Abercrombie&Fitch drops during first half despite rise in sales
The American fashion retailer ended the first half of its year with a drop of 50.3 million dollars, compared to the 46.3 million dollars last year.
Abercrombie&Fitch increases loss. The American fashion retailer ended the first half of its year with a drop of 50.3 million dollars, compared to the 46.3 million dollars the company had during the same period last year.
The company rose 0.1% its sales during the first half of 2019, ended August 3rd, up to 1.5 billion dollars. Only during the second quarter, Abercrombie&Fitch revenue dropped 0.2%, up to 814.1 million dollars.
During the second quarter, Hollister was the brand with the strongest performance, and increased its revenue 1%, up to 504.7 million dollars. Abercrombie, on the other hand, shrunk its earnings 2%, up to 336.3 million dollars.
Only during the second quarter, the company increased 2% its revenue
By regions, the business in United States jumped 2%, up to 543.4 million dollars, while the rest of the world dropped 4%, up to 297.6 million dollars. Abercrombie&Fitch keeps the growth outlook of the group for 2019 in a total 2% due to the currency expanse and the rearrange of its store network.
The CEO of the company, Fran Horowitz, explains that during its second quarter the company renovated 26 stores with a new concept, has closed its Hollister flagship store in Soho, New York, and has jumped its online channel.
Restructures its helm
The group has reinforced its helm with the signing of new heads of its business for Europe, Middle East, Africa and Asia Pacific. The company named Daniel le Vesconte, former Dr Martens to the Emea region. For Asia Pacific the company has named Olga Wu, former VF Corporation, where she worked as managing director of Timberland in China.
Validation policy for comments:
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.