Clothing retailer Abercrombie & Fitch (ANF) has reported record first-quarter financial results as its sales rose 22% from a year earlier.
The New Albany, Ohio-based company reported earnings per share (EPS) of $2.14 U.S. versus $1.74 U.S. that was expected among analysts.
Revenue in the January through March period totaled $1.02 billion U.S. compared to $963.3 million U.S. that was forecast on Wall Street.
Sales were up 22% from last year and profits were nearly seven times higher than Q1 2023. Abercrombie & Fitch said the results represent the strongest first quarter in its 132-year history.
Abercrombie & Fitch has been one of the best-performing retailers coming out of the Covid-19 pandemic. The company reported double-digit sales growth throughout 2023.
Looking ahead, management raised their revenue guidance for the remainder of this year.
For all of 2024, Abercrombie & Fitch now expects sales to grow about 10%, compared to a previous outlook of 4% to 6% growth. Analysts had expected revenue growth of 7% this year.
Abercrombie & Fitch’s financial results have steadily improved ever since the company began six years ago to transform into a brand that is focused on clothes for working millennials.
Responding to the strong financial performance, Abercrombie & Fitch’s stock has increased 385% over the last 12 months and currently trades at $152.39 U.S. per share.
