Abercrombie & Fitch reported a 21% increase in holiday-quarter sales and a rise in profits due to higher prices and lower raw material costs. The company is optimistic about its future growth and has issued sales guidance that exceeds expectations. In the fiscal fourth quarter, Abercrombie outperformed Wall Street’s expectations with earnings per share of $2.97 compared to an expected $2.83 and revenue of $1.45 billion compared to an expected $1.43 billion. Net income for the quarter was $158.4 million, or $2.97 per share, up from $38.33 million, or 75 cents per share, a year earlier. Sales for the quarter reached $1.45 billion, a 21% increase from the previous year. Looking ahead, Abercrombie anticipates a low double-digit percentage increase in sales for the current quarter, surpassing estimates. For the full year, the company expects sales to continue growing.
Source: www.cnbc.com
Date: 2024-03-06 14:32:32
