Abercrombie & Fitch continues to be a strong comeback story as the retailer just posted the highest first-quarter earnings in company history. During a Q1 2024 earnings call this week, Abercrombie & Fitch reported a 22% year-over-year increase in sales, finishing the quarter at $1.02 billion compared to $836 million at the same time last year.
Operating income exceeded $131 million, also a record high for the company. "Our outstanding first quarter results reflect the power of our brands and strong execution of our global playbook," said CEO Fran Horowitz in an earnings release . "We successfully navigated seasonal transitions with relevant assortments and compelling marketing, leveraging agile chase capabilities and inventory discipline, driving sales above our expectations.
" Related: Abercrombie & Fitch Reports Strong Earnings, Stock Soars The company also increased its full-year revenue outlook to "around 10%" and its operating margin outlook to nearly 14%. At its height in the '90s and aughts, sales were in the billions , but popularity soon waned and employee complaints began piling up. Netflix covered the controversies in the 2022 documentary , "White Hot: The Rise & Fall of Abercrombie & Fitch," which exposed the company's past scandals and accusations of exclusionary practices under former CEO Mike Jefferies.
But after a strong past few years since 2017 under Horowitz's leadership, the company has turned things around. Horowitz credited the company's ability to define.
