Summary by Moomoo AI
Abercrombie & Fitch Co. delivered exceptional results for fiscal 2024, with net sales increasing 16% to $4.95 billion and operating income surging to $741 million, representing a 15% operating margin. The strong performance was driven by higher average unit retail prices from reduced promotional activity and increased unit volume growth across all regions, with comparable sales up 17% globally.The company demonstrated robust regional performance, with Americas sales growing 17% to $4.03 billion, EMEA up 12% to $771 million, and APAC increasing 9% to $151 million. By brand, Abercrombie sales rose 16% to $2.56 billion while Hollister grew 15% to $2.39 billion. Gross margin expanded 130 basis points to 64.2% due to lower promotional activity and reduced product costs.The company ended the year with a strong balance sheet, including $773 million in cash and $116 million in marketable securities. During the year, management completed several strategic initiatives including redeeming all outstanding Senior Secured Notes, expanding the ABL facility to $500 million, and returning capital to shareholders through $230 million in share repurchases. The company also continued its global store network optimization, opening 65 new stores while closing 41 locations.
Comment(0)
Reason For Report