Abercrombie & Fitch (ANF), a specialty retailer, reported a significant rise in net income for the second quarter, reaching $133.17 million, or $2.50 per share, compared to $56.89 million, or $1.10 per share, in the same period last year.Excluding special items, adjusted earnings for the quarter stood at $2.50 per share, a notable increase from $1.08 per share in the previous year.The company saw a 21 percent increase in net sales, which amounted to $1.13 billion, up from $935.35 million in the corresponding quarter of the previous year. On a constant currency basis, net sales saw a 22 percent rise, and total company comparable sales grew by 18 percent.According to analysts surveyed by Thomson Reuters, expectations were for earnings of $2.22 per share on revenues of $1.10 billion. These estimates typically exclude special items.For the upcoming third quarter, Abercrombie & Fitch anticipates net sales growth in the low double-digits, compared to the fiscal third quarter 2023’s level of $935 million.Looking ahead to fiscal 2024, the company has revised its net sales growth projection to 12-13 percent, up from an earlier forecast of around 10 percent, based on fiscal 2023’s $4.3 billion figure.Analysts are projecting quarterly revenues of $1.15 billion and annual revenue growth of 12.0 percent, bringing the total to $4.79 billion for the year.The material has been provided by InstaForex Company – www.instaforex.com
- Latvia Trade Deficit Widens In July - September 10, 2024
- Helmerich & Payne To Issue Private Offering Of Senior Notes - September 10, 2024
- Fluent Confirms Ryan Perfit As CFO - September 10, 2024
