Abercrombie & Fitch Q1 net sales rise 22% to $1.0 billion; full-year outlook raised
Abercrombie & Fitch reported first quarter fiscal 2024 results for the period ended May 4, 2024, with net sales of $1.0 billion, up 22% from last year, and diluted EPS of $2.14 versus $0.32 a year earlier. The company raised its full-year fiscal 2024 outlook to net sales growth of around 10% and an operating margin of around 14%, which replaces prior guidance.
- Q1 net sales $1,020.7 million, up 22%; comparable sales up 21%; Abercrombie brands up 31%, Hollister brands up 12%
- Operating income $130 million, operating margin 12.7%, up 860 basis points from 4.1% last year
- Full-year outlook: net sales up around 10% (previously 4% to 6%); operating margin around 14% (previously around 12%)