Abercrombie & Fitch Q1 Results Top Estimates; Boosts FY24 Net Sales Growth Outlook

(RTTNews) - Specialty retailer Abercrombie & Fitch (ANF) reported Wednesday that net income attributable to the company for the first quarter soared to $113.85 million or $2.14 per share from $16.57 million or $0.32 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $2.14 per share, compared to $0.39 per share last year.

Net sales for the quarter grew 22 percent to $1.02 billion from $835.99 million in the same quarter last year. Net sales were also up 22 percent on a constant currency basis. Total company comparable sales growth was 21 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.73 per share on revenues of $963.26 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the second quarter, the company expects net sales growth in the mid-teens second quarter 2023 level of $935 million. For fiscal 2024, the company now projects net sales growth of around 10 percent from $4.3 billion in fiscal 2023, up from the prior forecast for a growth of 4 to 6 percent.

The Street is looking for revenues of $963.26 million for the quarter and revenue growth of 7.0 percent to $4.58 billion for the year.

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