Abercrombie & Fitch Q2 net sales up 24 percent

Abercrombie & Fitch Co. said net sales of 865 million dollars for the second quarter, were up 24 percent compared to last year and up 3 percent as compared to pre-Covid 2019 second quarter net sales.

Digital net sales of 376 million dollars decreased 3 percent compared to last year and increased 52 percent compared to pre-Covid 2019 second quarter digital net sales.

Commenting on the results, Fran Horowitz, the company’s chief executive officer, said: “As our customers’ mindset shifted to summer, we continued to deliver on product, voice and experience. Momentum has continued quarter-to-date. We have had a strong start to the U.S. back-to-school season.”

The company’s gross profit rate improved 450 basis points as compared to last year and 590 basis points as compared to 2019 to 65.2 percent. Operating income was 115 million dollars and 116 million dollars on a reported and adjusted non-GAAP basis, respectively, compared to operating income of 14 million dollars and 22 million dollars last year, on a reported and adjusted non-GAAP basis, respectively.

Net income per diluted share was 1.69 dollars and 1.70 dollars on a reported and adjusted non-GAAP basis, respectively, compared to net income per diluted share last year of 9 cents and 23 cents on a reported and adjusted non-GAAP basis, respectively.