Online net sales increased 34% year-on-year, and A&F revenue in the United States exceeded expectations

On March 2, 2021, Abercrombie & Fitch (A&F), an American clothing retailer, announced its fourth quarter and fiscal year results ending January 30, 2021.

In the fourth quarter ended January 30, 2021, A&F's net sales were $1.1 billion, down 5% year-on-year due to the epidemic. However, the company's online business net sales increased 34% year-on-year to $639 million, reflecting strong growth in online sales every month in the quarter.

"I'm proud of our execution in the fourth quarter, which exceeded our initial internal expectations," said Fran Horowitz, the company's CEO . "We listened and stayed in close touch with our customers, adjusting our products and messaging to fit their new needs. In the fourth quarter, we grew online sales 34%, improved gross margin by 230 basis points, and reduced operating expenses. "

A&F's net sales for the full year ended January 30, 2021, were $3.1 billion, down 14% from the same period last year. Digital net sales increased 39% year-over-year to approximately $1.7 billion .

Horowitz said: "This year, we made significant progress on our key transformation initiatives. We built on our infrastructure and grew our digital business to 54% of annual revenue . At the same time, we continued to make strategic investments to support future growth, including delivering a more integrated experience and adding senior talent in key areas such as marketing, data analytics, digital, and further building out regional teams in EMEA and APAC. "

As we enter 2021, A&F is pleased with the start of its first quarter and has developed an effective strategy based on recent successes in product, marketing and digital.

Horowitz said: "A solid foundation and strong liquidity enable us to continue to focus on profitable growth, area optimization, digital transformation and global market share gains. While the outlook remains uncertain, I am excited about the future and more confident than ever in our ability to drive sustainable long-term operating margin growth."

Abercrombie & Fitch

USA

Clothing Retail