Abercrombie & Fitch Q2 Results Top Estimates; Boosts FY24 Net Sales Growth Outlook
2024-08-23
4023
(fxcue news) - Specialty retailer Abercrombie & Fitch (ANF) reported Wednesday that net income attributable to the company for the second quarter soared to $133.17 million or $2.50 per share from $56.89 million or $1.10 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $2.50 per share, compared to $1.08 per share last year.
Net sales for the quarter grew 21 percent to $1.13 billion from $935.35 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 18 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.22 per share on revenues of $1.10 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the third quarter, the company expects net sales growth in the low double-digits compared to fiscal third quarter 2023 level of $935 million.
For fiscal 2024, the company now projects net sales growth of 12 and 13 percent from $4.3 billion in fiscal 2023, up from the prior forecast for a growth of around 10 percent.
The Street is looking for revenues of $1.15 billion for the quarter and revenue growth of 12.0 percent to $4.79 billion for the year.
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