Abercrombie & Fitch Co. (NYSE: ANF) today provided a business
update, increasing its net sales and operating margin outlook for
fourth quarter and full year of fiscal 2023.
Fran Horowitz, Chief Executive Officer, said: “Consistent with
the first three quarters of 2023, our customers responded
positively to compelling product assortments and engaging marketing
leading us to increase our fourth quarter and full year net sales
and operating margin outlook. We expect to deliver fourth quarter
net sales growth across regions led by continued strength in the
Americas.
Each of our brands continued to deliver solid sales growth led
by Abercrombie brands. The Abercrombie & Fitch women's business
is expected to achieve its highest-ever fourth quarter sales
complemented by an acceleration in men's growth. At Hollister
brands, we expect to deliver year-over-year fourth quarter sales
growth led by the women's business. Continuing a trend of
profitable growth, we expect Hollister brands will also achieve
significant fourth quarter gross profit rate expansion, enabled by
improved product and inventory management.
As we approach the end of our fiscal year, we proudly reflect on
how much our team has accomplished across product, voice and
experience. Our results show that our playbook is working, giving
customers compelling reasons to engage, shop and stay with our
family of brands. We believe our increased full year fiscal 2023
expectations will put us ahead of schedule on our Always Forward
Plan 2025 financial targets. Importantly, we expect to exit fiscal
2023 poised for sustainable, profitable sales growth fueled by
several years of transformational investments in our brands, people
and operating model. A huge thank you to the thousands of global
associates who have worked so hard to make all of this
possible."
Fourth Quarter of Fiscal 2023
Outlook: |
|
Current Fourth Quarter Outlook |
Previous Fourth Quarter Outlook
(1) |
Net Sales |
Up high-teens |
Up low double-digits |
Operating Margin |
Around 15% |
In the range of 12% to 14% |
Effective Tax Rate |
Around 30% |
Around 30% |
|
|
|
Full Year Fiscal 2023
Outlook: |
|
Current Full Year Outlook |
Previous Full Year Outlook
(1) |
Net Sales |
Growth of 14% to 15% |
Growth of 12% to 14% |
Operating Margin |
Around 11% |
Around 10% |
Effective Tax Rate |
Low 30s |
Low 30s |
(1) Released November 21, 2023
The company will be participating in meetings
with investors and analysts at the 2024 ICR Conference to be held
on January 8-10, 2024.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995 |
This Press Release and related statements by
management or spokespeople of Abercrombie & Fitch Co. (A&F)
contain forward-looking statements (as such term is defined in the
Private Securities Litigation Reform Act of 1995). These
statements, including, without limitation, statements regarding our
fourth quarter and annual fiscal 2023 results and statements
regarding our Always Forward Plan goals and targets, relate to our
current assumptions, projections and expectations about our
business and future events. Any such forward-looking statements
involve risks and uncertainties and are subject to change based on
various important factors, many of which may be beyond the
company’s control. The inclusion of such information should not be
regarded as a representation by the company, or any other person,
that the objectives of the company will be achieved. Words such as
“estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,”
“intend,” “should,” “are confident,” “will,” “could,” “outlook,”
and similar expressions may identify forward-looking statements.
Except as may be required by applicable law, we assume no
obligation to publicly update or revise any forward-looking
statements, including any financial targets or estimates, whether
as a result of new information, future events, or otherwise.
Factors that may cause results to differ from those expressed in
our forward-looking statements include, but are not limited to, the
factors disclosed in Part I, Item 1A. “Risk Factors” of the
company’s Annual Report on Form 10-K for the fiscal year
ended January 28, 2023, and otherwise in our reports and
filings with the Securities and Exchange Commission, as well as the
following factors: risks related to changes in global economic and
financial conditions, and the resulting impact on consumer
confidence and consumer spending, as well as other changes in
consumer discretionary spending habits; risks related to the
impacts of inflation on consumer spending generally and on our
operating results, financial condition, and expense management;
risks related to geopolitical conflict, armed conflict, the
conflicts between Russia and Ukraine or Israel and Hamas, acts of
terrorism, mass casualty events, social unrest, civil disturbance
or disobedience; risks related to our failure to engage our
customers, anticipate customer demand and changing fashion trends,
and manage our inventory; risks related to our failure to operate
effectively in a highly competitive and constantly evolving
industry; risks related to our ability to execute on our strategic
and growth initiatives, including those outlined in our Always
Forward Plan; risks related to fluctuations in foreign currency
exchange rates; risks related to fluctuations in our tax
obligations and effective tax rate, including as a result of
earnings and losses generated from our international operations,
may result in volatility in our results of operations; risks and
uncertainty related to adverse public health developments, such as
the COVID‐19 pandemic; risks associated with climate change and
other corporate responsibility issues; risks related to
reputational harm to the company, its officers, and directors;
risks related to actual or threatened litigation; risks related to
cybersecurity threats and privacy or data security breaches; and
the potential loss or disruption to our information systems.
This press release is available at
corporate.abercrombie.com. Important information may be
disseminated initially or exclusively via the website: investors
should consult the site to access this information.
Unless otherwise noted, as used in this
document, "Abercrombie brands" refers to Abercrombie & Fitch
and abercrombie kids and "Hollister brands" refers to Hollister,
Gilly Hicks, and Social Tourist. Additionally, references to
"Americas" includes North America and South America, "EMEA"
includes Europe, the Middle East and Africa and "APAC" includes the
Asia-Pacific region, including Asia and Oceania.
About Abercrombie & Fitch Co. |
Abercrombie & Fitch Co. (NYSE: ANF) is a
leading, global, omnichannel specialty retailer of apparel and
accessories for men, women and kids. The iconic Abercrombie &
Fitch brand was born in 1892 and aims to make every day feel as
exceptional as the start of a long weekend. abercrombie kids sees
the world through kids’ eyes, where play is life and every day is
an opportunity to be anything and better anything. The Hollister
brand believes in liberating the spirit of an endless summer inside
everyone and making teens feel celebrated and comfortable in their
own skin. Gilly Hicks, offering active lifestyle products, is
designed to create happiness through movement. Social Tourist, the
creative vision of Hollister and social media personalities, Dixie
and Charli D’Amelio, offers trend forward apparel that allows teens
to experiment with their style, while exploring the duality of who
they are both on social media and in real life.
The brands share a commitment to offering
products of enduring quality and exceptional comfort that allow
consumers around the world to express their own individuality and
style. Abercrombie & Fitch Co. operates approximately 760
stores under these brands across North America, Europe, Asia and
the Middle East, as well as the e-commerce sites
www.abercrombie.com, www.abercrombiekids.com, www.hollisterco.com,
www.gillyhicks.com and www.socialtourist.com.
Investor Contact: |
|
Media Contact: |
|
|
|
Mo Gupta |
|
Kate Wagner |
Abercrombie & Fitch Co. |
|
Abercrombie & Fitch Co. |
(614) 283-6751 |
|
(614) 283-6192 |
Investor_Relations@anfcorp.com |
|
Public_Relations@anfcorp.com |
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