Abercrombie & Fitch and Hollister UK profits triple in FY24
Despite its strong performance, the company warned that it is still feeling the ‘adverse consequences’ of the current economic environment
The owner of Abercrombie and Fitch and Hollister in the UK has seen pre-tax profits triple in its full-year results, as profits rose to £9.8m, up from £3.2m the prior year. According to recent filings on Companies House, owner AFH Stores UK also reported that revenues hit £213m in the year ended 3 February 2024, up from £171m in FY23.
Over the period, the company saw store sales increase from £87.5m to £101.4m across Abercrombie and Fitch and Hollister, while online sales rose from £79.6m to £100.6m.
The number of employees also increased over the year, rising from 1,896 to 1,991.
Despite its strong performance, the company warned that it is still feeling the “adverse consequences” of the current economic environment, and will continue to assess these impacts on its operations going forward.
AFH Stores UK said: “The company performed well through fiscal 2023, finishing with a year-over-year net sales growth, which exceeded business expectations. This was achievable by staying close to our customers, tightly controlling inventories and continuing to operate with financial discipline.
“Nevertheless, the company has experienced various adverse impacts in the current economic environment, including supply chain disruptions, inflationary pressures and the geopolitical landscape which continue to negatively impact our business.”
It added: “While freight and raw materials costs waned towards the end of fiscal 2023, the adverse consequences of the current economic environment continue to impact the company and may persist for some time.
“The company will continue to assess impacts on its operations and financial condition and will respond as it deems appropriate.”
