The Drum's Daily Briefing: Store brands surge & Abercrombie's comeback
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Our quickfire analysis of the brand, marketing and media stories that might just crop up in your meetings and conversations today.
Abercrombie & Fitch is building on its blockbuster 2023 by growing Hollister and adding new categories to its namesake banner, such as the A&F Wedding Shop.
Abercrombie & Fitch is building on its blockbuster 2023 by growing Hollister and adding new categories to its namesake banner, such as the A&F Wedding Shop.
Abercrombie & Fitch shares surged after reporting a 22% year-on-year sales increase to $1.02 billion in Q1 FY24, surpassing analyst estimates. Adjusted EPS of $2.14 also beat expectations. The company raised its FY24 net sales growth outlook to 10% and operating margin to 14%. CEO Fran Horowitz attributed the success to strong assortments and marketing.
Abercrombie & Fitch reported record first-quarter earnings attributed to increased marketing spend and an improved omnichannel experience.