CORRECTION: Abercrombie & Fitch FY24 Revenue Outlook $4.47B - $4.56B Vs, $4.43B Estimate
Portfolio Pulse from Benzinga Newsdesk
Abercrombie & Fitch projects FY24 revenue between $4.47B and $4.56B, surpassing the $4.43B estimate. The company anticipates 4% to 6% sales growth from $4.3B in FY23, despite a $50M impact from an extra reporting week. Abercrombie brands are expected to outperform Hollister, with stronger growth in the Americas and the first half of the year. Operating margin is projected at 12%, up from 11.4%, with capital expenditures at $170M. The effective tax rate is expected in the mid-to-high 20s.
March 06, 2024 | 4:17 pm
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Abercrombie & Fitch expects FY24 revenue to exceed estimates, with a projected increase in net sales and operating margin.
The positive revenue outlook and expected sales growth, especially in Abercrombie brands and the Americas, along with an improved operating margin, indicate a strong performance outlook for ANF. This is likely to positively impact investor sentiment and the stock price in the short term.
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