Financial Performance - Net sales reached $1.0 billion, a 22% increase from the previous year, with comparable sales growth of 21%[1] - Abercrombie brands experienced a significant growth of 31%, while Hollister brands grew by 12%[2] - Operating margin improved to 12.7%, an increase of 860 basis points compared to last year[1] - The company raised its full-year net sales growth outlook to approximately 10%, up from a previous estimate of 4% to 6%[10] - Gross profit rate increased to 66.4%, up approximately 540 basis points year-over-year[4] - Operating income for the first quarter was $130 million, compared to $34 million in the same quarter last year[4] - Net sales for the thirteen weeks ended May 4, 2024, reached $1,020,730, a 22% increase compared to $835,994 for the same period in 2023[23] - Gross profit for the same period was $677,457, representing 66.4% of net sales, up from 61.0% or $509,794 in the prior year[23] - Operating income increased significantly to $129,849, or 12.7% of net sales, compared to $34,008, or 4.1% in the previous year[23] - Net income attributable to Abercrombie & Fitch was $113,850, an increase of 587% from $16,571 in the same quarter last year[23] - Adjusted EBITDA for the quarter was $167,538, representing 16.4% of net sales, compared to $74,472 or 8.9% in the prior year[35] Cash and Liquidity - Cash and equivalents stood at $864 million, with total liquidity of approximately $1.2 billion[6] - Cash and equivalents as of May 4, 2024, were $864,195, down from $900,884 at the end of the previous quarter[37] - Cash and equivalents at the end of the period were $872,001 thousand, compared to $456,664 thousand at the same time last year, indicating a substantial increase of approximately 91%[40] - Net cash provided by operating activities was $95,010 thousand, a significant increase from $(560) thousand in the same period last year[40] - Net cash used for investing activities was $38,886 thousand, a decrease from $46,391 thousand year-over-year, showing improved cash management[40] Assets and Liabilities - Total assets as of May 4, 2024, were $2,970,085, slightly down from $2,974,233 at the end of the previous quarter[37] - Total current liabilities decreased to $919,699 thousand from $966,820 thousand year-over-year, reflecting a reduction of approximately 4.8%[38] - Total stockholders' equity increased to $1,091,170 thousand, up from $1,049,987 thousand, representing a growth of about 3.9%[38] - Total liabilities and stockholders' equity remained relatively stable at $2,970,085 thousand, slightly down from $2,974,233 thousand[38] - Total long-term liabilities were $959,216 thousand, remaining stable compared to $957,426 thousand from the previous year[38] Capital Expenditures and Future Outlook - The company plans capital expenditures of around $170 million for fiscal 2024[11] - For Q2 2024, net sales growth is expected to be in the mid-teens compared to $935 million in Q2 2023[12] - The effective tax rate is projected to be in the mid-to-high 20s, sensitive to jurisdictional mix and income levels[11] Segment Performance - The Americas segment reported net sales of $820,121, a 23% increase from $665,423 in the prior year[32] - Abercrombie brand net sales were $571,513, a 31% increase from $436,044 in the previous year[33] Interest and Lease Liabilities - The company reported a decrease in interest expense to $5,780, down from $7,458 in the same period last year[23] - The long-term portion of operating lease liabilities was $656,862 thousand, slightly up from $646,624 thousand, indicating a 0.4% increase[38] - The company acquired common stock for tax withholding obligations amounting to $65,173 thousand, compared to $18,359 thousand in the previous year, reflecting a significant increase[40] - The effect of foreign currency exchange rates on cash resulted in a decrease of $857 thousand, down from $1,998 thousand last year[40]

Key PointsAbercrombie & Fitch crushed sales forecasts, setting a new first-quarter revenue record.Operating margin surged as strategic inventory management and pricing power fueled profitability.The company raised its full-year outlook, signaling confidence in continued growth despite economic headwinds.5 stocks we like better than Abercrombie & FitchAbercrombie & Fitch Co. NYSE: ANF investors have reason to celebrate. Abercrombie & Fitch’s stock price recently surged to an all-time high. An exceptional fir ...

Abercrombie & Fitch Co. (ANF) has reported robust first-quarter fiscal 2024 results, with sales and earnings surpassing the Zacks Consensus Estimate and improving year over year. Results have gained from strong growth across regions and brands, mainly led by the Americas region and the Abercrombie brand. The company’s bottom line benefited from significant growth in the operating margin on solid top line growth and gross margin expansion.Abercrombie’s adjusted earnings of $2.14 per share in the fiscal first ...

With a P/E ratio of 16 and a 35% growth rate, Abercrombie & Fitch stock looks like a buy.Abercrombie & Fitch (ANF 21.62%) stock surged 19% through 11:05 a.m. ET after reporting Q1 2024 earnings this morning -- and beating Wall Street analyst targets with a stick.Expected to earn $1.73 per share on $963 million in sales in the year's first quarter, Abercrombie instead reported a per-share profit of $2.14 and sales of more than $1 billion. Abercrombie & Fitch Q1 earningsAnd this good news gets better. A&F's s ...

