Abercrombie & Fitch Co. (NYSE:ANF) Director Kenneth B. Robinson has recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Robinson sold 1,100 shares of Class A Common Stock on December 2, 2024. The shares were sold at a price of $161.74 each, amounting to a total transaction value of $177,914. Following this sale, Robinson retains ownership of 7,272 shares in the company. This transaction was executed directly by Robinson, as indicated in the filing.
In other recent news, Abercrombie & Fitch Co. recorded a strong third quarter, posting record net sales of $1.2 billion. This represents a 14% increase from the same period last year, with both Abercrombie and Hollister brands contributing significantly to this growth. The company's operating income surged by 30% to reach $179 million, and the gross profit rate reached 65.1%, marking the highest for a third quarter since 2010.
These developments prompted Abercrombie & Fitch Co. to revise its full-year sales outlook upwards, now expecting a growth of 14-15%. The operating margin for the full year is projected to be around 15%. The company also plans to open approximately 40 new Abercrombie stores and 20 new Hollister stores, with around 40 Hollister locations set to be refreshed or right-sized.
CEO Fran Horowitz emphasized the company's commitment to sustainable profitable growth and expectations for this trend to continue. COO Scott Lipesky noted the significant improvement in the store base, with a better presence in optimal locations and malls. These recent developments reflect Abercrombie & Fitch Co.'s robust performance and growth trajectory.
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