch.

Facing this exercise, Horowitz has shown himself “cautiously optimistic” on customer consumption and “our ability to react in a dynamic macroeconomic environment.” The company forecasts sales growth in the range of 2% to 4%, implying an upward revision from the previous forecast of 1% to 3%.


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