Key TakeawaysAbercrombie & Fitch beat earnings and revenue forecasts and raised its guidance as sales advanced across its brands and regions.The clothing retailer set a first-quarter record for revenue, boosted by a 31% jump in sales of its Abercrombie brand.Abercrombie shares soared to an all-time high on the news. Abercrombie & Fitch (ANF) shares soared to an all-time high Wednesday as the clothing retailer’s first-quarter results easily exceeded estimates and it raised its outlook as sales rose for all r ...

Retailers Dick's Sporting Goods Inc (NYSE:DKS) and Abercrombie & Fitch Co (NYSE:ANF) are in focus on Wall Street today, following their strong first-quarter earnings reports. Both companies announced better-than-expected results, with Dick's Sporting Goods raising its profit forecast on accelerating demand, while Abercrombie & Fitch lifted its sales growth forecast following its "best quarter ever." At last glance, DKS was up 15.5% at $225.20, earlier hitting a record peak of $228.36. Today's price action c ...

Financial Data and Key Metrics Changes - The company reported net sales of $1 billion for Q1 2024, a 22% increase year-over-year, marking the best first quarter results in the company's history [7][17] - Operating income reached $130 million, representing a 12.7% operating margin, significantly up from 4.6% in the previous year [8][21] - Gross profit rate improved to 66.4%, up 540 basis points from 61% in the previous year, driven by lower cotton costs and reduced promotions [19][21] Business Line Data and Key Metrics Changes - Abercrombie brands saw a 31% increase in net sales, while Hollister brands grew by 12% in Q1 2024 [12][18] - The Wedding Shop launch contributed positively to Abercrombie's sales, particularly in women's dresses [13][29] - Hollister's men's division returned to growth, with notable performance in fleece tops and bottoms [14][15] Market Data and Key Metrics Changes - The Americas region experienced a 23% increase in net sales, while EMEA grew by 19% and APAC by 10% [11][17] - In EMEA, growth was primarily driven by the UK and Germany, with localized marketing efforts contributing to brand awareness [11][18] - APAC's growth was led by China, although it remains a small portion of the overall business at about 3% [43] Company Strategy and Development Direction - The company aims for sustainable, profitable growth, focusing on strategic investments in marketing, digital, and technology [8][10] - There is a strong emphasis on maintaining inventory discipline and reducing promotions to enhance gross profit rates [8][19] - The company is expanding its global presence and enhancing its brand portfolio through targeted marketing and customer engagement strategies [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2024 goals, supported by a strong start to Q2 and ongoing investments in technology and people [16][22] - The company anticipates mid-teens net sales growth for Q2 2024, with an expected operating margin of 13% to 14% [24][26] - There is an acknowledgment of potential challenges in the back half of the year, with a focus on learning from Q2 performance [42] Other Important Information - The company ended Q1 with cash of $864 million and liquidity of approximately $1.2 billion, with plans for share repurchases and capital expenditures of around $170 million [22][26] - The store fleet consisted of 753 stores, with plans for 60 new stores and 65 remodels in the full year [23] Q&A Session Summary Question: Key drivers for merchandise assortment and denim impact - Management noted balanced growth across categories, with Abercrombie women's dresses performing particularly well due to The Wedding Shop launch [29][30] Question: Drivers of same-store sales acceleration at Hollister - Management highlighted the turnaround in Hollister's men's business, particularly in tops, contributing to overall growth [35] Question: Marketing strategy for Hollister - The company plans to follow a similar marketing strategy for Hollister as it did for Abercrombie, focusing on customer acquisition and brand awareness [39] Question: Full year sales guidance rationale - Management indicated that the back half of the year may see a slowdown due to uncertainty, but remains optimistic about Q2 performance [42] Question: Customer acquisition at Abercrombie - The launch of The Wedding Shop has attracted new customers, and the company is investing in marketing to enhance brand awareness [45] Question: Outlook for SG&A leverage in the back half - Management does not expect significant SG&A leverage in the back half, with more focus on front half performance [61]

For those looking to find strong Retail-Wholesale stocks, it is prudent to search for companies in the group that are outperforming their peers. Abercrombie & Fitch (ANF) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Retail-Wholesale peers, we might be able to answer that question.Abercrombie & Fitch is a member of the Retail-Wholesale sect ...

Abercrombie & Fitch reported record first-quarter earnings results Wednesday (May 29), attributing the gains in part to increased marketing spend and an improved omnichannel experience.The apparel retailer’s highest first-quarter net sales ever came with an increase of 22% compared to the same period a year earlier, according to a Wednesday earnings release.“Both brand families [Abercrombie and Hollister] are contributing nicely to our business results while expanding their customer base through increased m ...

For the quarter ended April 2024, Abercrombie & Fitch (ANF) reported revenue of $1.02 billion, up 22.1% over the same period last year. EPS came in at $2.14, compared to $0.39 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $952.25 million, representing a surprise of +7.19%. The company delivered an EPS surprise of +28.92%, with the consensus EPS estimate being $1.66.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- a ...