Abercrombie & Fitch Co. reported better-than-expected third-quarter earnings and sales with both top and bottom-line gains.
The apparel retailer’s net income totalling $47.2M, or $0.77 per share, in the quarter ended 30 October, up from $42.3M, or $0.66 per share, in the year-ago period. Adjusted earnings per share of $0.86 blew past analysts’ forecasts of $0. 66. Sales rose 10 per cent to $905.2M, ahead of estimates of $895M, compared to last year, and were up 5 per cent compared to the third quarter of 2019.
By brand, Abercrombie’s quarterly sales rose 12 per cent to $382.85M, and were up 10 per cent from the same period in 2019. Hollister’s quarterly sales rose 10 per cent to $522.31M and were up 1 per cent from the same period in 2019. (Hollister includes the Hollister, Gilly Hicks, and Social Tourist brands.) In July, Abercrombie unveiled a new standalone store concept for Gilly as part of a larger revamp for the intimates and activewear brand towards gender-inclusivity. Digital sales grew 8 per cent over the year-ago quarter and increased 55 per cent compared to the same time in 2019.