Abercrombie & Fitch Reports First Quarter Loss of Around $62 Million USD
Yet, the news isn’t as bad it sounds.
As Business of Fashion reports, North American retailer Abercrombie & Fitch has reported a first quarter loss of around $62 million USD. News of this latest sales slump is a mixed bag for Abercrombie & Fitch, as the $62 million USD number is seen as a “smaller-than-expected drop.” Currently for sale, Abercrombie & Fitch Co. absorbs a healthy boost from Hollister, the brand responsible for the slight shift and boost in 2017 sales. For its first quarter reports, Hollister brought in a 3 percent rise in same-store sales. Rival retailer American Eagle Outfitters Inc. and Cerberus Capital Management — a United States private equity firm — are reportedly preparing to launch their own bids for Abercrombie & Fitch.
Back in April, we published an in-depth look at the shrinking market and declining sales trends for “mall brands” like Abercrombie & Fitch, Hollister and others. While American Apparel and similar companies are clinging onto life support or entering their final days, retailers like ASOS, H&M and Zara are thriving and reporting healthy numbers.
