Thursday, 27 August 2020

Abercrombie & Fitch Co quarterly sales beat expectations on online boost



Abercrombie & Fitch Co reported better-than-expected quarterly sales on Thursday as the apparel retailer benefited from a surge in online orders during the COVID-19 pandemic.

Net income attributable to the company was $5.5 million, or 9 cents per share, compared with a loss of $31.1 million, or 48 cents per share, a year earlier. The year-ago quarter included flagship store exit charges of about $45 million.

Net sales fell to $698.3 million in the second quarter ended Aug. 1, but beat the average expectation of $658.44 million, according to Refinitiv IBES data.

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