Abercrombie & Fitch sees FY24 revenue up 12%-13% from $4.3B in FY23

Consensus $4.79B. The company said, “This is an increase to the previous outlook of around 10%. We expect Abercrombie brands will continue to outperform Hollister brands and the Americas will continue to lead the regional performance. The following table illustrates the expected quarterly and full year net sales and related basis point impact of the calendar shift and loss of one selling week in fiscal 2024 compared to fiscal 2023.Operating margin to be in the range of 14% to 15%. This range improves from the previous outlook of around 14%. We expect the year-over-year improvement to be driven by a higher gross profit rate and operating expense leverage. Effective tax rate to be in the mid-20s, with the rate being sensitive to the jurisdictional mix and level of income. Capital expenditures of approximately $170 million.”