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Abercrombie & Fitch sales beat expectations

Struggling US young fashion retailer Abercrombie & Fitch reported better-than-expected earnings in the second quarter.

Net sales at the company, which owns the eponymous chain and Hollister, fell 8% to $818m (£528m) in the 13 weeks to August 1, but this was ahead of analysts’ expectations of $812m (£524m).

Sales were down 4% on the previous year.

The company said it achieved “broad-based sequential improvement” in Europe, including in the UK, Germany and France.

Executive chairman Arthur Martinez said: “Our results exceeded what we signalled in our first-quarter earnings call and give us confidence that we are on the right track, although we recognise that we still have much to achieve.”

“We continue to take steps to revitalise our performance, maintaining an intense focus on improving the customer experience.

“We made good progress in Hollister and Abercrombie Kids, but more modest progress at Abercrombie & Fitch.

“To accelerate our efforts, we have reinvigorated Abercrombie & Fitch’s brand design and merchandising teams, recruiting a number of talented executives with expertise relevant to our needs.

“We understand the challenges ahead. We are taking the steps necessary to deliver continued improvement in our performance and to establish very clear brand positions that will guide all elements of our business and provide the foundation for long-term profitability and growth.”

Earlier this month, Abercrombie & Fitch announced a number of senior hires as it continues its turnaround plan.

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