Abercrombie & Fitch Company Ltd. (NASDAQ: ANF) stock plunges during current market trading by 12.76%. Abercrombie & Fitch, via its five recognized brands, is a prominent global specialty retailer of clothing and accessories for men, women, and children. The company was founded in 1892 with the goal of making every day seem as special as the beginning of a long weekend.
ANF stock’ Financial Highlights
Abercrombie & Fitch has announced its second quarter 2021 financial results. Given below is the summary:
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- Net sales of $865 million were up 24 percent year over year and 3% higher than pre-COVID 2019 Q2 net sales.
- Digital net sales of $376 million were down 3% year over year but up 52% when compared to digital net sales in the second quarter of 2018 before COVID.
- The gross profit rate increased 450 basis points year over year and 590 basis points year over year to 65.2 percent, owing to higher average unit retail on reduced promotions.
- On a reported and adjusted non-GAAP basis, operating expenditure, excluding other operating income, net, increased by 9% and 11%, respectively, over the prior year, reflecting higher payroll and customer-facing expenses and lower store occupancy.
- On a reported and adjusted non-GAAP basis, operating income was $115 million and $116 million, accordingly, relative to $14 million and $22 million last year.
Fran Horowitz, Chief Executive Officer, commented,
The upward trend has persisted during the first quarter. The back-to-school season in the United States has started off well. The reaction to the relaunch of the Gilly Hicks brand, accompanying products, and improved retail experiences has been overwhelmingly favorable. Since the introduction of their newest brand, Social Tourist, three months ago, they’ve been delighted about the lessons they’ve learned and its outcomes. Looking ahead, they plan to stay on the offensive and are optimistic that the proactive actions they’ve made to develop their operational model and cost structure, as well as the repositioned brand, will continue to pay dividends in the short and long term.