Abercrombie & Fitch credited the FY24 surge in sales to a 17% rise in comparable sales with all regions and brands experiencing double-digit growth.  

Specifically, Abercrombie brands witnessed a 16% jump to $2.55bn in net sales for FY24, bolstered by a 15% increase in comparable sales.  

Meanwhile, Hollister brands also enjoyed robust growth, with net sales climbing by 15% alongside a remarkable 19% boost in comparable sales. 

Abercrombie & Fitch chief executive officer Fran Horowitz said: “In fiscal 2024, we once again delivered on our commitments to our global customers and shareholders. We entered the fiscal year with the goal of achieving sustainable, profitable growth on top of a defining fiscal 2023, and our collective effort and focus produced results well beyond our initial expectations."

Abercrombie & Fitch key FY24 operational performance figures  

Operating income reached a notable $741m on a reported basis, a substantial improvement from the $485m recorded last year and an adjusted non-GAAP figure of $489m.  

Abercrombie & Fitch also reported an enhanced full-year operating margin of 15.0%, which is up by 370 basis points compared to FY23.  

Net income attributable to the company for FY24 was $566.22m or 11.4% of net sales against $328.12m in FY23. Shareholders saw significant gains with net income per diluted share escalating by 72% to $10.69. 

Q4 2024 performance metrics 

Abercrombie & Fitch continued its upward trajectory with net sales reaching $1.58bn, an uptick of 9% on a reported basis and 10% on a constant currency basis compared to the same period last year. Comparable sales during this quarter were up by an impressive 14%. 

The company’s operating income for Q4 stood at $256m, surpassing last year's figure of $223m. Its operating margin also saw an increase, rising to 16.2% from the previous year's 15.3%.  

Net income attributable to A&F for the quarter was $187.22bn or 11.8% of sales. Earnings per diluted share for Abercrombie & Fitch reached new heights at $3.57 in Q4 FY24, compared to $2.97 in the same period last year.  

Outlook for Q1 and FY25 

In Q1 Abercrombie & Fitch expects net sales growth to be between 4% and 6% with operating margins anticipated between 8% to 9%. Its earnings per diluted share are expected to fall within the range of $1.25 to $1.45. 

For the entire fiscal year of 2025 (FY25), Abercrombie & Fitch forecasts net sales growth ranging from 3% to 5%, and aims for operating margin expansion between 14% and 15%.  

The company's projected earnings per diluted share for FY25 are estimated to be between $10.40 and $11.40 as it plans an ambitious share repurchase programme worth $400m.  

Horowitz added: “We enter fiscal 2025 with highly relevant brands, an agile playbook, and a motivated global team driven by a culture of innovation and growth. Our expectation in 2025 is to build on the past two years of outstanding results and again deliver profitable growth while strengthening our brands and operating model.”