Abercrombie: a 'record' Q1 - outlook raised

(CercleFinance.com) - Abercrombie raised its growth outlook for the current financial year on Wednesday, after achieving a 'record' level of sales in Q1.


The US apparel group, which owns the Abercrombie, Hollister and Gilly Hicks brands, this morning reported sales of just under $1bn for its quarter to end-May, up 22% y-o-y.

LFL sales rose 21% y-o-y.

The retailer said it generated an operating profit of $130m for the quarter, compared with $34m a year earlier.

Following this Q1, which was deemed "excellent", the Ohio-based group now expects net sales growth of around 10% for FY 2024/2025, compared with 4% to 6% previously.

Operating margin is now expected to be around 14%, up from 12% (12.7% in the previous quarter).

Following these announcements, the share price was expected to rise by almost 4% at the opening of the New York Stock Exchange on Wednesday.


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