Abercrombie & Fitch posts Q1 FY20 sales of $485 mn

29 May '20

2 min read

Pic: Abercrombie & Fitch

Abercrombie & Fitch, US based lifestyle retailer, posted 36 per cent sales decline to $485.35 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $733.97 million in same period prior year. Company reported a net loss of $244.03 million (Q1 FY19: $18.28 million). Gross profit for the quarter were $264.14 million ($444.09 million).

“For the first quarter, we registered year-over-year global digital sales growth of approximately 25 per cent with acceleration in the mid-March through April period and further acceleration in May,” Fran Horowitz, chief executive officer at Abercrombie & Fitch, said in a press release.

Sales of Hollister brand fell 36 per cent to $273.01 million ($428.44 million). Abercrombie brand dropped 30 per cent to $212.34 million ($305.52 million).

Sales in all the regions were down: US $322.86 million ($469.65 million), EMEA (Europe Middle East & Africa) $112.65 million ($173.94 million), APAC (Asia Pacific) $32.33 million ($65.57 million), Others $17.50 million ($24.79 million), and International $162.49 million ($264.31 million).

“With the well-being of our associates, customers and communities a top priority, and to help limit the spread of Covid-19, in mid-March we temporarily closed all stores across brands outside of the APAC region. Although our physical stores were closed, we continued to engage with our customer base through social media, influencer networks, apps, online events, websites and email,” Horowitz said.

Today, roughly half of our global store base is open. With stores reopening in the US and the EMEA regions, we have experienced sales productivity for reopened stores of approximately 80 per cent and 60 per cent, respectively, as compared to last year’s levels.”

Fibre2Fashion News Desk (JL)

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