Abercrombie & Fitch reported robust Q1 2024 results, with net sales increasing 22% to $1.02 billion and comparable sales rising 21% year-over-year. Net income attributable to A&F skyrocketed 593% to $113.9 million, or $2.14 per diluted share, compared to $16.6 million, or $0.32 per share, in Q1 2023. The company's gross profit rate improved by 540 basis points to 66.4%.Operating income surged to $129.8 million, up from $34.0 million last year, driven by higher sales and improved margins. The Abercrombie brands led growth with a 31% increase in net sales, while Hollister brands saw a 12% rise. Regionally, the Americas segment posted the strongest performance with a 23% sales increase.Looking ahead, A&F expects continued momentum, projecting full-year net sales growth of 10-12%. The company maintains a strong liquidity position with $864.2 million in cash and equivalents. Management remains focused on executing its growth strategy, including digital initiatives and store network optimization, while navigating ongoing macroeconomic challenges and potential supply chain disruptions.

Abercrombie & Fitch reported robust Q1 2024 results, with net sales increasing 22% to $1.02 billion and comparable sales rising 21% year-over-year. Net income attributable to A&F skyrocketed 593% to $113.9 million, or $2.14 per diluted share, compared to $16.6 million, or $0.32 per share, in Q1 2023. The company's gross profit rate improved by 540 basis points to 66.4%.Operating income surged to $129.8 million, up from $34.0 million last year, driven by higher sales and improved margins. The Abercrombie brands led growth with a 31% increase in net sales, while Hollister brands saw a 12% rise. Regionally, the Americas segment posted the strongest performance with a 23% sales increase.Looking ahead, A&F expects continued momentum, projecting full-year net sales growth of 10-12%. The company maintains a strong liquidity position with $864.2 million in cash and equivalents. Management remains focused on executing its growth strategy, including digital initiatives and store network optimization, while navigating ongoing macroeconomic challenges and potential supply chain disruptions.