Abercrombie & Fitch Co. a windfall in the fourth quarter of fiscal year 2020. The company expects a drop in sales of five to a maximum of seven percent, less than the previously expected drop of five to ten percent, according to a press release. The company’s earnings are likely to rise 1.3 percent, where a flat profit curve was initially forecast.
The lower sales decline, according to the company, is due to the positive performance of Abercrombie & Fitch’s online channels, which somewhat offset store closures and limited store capacities due to Covid-19. The growing profit has to do with less high and wide markdowns, according to the press release.
Fran Horowitz, CEO of Abercrombie & Fitch, said in the press release, “I am proud of our performance over the quarter, including the peak sales period. (…) In the coming period, we will remain focused on keeping control where possible, including tight management of stocks and expenditures. ”
Under Abercombie & Fitch Co. include the brands Abercrombie & Fitch, Hollister and Abercrombie Kids. These brands collectively have 760 stores worldwide in North America, Europe, Asia and the Middle East, as well as their own web shops.
Beeld: Abercrombie & Fitch Co.
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