Abercrombie & Fitch Co. Reports Fourth Quarter and Full Year Results
*Net sales of $1.1 billion down 5% as compared to last year, reflecting the adverse impact of COVID-19. *Digital net sales increased 34% to $639 million reflecting robust growth in every month of the quarter. *Gross profit rate improved 230 basis points to 60.5% on higher average unit retail and slightly lower average unit cost. *Operating income of $116 million and $131 million on a reported and adjusted non-GAAP basis, respectively, as compared to $122 million and $125 million last year, on a reported and adjusted non-GAAP basis, respectively. A summary of results for the full year ended January 30, 2021 as compared to the full year ended February 1, 2020: *Net sales of $3.1 billion down 14% as compared to last year, reflecting the adverse impact of COVID-19. *Digital net sales increased 39% to approximately $1.7 billion. *Gross profit rate improved by 110 basis points to 60.5% on higher average unit retail and flat average unit cost. *Operating loss of $20 million and operating income of $52 million on a reported and adjusted non-GAAP basis, respectively. This compares to operating income last year of $70 million and $83 million on a reported and adjusted non-GAAP basis, respectively.