Financial Data and Key Metrics Changes - For fiscal year 2023, the company reported sales of $4.28 billion, an increase of 15.8% compared to 2022, marking the second-highest annual sales level in its history [5][27] - The operating margin reached 11.3%, the best in 15 years, with operating income of $489 million, compared to $107 million in 2022 [5][26] - The gross profit rate improved to 62.9% from 56.9% in 2022, driven by higher average unit retail (AUR) and lower freight and raw material costs [28][24] Business Line Data and Key Metrics Changes - Abercrombie brands saw a significant growth of 27% in sales compared to 2022, with a 50% increase since 2019 [14][27] - Hollister brands grew by 6% in total sales and 4% on a comparable basis, with women's business leading the growth [12][27] - The company achieved a 21% increase in net sales for Q4, with comparable sales up 16% [23][24] Market Data and Key Metrics Changes - The Americas region led growth with an 18% increase in sales for the year, while EMEA and APAC regions grew by 4% and 16%, respectively [10][27] - In Q4, net sales in the Americas increased by 23%, while EMEA and APAC saw increases of 13% and 21%, respectively [24] - The company is focusing on expanding its presence in EMEA and APAC, with significant investments in local teams and marketing [21][22] Company Strategy and Development Direction - The company is committed to its "Always Forward Plan," aiming for sustainable growth and profitability, with a long-term goal of $5 billion in global sales [7][22] - Investments in marketing, technology, and new store experiences are prioritized to enhance customer engagement and brand loyalty [6][18] - The company plans to be a net store opener in 2024, focusing on expanding its successful neighborhood concept [18][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to balance growth opportunities while maintaining financial discipline [7][16] - The company acknowledged potential challenges from global macroeconomic and geopolitical instability but emphasized its focus on controllable factors [16][30] - For 2024, the company expects net sales growth of 4% to 6%, with a strong start to the first quarter [31][35] Other Important Information - The company ended 2023 with cash and cash equivalents of $901 million and total liquidity of approximately $1.2 billion [29] - The company plans to invest approximately $170 million in capital expenditures in 2024, with a focus on digital and technology [33][34] - The company has successfully reduced inventory by 7% compared to 2022, positioning itself well for 2024 [66] Q&A Session Summary Question: What is the outlook for Hollister and Gilly Hicks? - Management noted that Hollister's growth is led by women's products, with positive signs in men's categories as well [40][41] - Gilly Hicks is transitioning to an active lifestyle brand, contributing positively to Hollister's growth [41] Question: What has driven Abercrombie's recent success? - The success is attributed to expanding the addressable market and evolving the brand into a lifestyle brand, with a focus on customer needs [46][47] Question: What are the expectations for inventory growth relative to sales growth? - The company expects inventory growth to align closely with sales opportunities while maintaining a lean inventory strategy [66] Question: How is the company addressing the impact of the Red Sea situation on margins? - Management indicated that the Red Sea situation is expected to impact shipping costs, particularly in Q2 and the second half of the year [42][43] Question: What is the expected gross margin expansion in 2024? - The company anticipates benefits from lower product costs, particularly in the first half of 2024, contributing to improved gross margins [71]

New Albany, Ohio, March 6, 2024: Abercrombie & Fitch Co. (NYSE: ANF) today announced results for the fourteen week fourth quarter and fifty-three week year ended February 3, 2024. These compare to results for the thirteen week fourth quarter and fifty-two week year ended January 28, 2023. Descriptions of the use of non-GAAP financial measures and reconciliations of GAAP and non- GAAP financial measures accompany this release. ABERCROMBIE & FITCH CO. REPORTS FOURTH QUARTER AND FULL YEAR RESULTS Fran Horowitz ...

Abercrombie & Fitch (ANF) reported $1.45 billion in revenue for the quarter ended January 2024, representing a year-over-year increase of 21.1%. EPS of $2.97 for the same period compares to $0.81 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.42 billion, representing a surprise of +2.08%. The company delivered an EPS surprise of +5.69%, with the consensus EPS estimate being $2.81.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Abercrombie & Fitch (ANF) came out with quarterly earnings of $2.97 per share, beating the Zacks Consensus Estimate of $2.81 per share. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.69%. A quarter ago, it was expected that this teen clothing retailer would post earnings of $1.14 per share when it actually produced earnings of $1.83, delivering a surprise of 60.53%.Over the last four quart ...

An Abercrombie & Fitch store in New York, US, on Monday, Nov. 20, 2023. Abercrombie & Fitch Co. is scheduled to release earnings figures on November 21.Abercrombie & Fitch said Wednesday that its holiday-quarter sales jumped 21% and its profits grew thanks to higher prices and lower raw material costs.The apparel retailer expects its growth story will continue as it issued better-than-expected sales guidance.Here's how Abercrombie did in its fourth fiscal quarter compared with what Wall Street was anticipat ...

Company delivers fourth quarter net sales growth of 21%, led by 35% growth in Abercrombie brandsFull year net sales of $4.28 billion, up 16% to 2022, driven by comparable sales up 13%Full year net sales growth across regions and brands; Abercrombie brands comparable sales up 23%Full year operating margin of 11.3%, highest in fifteen years and up 880 basis points to full year 2022 NEW ALBANY, Ohio, March 06, 2024 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE:ANF) today announced results for the fourteen ...

Key PointsConsumer discretionary stocks are about to see a new capital rotation into them on bullish expectations from the Fed's potential interest rate cuts.Out of the whole group, Abercrombie & Fitch stock is earning the market's love, with price action and growth ahead.Analysts are boosting the stock's price targets, and the market is happy to bid up the price further.5 stocks we like better than GAPNew trends are developing in the United States stock market, which will soon attract professional investor ...

When it comes to real estate investments, retail properties have stood as a solid opportunity for investors seeking stable income. Among these investment vehicles are real estate investment trusts (REITs), specializing in the ownership and management of retail spaces such as shopping centers, malls, and strip malls.Despite the challenges posed by changing consumer behaviors and economic fluctuations, certain retail REITs have not only weathered the storm but emerged as notable success stories. One such stan ...

bunhill When the Nasdaq 100 (QQQ) closed at an all-time high last Friday, Seeking Alpha noted Meta Platforms (META) and Nvidia (NVDA) contributed to the milestone. Skeptical investors who stayed on the sidelines or chose dividend income stocks over technology ones will doubt the rally's breadth. Unfortunately for the former group, income stocks, especially real estate investment trusts, risk underperforming. They needed assurances that the Federal Reserve would cut interest rates. Persistently high inflatio ...