Abercrombie & Fitch Reports 21.2% Net Sales Growth, Significant Profitability Improvements in Q2 2024

Abercrombie & Fitch Co. reported significant financial growth for the thirteen weeks ended August 3, 2024, with net sales reaching $1,133,974 (in thousands), marking a 21.2% increase from $935,345 in the same period of 2023. For the twenty-six weeks ended August 3, 2024, net sales totaled $2,154,704 (in thousands), reflecting a 21.6% increase from $1,771,339 in the prior year.

The company's gross profit for the thirteen weeks was $736,262 (in thousands), which constituted 64.9% of net sales, an improvement from $584,380 (62.5%) in the same period of 2023. Operating income also saw a substantial rise, reaching $175,625 (in thousands), compared to $89,842 in the previous year. Net income for the same thirteen-week period was $135,379 (in thousands), a significant increase from $58,731 in 2023. Net income attributable to Abercrombie & Fitch was $133,168 (in thousands), up from $56,894 in the prior year, resulting in a net income per diluted share of $2.50, compared to $1.10 in 2023.

As of August 3, 2024, the company reported cash and equivalents of $738,402 (in thousands), a decrease from $900,884 as of February 3, 2024. However, total assets increased to $3,049,558 (in thousands) from $2,974,233 at the beginning of the fiscal year. Total stockholders’ equity also rose to $1,221,150 (in thousands), up from $1,049,987 as of February 3, 2024.

Net cash provided by operating activities for the twenty-six weeks ended August 3, 2024, was $260,119 (in thousands), an increase from $216,328 for the same period in 2023. These results indicate a strong performance for Abercrombie & Fitch, driven by increased sales and improved profitability metrics.