Abercrombie & Fitch (ANF), a specialty retailer, announced on Wednesday a significant increase in net income for the first quarter, reaching $113.85 million or $2.14 per share, compared to $16.57 million or $0.32 per share in the same period last year.
Excluding special items, adjusted earnings for the quarter stood at $2.14 per share, up from $0.39 per share in the previous year.
The company’s net sales for the quarter reached $1.02 billion, marking a 22 percent increase from $835.99 million in the previous year's quarter. On a constant currency basis, net sales also rose by 22 percent. The total company comparable sales growth was reported at 21 percent.
Analysts surveyed by Thomson Reuters had forecasted earnings of $1.73 per share on revenues of $963.26 million for the quarter. Note that analysts’ projections generally exclude special items.
Looking forward to the second quarter, Abercrombie & Fitch anticipates net sales growth in the mid-teens, targeting approximately $935 million. For fiscal year 2024, the company now expects around 10 percent growth in net sales from the $4.3 billion reported in fiscal 2023, an increase from the earlier forecast of 4 to 6 percent growth.
Market expectations for the quarter were set at $963.26 million, with projected revenue growth of 7.0 percent, totaling $4.58 billion for the year.
