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Abercrombie & Fitch Company (ANF) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $1,208,966,000 from $1,056,431,000 in the same quarter the previous year. This increase is attributed to growth in unit volume and higher average unit retail prices.
Cost of sales for the quarter was $422,034,000, representing 34.9% of sales, compared to 35.1% in the same quarter of the previous year. This decrease in cost ratio is due to reduced promotions and lower product costs.
The company reported a gross profit of $786,932,000 for the quarter, compared to $685,669,000 in the previous year, with the increase attributed to higher sales and improved margins.
Stores and distribution expenses increased to $419,235,000 from $383,883,000, primarily due to higher sales volume and related costs.
Marketing, general, and administrative expenses increased to $190,001,000 from $162,510,000, primarily due to increased marketing initiatives.
Net income for the quarter was $133,864,000, up from $97,732,000 in the previous year. After accounting for noncontrolling interests, net income attributable to Abercrombie & Fitch was $131,979,000, compared to $96,211,000 in the previous year.
Cash provided by operating activities was $402,756,000, while cash used in investing and financing activities was $187,040,000 and $432,570,000, respectively.
Abercrombie & Fitch had a working capital of $1,655,767,000 as of November 2, 2024. The company acknowledges its focus on optimizing its global store network and investing in digital and omnichannel initiatives.
The filing also details the redemption of the company's outstanding Senior Secured Notes and amendments to its ABL Credit Agreement, which increased the facility to $500 million and extended the maturity date.
Abercrombie & Fitch does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its 2025 Always Forward Plan, which includes executing focused growth plans, accelerating digital transformation, and operating with financial discipline.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Abercrombie & Fitch Company quarterly 10-Q report dated December 6, 2024. To report an error, please email earnings@qz.com.