Abercrombie & Fitch sees 2024 net sales up 10% vs. 2023, consensus $4.58B

Fran Horowitz, CEO, said, “With excellent first quarter performance, we are increasing our full year sales and operating margin outlook. We remain on track to achieve our 2024 goal of demonstrating sustainable, profitable growth after a defining year for the company in fiscal 2023. Our brands are delivering high-quality, on-trend assortments for new and retained customers across regions and brands. Importantly, we continue to make strategic investments across stores, digital and technology to further strengthen the company in pursuit of our long-term ambition.” Operating margin to be around 14%. This range improves from the previous outlook of around 12%. We expect the year-over-year improvement to be driven by a higher gross profit rate and some operating expense leverage. Effective tax rate to be in the mid-to-high 20s, with the rate being sensitive to the jurisdictional mix and level of income. Capital expenditures of approximately $170 million.