Abercrombie & Fitch Boosts FY24 Net Sales Growth Outlook; Promotes Robert Ball To CFO - Update

(RTTNews) - While reporting financial results for the third quarter on Tuesday, specialty retailer Abercrombie & Fitch (ANF) provided net sales growth guidance for the fourth quarter, above estimates, and raised its net sales growth outlook for full-year 2024.

For the fourth quarter, the company expects net sales growth of 5 to 7 percent from the fiscal third quarter 2023 level of $935 million, implying net sales between $982 million and $1.0 billion.

Looking ahead to fiscal 2024, the company now projects net sales growth of 14 to 15 percent from $4.3 billion in fiscal 2023, up from the prior forecast for a growth of 12 to 13 percent. This implies net sales between $4.90 billion and $4.945 billion.

On average, analysts polled by Thomson Reuters expect the company to report revenue growth of 4.71 percent to $1.52 billion for the quarter and revenue growth of 13.3 percent to $4.85 billion for the year.

As part of company's disciplined approach to succession planning, tenured company finance leader of more than two decades Robert Ball was promoted to CFO, effective November 20, 2024. Scott Lipesky will continue as Executive Vice President and Chief Operating Officer.

Ball will serve on the company's executive leadership team and continue to report to Lipesky.

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