Gregory J. Henchel, Senior Vice President, General Counsel & Secretary at Abercrombie & Fitch Co. (NYSE:ANF), has recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Henchel sold 10,000 shares of Abercrombie & Fitch Class A Common Stock on December 2, 2024, at a price of $150.33 per share. This transaction totaled approximately $1.5 million. Following the sale, Henchel retains ownership of 30,347 shares in the company.
In other recent news, Abercrombie & Fitch Co. showcased a strong third quarter, reporting record net sales of $1.2 billion, a 14% increase year-over-year. The company attributes this growth to balanced contributions from both Abercrombie and Hollister brands in various regions. Operating income also saw a significant rise, reaching $179 million, a 30% surge. The company's gross profit rate reached 65.1%, the highest for a third quarter since 2010.
These recent developments prompted Abercrombie & Fitch to revise its full-year sales outlook upwards, now anticipating a growth of 14-15%. The operating margin for the full year is projected to be around 15%. Despite a strategic increase in inventory levels by 16%, Abercrombie & Fitch continues to invest in enhancing the digital experience for customers and plans to open approximately 60 new stores across its brands.
CEO Fran Horowitz highlighted the company's commitment to sustainable growth and expressed expectations for this trend to continue. COO Scott Lipesky noted the significant improvement in the store base and better presence in optimal locations and malls.
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