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Abercrombie & Fitch predicts rapid sales growth

American casualwear giant Abercrombie & Fitch has forecast its sales will double to $7.5bn (£ 4.6bn) by 2015.

The retailer, which operates stores under the A&F, Abercrombie, Hollister and Gilly Hicks fascias, made the predictions at its investor day conference on Tuesday. The retailer also projected earnings of $4.75 (£2.91) a share for the year, ahead of Wall Street’s estimate of $3.97 (£2.43) a share.

Abercrombie & Fitch, which operates 54 stores outside of the US, said sales in Europe have been “strong” and that it is planning to open 30 new European locations for its Hollister brand for both this year and next.

Abercrombie & Fitch notched up sales of $3.47bn (£2.13) in the year to January 29 2011, compared to $2.93bn (£1.79bn) the year before. Net income grew from $300,000 (£183,702) in 2009/10 to $150.3m (£92m) last year.

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