Abercrombie & Fitch records record sales in the third quarter of 2024

The American fashion company Abercrombie & Fitch Co. continues to grow. The clothing group, known for the Abercrombie and Hollister brands, will achieve a record turnover of 1.2 billion dollars (approximately 1.1 billion euros) in the third quarter of 2024, an increase of 14 percent compared to last year. Both Abercrombie and Hollister are showing strong performance, with sales growth of 15 percent and 14 percent, respectively. Regionally, sales are growing everywhere: 14 percent in the Americas, 15 percent in Europe and the Middle East, and a whopping 32 percent in Asia and Oceania.

Although former CEO Mike Jeffries was recently arrested on sex trafficking charges, these events appear to have had no impact on the company’s results.

Operating profit increased by 30 percent to 179 million dollars (approximately 170 million euros), with an operating margin of 14.8 percent. Fran Horowitz, current CEO of Abercrombie & Fitch, praised the global team for these strong results. She emphasizes that customers respond enthusiastically to the products and marketing of both brands. She also states that the company is well prepared for the busy holiday period.

Abercrombie & Fitch raises expectations

Abercrombie & Fitch continues to invest in growth. So far in 2024, the company has repurchased more than 924,000 shares for $130 million (approximately 123 million euros), which represents 1.8 percent of the outstanding shares. Total liquidity amounts to approximately 1.1 billion dollars (approximately 1 billion euros), providing a solid financial basis for further investments and operations.

Abercrombie & Fitch raises expectations for 2024. The company now forecasts net sales growth of 14 to 15 percent (previously 12 to 13 percent) and an operating margin around 15 percent.