by Apparel Resources News-Desk
13-March-2018 | 2 mins read
Abercrombie & Fitch Co., the global retailer of casual luxury apparels and accessories under the Abercrombie and Fitch, Hollister and Abercrombie Kids labels, has announced the financial results for the fourth quarter and full fiscal 2017.
During the quarter under review, the company reported a 15 per cent increase in its net sales to US $ 1.193 billion while comparable sales inclined by 9 per cent.
Brand-wise, the retailer witnessed a 19 per cent surge in its net sales to US $ 709.2 million for Hollister and the namesake brand Abercrombie reported a 9 per cent increase to US $ 484.0 million as compared to last year.
Geographically, Abercrombie & Fitch Co. reported a 13 per cent increase in its net sales to US $ 774.6 million in the US and for the international market, it noted a 20 per cent rise in its net sales to US $ 418.6 million.
For the entire fiscal, net sales of the company went up by 5 per cent to US $ 3.493 billion as compared to last year while comparable sales increased by 3 per cent.
Brand-wise, net sales of the company noted an 11 per cent increase to US $ 2.039 billion for the Hollister brand but the same declined by 2 per cent to US $ 1.454 billion for Abercrombie as in FY 2017.
Geographically, Abercrombie & Fitch Co.’s net sales increased by 4 per cent to US $ 2.209 billion and by 7 per cent to US $ 1.284 billion in the US and the international markets, respectively, as compared to last year.
However, the retailer has also announced to shutter 60 Abercrombie and Hollister stores this year, in a bid to further improve its financial standing. However, the company is yet to confirm which stores it would close in the coming months.
The fashion retailer has already closed more than 400 stores since 2010 and 60 per cent of its leases will expire by 2028. Last year, it shut approximately 40 retail stores.