(Reuters) -Abercrombie & Fitch raised its annual sales growth forecast and beat estimates for first-quarter results on Wednesday, betting on new and trendy apparel and accessories to drive demand at its Abercrombie and Hollister brands.
The company saw another quarter of resilient demand across apparels and accessories, as customers continued to stretch their budgets to shop for its baggy jeans and shorts.
“We successfully navigated seasonal transitions with relevant assortments and compelling marketing, leveraging agile chase capabilities and inventory discipline, driving sales above our expectations,” CEO Fran Horowitz said.
Abercrombie & Fitch reported net sales of $1.02 billion in the quarter ended May 4, compared with analysts’ average estimate of $963.3 million, according to LSEG data.
The company posted adjusted profit of $2.14 per share, compared with analysts’ estimate of $1.74 per share.
It expects fiscal 2024 net sales to be up 10%, compared with its prior forecast of a 4% to 6% rise.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Shinjini Ganguli and Shilpi Majumdar)
Brought to you by www.srnnews.com
