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Abercrombie & Fitch declined 4.9% to 68.0 after the retailer reported quarterly results.

Net sales in the fiscal third quarter increased 20% to $1.1 billion from $880 million, and the retailer swung to a net income of $97.7 million from a loss of $718 million, and diluted earnings per share were $1.83 compared to a loss of 4 cents per share a year ago.

Comparable sales across both brands increased 16% after a 26% jump in Abercrombie & Fitch and a 7% rise in Hollister stores.

Sales in the fiscal fourth quarter are expected to rise in low double-digits from $1.2 billion a year ago, and the retailer said operating margins are estimated to improve from the previous year because of higher retail prices and lower freight costs.

The company lifted its 2023 sales growth outlook to between 12% and 14% from $3.7 billion in 2022, compared to the previous growth estimate of 10%.

Abercrombie revised its operating margin to be around 10%, up from the previous estimate between 8% and 9%, which includes the 250 basis point benefits of lower freight costs.

21 Nov, 2023

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