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An Abercrombie & Fitch signage is seen on a store on Fifth Avenue on August 25, 2022 in New York City.  Michael M. Santiago | Getty Images Abercrombie & Fitch reported its strongest first quarter in its history on Wednesday, continuing a winning streak that again exceeded expectations. The retailer’s sales jumped 22% compared to last year, while profits were nearly seven times higher and came in well ahead of Wall Street’s estimates. Shares were up about flat in premarket trading. Here’s how the apparel company did in its first fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: Earnings per share: $2.14 vs. $1.74 expected Revenue: $1.02 billion vs. $963.3 million expected The company’s reported net income for the three-month period that ended May 4 was $113.9 million, or $2.14 per share, compared with $16.6 million, or 32 cents a share, a year earlier.  Sales rose to $1.02 billion, up about 22% from $836 million a year earlier. “We successfully navigated seasonal transitions with relevant assortments and compelling marketing, leveraging agile chase capabilities and inventory discipline, driving sales above our expectations,” CEO Fran Horowitz said in a news release. “Growth was broad-based across regions and brands with Abercrombie brands registering 31% growth and Hollister brands delivering growth of 12%.” Abercrombie has been one of the biggest winners in retail. As it stares down a tough year of comparisons, the company is building on the double-digit sales growth it saw in 2023. The retailer’s comparable sales grew 21%, on top of the 3% growth it saw in the year-ago period. Abercrombie is expecting sales to increase again in the current fiscal year, and increased its revenue guidance. For the full year, the retailer now expects sales to grow about 10%, compared to…

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Filed under: News - @ May 29, 2024 1:24 pm