Abercrombie & Fitch Co. Reports Third Quarter Results
A summary of results for the third quarter ended October 30, 2021 as compared to the third quarter ended October 31, 2020: *Net sales of $905 million, up 10% as compared to last year and up 5% as compared to pre-COVID 2019 third quarter net sales. *Digital net sales of $413 million increased 8% as compared to last year and increased 55% as compared to pre-COVID 2019 third quarter digital net sales. *Gross profit rate of 63.7%, down approximately 30 basis points as compared to last year and up approximately 360 basis points as compared to 2019. The year-over-year decline is driven by approximately 300 basis points of higher average unit cost from freight inflation and efforts to offset supply chain issues, almost fully offset by higher average unit retail on lower promotions. *Operating income of $73 million and $79 million on a reported and adjusted non-GAAP basis, respectively, as compared to operating income of $59 million and $65 million last year, on a reported and adjusted non-GAAP basis, respectively.