Abercrombie & Fitch results show sales slumped in full year although inched up slightly in fourth quarter ending January 2016
Abercrombie & Fitch has today reported that comparable sales have inched up slightly in its fourth quarter ended January 2016, but dropped for its full year.
The fashion retailer revealed sales of $1.1bn (£780m) for its fourth quarter, up one per cent on a comparable basis but down one per cent on a reported basis.
However, the company reported net sales of just $3.5bn for its full year, down three per cent on a comparable basis and six per cent on a reported basis.
Meanwhile, the company announced adjusted operating income of $121.3m for its fourth quarter, up eight per cent on a constant currency basis, and adjusted operating income of $136.5m for the full year, up six per cent on a constant currency basis.
"2015 was a year of tremendous change for us," remarked Arthur Martinez, executive chairman. "We completed our move to a branded structure, strengthened our teams and improved our core processes. More importantly, we evolved our assortment and we refocused our attention on our customer through greater accountability and empowerment at the store level, and through changes in our in-store experience."
The firm also found itself with more favourable results from overseas, as comparable sales for the quarter slumped one per cent in the United States but grew six per cent overseas. For the full year, comparable sales dropped three per cent in the United States, but only one per cent internationally.
Looking forward to the year to come, Martinez said: "It is likely to remain a challenging environment, but we believe we are on the right track and we will continue to focus on delivering a customer-centric shopping experience and compelling assortments based on clearly defined brand positions."