US apparel retailer Abercrombie & Fitch posts Q1 FY21 sales of $781 mn

Abercrombie & Fitch, a US-based specialty retailer of apparel and accessories, posted 61 per cent sales growth to $781.4 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $485.3 million in the corresponding period of previous fiscal. The company’s net income for the period was $41.7 million (Q1 FY20: loss $244.1 million).

 

Abercrombie & Fitch, a US-based specialty retailer of apparel and accessories, posted 61 per cent sales growth to $781.4 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $485.3 million in the corresponding period of previous fiscal. The company's net income for the period was $41.7 million (Q1 FY20: loss $244.1 million).#

“2021 is off to a strong start. We built on the significant progress we made in 2020, registering our best first quarter operating income since 2008. The first quarter is evidence that our shift to a digitally-led global business model is working. Total net sales grew 61 per cent year-over-year, with digital sales up 45 per cent to 52 per cent of total sales,” Fran Horowitz, chief executive officer at Abercrombie & Fitch, said in a press release.

 

Abercrombie & Fitch, a US-based specialty retailer of apparel and accessories, posted 61 per cent sales growth to $781.4 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $485.3 million in the corresponding period of previous fiscal. The company's net income for the period was $41.7 million (Q1 FY20: loss $244.1 million).#

Gross profit for Q1 FY21 was $495.1 million ($264.1 million), while operating income improved to $57.4 million (operating loss: $209.1 million).

 

Abercrombie & Fitch, a US-based specialty retailer of apparel and accessories, posted 61 per cent sales growth to $781.4 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $485.3 million in the corresponding period of previous fiscal. The company's net income for the period was $41.7 million (Q1 FY20: loss $244.1 million).#

Sales of Hollister brand increased 62 per cent to $442.4 million ($273.0 million), whereas Abercrombie brand’s sales surged 60 per cent to $338.9 million ($212.3 million).

 

Abercrombie & Fitch, a US-based specialty retailer of apparel and accessories, posted 61 per cent sales growth to $781.4 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $485.3 million in the corresponding period of previous fiscal. The company's net income for the period was $41.7 million (Q1 FY20: loss $244.1 million).#

The company's sales in all the regions that Abercrombie & Fitch serves, recorded growth during Q1 FY21: US sales jumped 72 per cent to $553.8 million ($322.8 million), and EMEA sales increased 41 per cent to $159.0 million ($112.6 million). Moreover, APAC regions sales were up 42 per cent to $46.0 million ($32.3 million), and International sales grew 40 per cent to $227.5 million ($162.5 million).

 

Abercrombie & Fitch, a US-based specialty retailer of apparel and accessories, posted 61 per cent sales growth to $781.4 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $485.3 million in the corresponding period of previous fiscal. The company's net income for the period was $41.7 million (Q1 FY20: loss $244.1 million).#

“Momentum has continued into the second quarter across brands, and early reaction to our newest member of the A&F Co family, social tourist, has been amazing. Our solid foundation and strong liquidity position enables us to be on the offense. We remain focused on profitable topline growth, our ongoing digital evolution and our growth vehicles, including Gilly Hicks, and are committed to thoughtful expense management and global square footage optimisation. Although the global landscape remains uncertain, I am excited about the future and more confident than ever in our ability to drive sustainable, long-term operating margin expansion,” Horowitz concluded.