Summary by Moomoo AI
Abercrombie & Fitch delivered record third quarter net sales of $1.2 billion, up 14% YoY with comparable sales growth of 16%. Operating income increased 30% to $179 million, with operating margin expanding 170 basis points to 14.8%. The company saw broad-based growth across regions, with Americas up 14%, EMEA up 15%, and APAC up 32%.Performance was strong across brands, with Abercrombie brands posting 11% comparable sales growth on top of last year's 26%, while Hollister brands achieved 21% growth versus 7% last year. The company maintained robust financial position with $683 million in cash and equivalents, and repurchased 924,000 shares for $130 million year-to-date.Based on strong Q3 results, Abercrombie raised its full-year outlook, now expecting net sales growth of 14-15% and operating margin around 15%. For Q4, the company projects net sales growth of 5-7% and operating margin around 16%, despite a 550 basis point impact from the loss of an extra week compared to 2023.
