Abercrombie & Fitch news and archive

Abercrombie & Fitch halts payments to former CEO amid sex-trafficking allegations

American retailer Abercrombie & Fitch has reportedly said that it would suspend paying its former CEO additional retirement income after allegations of sex trafficking came to light. Prior to the announcement, Mike Jeffries was understood to be on the receiving end of lifetime bonus payments of around one million dollars, according to the BBC,...

Business

Abercrombie & Fitch raises outlook on strong Q3

Abercrombie & Fitch third quarter net sales of 1.1 billion dollars, were up 20 percent on a reported basis and up 19 percent on a constant currency basis. Total company comparable sales for the quarter increased 16 percent. The growth was led by Abercrombie brands with sales increase of 30 percent and Hollister brands, which delivered 11 percent...

Business

Abercrombie & Fitch names new board member

Abercrombie & Fitch has announced a new appointment to its board of directors, with Arturo Nuñez having joined the team from November 7, 2023. Nuñez, who makes up the tenth member of the board, is the founder and CEO of brand strategy firm AIE Creatives, prior to which he served as chief marketing officer of Nu Holdings Ltd, a Brazil-based...

Business

Abercrombie & Fitch to initiate investigation into former CEO Mike Jeffries

Abercrombie & Fitch has reportedly said an investigation into Mike Jeffries was underway after the BBC revealed a slew of exploitation allegations against the brand’s former chief executive officer. Jeffries came under the radar after claims of his involvement in an organised ring that exploited men at private sex events were brought to light...

Business

Abercrombie & Fitch raises outlook on strong Q2

Abercrombie & Fitch Co. reported second quarter net sales of 935 million dollars, up 16 percent as compared to last year on a reported and a constant currency basis and comparable sales increase of 13 percent. Gross profit rate of 62.5 percent, was up approximately 460 basis points as compared to last year and operating income turned positive to...

Retail

Abercrombie and Fitch opens new Fifth Avenue store

American fashion brand Abercrombie and Fitch announced the recent opening of a new store in New York City, located at 668 Fifth Avenue. Situated between 52nd and 53rd, the store has joined a vast array of other retail locations lined up on Fifth Avenue, which is considered as one of New York's leading shopping hubs. Offering men’s, women’s,...

Business

Abercrombies & Fitch Q4 sales up, earnings decline

For the fourth quarter, Abercrombie & Fitch net sales of 1.2 billion dollars, were up 3 percent on a reported basis and 5 percent on a constant currency basis. For the full year, net sales of 3.7 billion dollars remained approximately flat on a reported basis and up 2 percent on a constant currency basis. Net income per diluted share was 75...

Business

Helen Vaid joins Abercrombie & Fitch board as independent director

Abercrombie & Fitch Co. has announced the election of Helen Vaid as an independent director, effective February 16, 2023. With Vaid’s election, the company's board of directors expands to eleven, six of whom are female. Vaid, 51, the company said in a release, was most recently the chief executive officer of Foundry Brands, a digitally native...

Retail

Hollister and Gilly Hicks to open combined prototype store

Abercrombie & Fitch Co., the parent company of teen retailers Hollister and Co. and Gilly Hicks, has announced it is opening a new combined prototype store for the brands at Liverpool One in the UK. The new store, slated to open this summer, will occupy a new space on South John Street and will showcase a new combined space bringing the...

Business

Abercrombie & Fitch updates Q4 outlook

Updating its outlook, Abercrombie & Fitch Co. said it expects fourth quarter sales to increase in the range of 1 percent to 2 percent compared to the previous outlook of decrease in the range of 2 percent to 4 percent and full year sales to be down around 1 percent compared to the earlier expectation of decrease between 2 to 3 percent. The...

BusinessFeatured

Abercrombie & Fitch reports flat sales growth, announces leadership transition

Abercrombie & Fitch Co. reported net sales of 880 million dollars, down 3 percent on a reported basis and approximately flat on a constant currency basis. Gross profit rate of 59.2 percent, was down approximately 450 basis points as compared to last year. The company said, net loss per diluted share was 4 cents on a reported basis and 1 cents on...

Business

Abercrombie & Fitch posts loss, lowers forecast

Abercrombie & Fitch Co. net sales of 805 million dollars, were down 7 percent as compared to last year on a reported basis and down 4 percent on a constant currency basis. Net loss per diluted share was 33 cents and 30 cents on a reported and adjusted non-GAAP basis, respectively compared to net income per diluted share last year of 1.69 dollars...