
Abercrombie & Fitch Co., a global retailer of casual luxury apparel and accessories under the Abercrombie and Fitch, Hollister and Abercrombie Kids brands, has announced the financial results for the first quarter ended April 29, 2017.
During the quarter under review, net sales stood US $ 661.1 million down 4 per cent over last year, with comparable sales for the first quarter down 3 per cent. An operating loss of US $ 69.9 million, which included the adverse impact from year-over-year changes in foreign currency exchange rates of approximately US $ 5.3 million, was reported when compared to an operating loss of US $ 54.9 million in the same period last year.
“We are encouraged by our progress across all brands, particularly in March and April as a whole, in an aggressively promotional environment. We are pleased with the performance of our largest brand, Hollister, as our strategic initiatives continue to deliver. Abercrombie comparable sales were in line with our expectations as we continue to apply the learnings from Hollister’s successes. Our focus on closeness to our customers enables us to adapt and execute better and faster, ensuring more consistent delivery of the right product at the right time, with the right brand voice, and through the right brand experience,” said Fran Horowitz, Chief Executive Officer while commenting on the results.
Also Read – Abercrombie & Fitch to unveil new store concept
The company plans to open seven full-price stores in fiscal 2017, primarily in the US. It also plans to open two new outlet stores, and anticipates closing approximately 60 stores in the US during the fiscal year through natural lease expirations.