Abercrombie&Fitch reduces losses and stalls sales in first quarter

Abercrombie&Fitch slows its sales in the first quarter, but reduces its losses. American fashion company has closed its first three months of exercise with a red numbers of 18.2 million dollars (16.2 million euros), in front of the negative result of 41.5 million dollars (37.1 million euros), registered in the same period of previous year.

 Group’s gross operating result (ebitda), has also reduced its losses between February and May, until registering a negative result of 27.8 million dollars (24.8 million euros), against the red numbers of 42.2 million dollars (37.7 million euros) of the previous year.

Abercrombie&Fitch’s sales, for its part, have stalled within the period. The company has registered a volume of business of 733.9 million dollars (656.4 million euros), only a 0.4% more than the first quarter of 2018.

Abercrombie&Fitch has registered a setback of 6.1% in the international markets where operates

By brands, Hollister has been the ensign registering a better evolution during the period. Chain’s incomes raised a 1.1% in the first three months, until 428.4 million dollars (383.17 million euros). Brand Abercrombie, instead, registered a setback of a 0.5% of its billing, until 305.5 million dollars (273.2 million euros).

By markets, group’s incomes increased a 4.5% in the United States, until 469.9 million dollars (420 million euros), while the remaining regions where Abercrombie&Fitch’s billing operates retreated a 6.1%, arriving to 264.3 million dollars (236.3 million euros).

“We have focused in an optimization strategy of global store network”, has explained Fran Horowitz, CEO of the group in a statement. In this sense, the group, the world’s fifth biggest by volume of business, has announced that will close six establishments along the year.