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Hollister softens blow for Abercrombie & Fitch

Abercrombie and Fitch has announced smaller than expected losses in the three months to 31 July, driven by sales at surfwear brand Hollister. 

Hollister performed significantly better Abercrombie during the quarter.

Analysts had expected a 2.9% increase in sales at Hollister stores during the period - in fact, there was a 5% rise in sales. Sales at Abercrombie fell 7%, also beating a projected 8.5% loss.

Overall, sales fell by 1%. Net loss increased to £12.1m from £10.2m. 

Fran Horowitz, chief executive, said that the company is “encouraged by the clear progress across all brands”.

“Hollister continues to build on its strong foundation, leveraging higher levels of customer engagement to drive growth across all touchpoints, and demonstrates how the customer responds when product, brand voice and brand experience are aligned.”

“Our focus remains on staying close to our customers and investing in our ability to meet their needs whenever, wherever and however they choose to engage with our brands.”

“We are confident we are on the right path to deliver enhanced performance and long term shareholder value.”

Times have been tumultuous at the business in recent months, with a 17 year trading low posted in May.

In July, it halted talks with potential buyers in order to focus on the “the rigorous execution of our business plan.”

 

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