Abercrombie & Fitch Q1 beats; gross margin +570bps; raises FY sales/op margin outlook

ABERCROMBIE & FITCH CO /DE/

2023-Q1 EPS reported $0.32 revenue$835,994,000

Net sales $836M (+3% YoY); diluted EPS $0.32 vs net loss in prior-year quarter.
Gross profit rate improved 570 bps to 61.0%, driven by lower freight and AUR growth.
Abercrombie brand comparable sales +14%; Hollister -3%. Total comparable sales +3%.
Inventory down 20% YoY, reflecting supply chain normalization and chase capability.
Raised full-year net sales growth to +2-4% (previously +0-2%) and operating margin to ~8-9% (from ~6-7%).

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ABERCROMBIE & FITCH CO /DE/ reported first quarter ended April 29, 2023 results: revenue $ 835,994, net income $ 16,571, EPS $0.32. Guidance raised.

Period: first quarter ended April 29, 2023
Revenue: $ 835,994
Net income: $ 16,571
EPS: $0.32
Guidance: raised
Result: reported results

Exact text from the filing

sales data) Fiscal 2022 Fiscal 2023 2019 2020 2021 Q1 Q2 Q3 Q4 2022 Q1 2023 Net sales $ 3,623,073 $ 3,125,384 $ 3,712,768 $ 812,762 $ 805,091 $ 880,084 $ 1,199,814 $ 3,697,751 $ 835,994 $ 835,994 Cost of sales, exclusive of depreciation and amortization 1,472,155 1,234,179 1,400,773 363,216 339,200 359,268 531,529 1,593,213 326,200 326,200 Gross profit 2,150,918

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Source: SEC EDGAR

accession 0001018840-23-000059

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