{"id":13227,"date":"2023-05-24T14:51:11","date_gmt":"2023-05-24T18:51:11","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/abercrombie-fitch-jumps-on-surprise-profit-sales-forecast-raise\/"},"modified":"2023-05-24T14:51:12","modified_gmt":"2023-05-24T18:51:12","slug":"abercrombie-fitch-jumps-on-surprise-profit-sales-forecast-raise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13227","title":{"rendered":"Abercrombie & Fitch jumps on surprise profit, sales forecast raise"},"content":{"rendered":"
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\u00a9 Reuters. Abercrombie & Fitch products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS\/Andrew Kelly<\/span>
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By Granth Vanaik<\/p>\n

(Reuters) – Abercrombie & Fitch Co on Wednesday posted a surprise quarterly profit and lifted its full-year sales forecast, as the clothing retailer banks on its efforts to fill shelves with in-demand goods, sending its shares up as much as 29%.<\/p>\n

The apparel retailer has worked to increase its stock across all its labels and lure affluent Americans to purchase for a variety of items including dresses, cargos and formal pants as people return to social gatherings and office work.<\/p>\n

Consumers have been diversifying somewhat out of denims, said CEO Fran Horowitz, adding “this non-denim bottom trend that we’re seeing is really terrific.”<\/p>\n

The company’s eponymous Abercrombie label posted a 14% increase in sales in the quarter, while the Hollister brand, dropped 7%.<\/p>\n

“(Abercrombie) is no longer just a jeans and T-shirt business,” Horowitz said on a post-earnings call.<\/p>\n

The apparel maker’s inventories fell 20% to $448 million, compared to a year ago. <\/p>\n

“ANF’s Q1 report suggests brands with good momentum have remained resilient despite macro pressures,” UBS analysts said in a note.<\/p>\n

Abercrombie’s gross margins rose 570 basis points to 61%, benefiting from lower freight costs and its efforts to control promotions.<\/p>\n

Abercrombie’s forecast comes in contrast to several consumer companies such as Kohl’s Corp (NYSE:) and Target <\/span><\/span> Corp (NYSE:) that have maintained their guidance for this year.<\/p>\n

“While it is true that pressures are building in the retail market, we are not anticipating this to create a complete collapse in consumer demand,” said Neil Saunders, managing director of GlobalData, adding that the company is fortunately on the right side of trends.<\/p>\n

The Ohio-based company now expects 2023 net sales to increase 2% to 4%, compared to its previous range of 1% to 3% growth.<\/p>\n

On an adjusted basis, Abercrombie reported a profit of 39 cents per share, compared with estimates of a loss of 5 cents. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Abercrombie & Fitch products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS\/Andrew Kelly By Granth Vanaik (Reuters) – Abercrombie & Fitch Co on Wednesday posted a surprise quarterly profit and lifted its full-year sales forecast, as the clothing retailer banks […]<\/p>\n","protected":false},"author":1,"featured_media":2984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-13227","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAbercrombie & Fitch jumps on surprise profit, sales forecast raise | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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