Abercrombie & Fitch reported its sixth consecutive quarter of double-digit sales growth, with earnings per share of $2.50, surpassing expectations. The company anticipates a 5% to 7% sales increase for the holiday quarter, driven by strong performances across regions and brands, despite a recent scandal involving its former CEO. CEO Fran Horowitz emphasized the brand's focus on international markets and new product categories to sustain momentum.
Abercrombie & Fitch has distanced itself from former CEO Mike Jeffries following his arrest on federal sex trafficking charges, asserting its commitment to cooperate with law enforcement. The company expressed its disgust over the allegations, which involve coercing aspiring models into sex acts during Jeffries' tenure from 1992 to 2014. Abercrombie emphasized its transformation into a values-driven organization with zero tolerance for abuse, while supporting the victims who have come forward.
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