Abercrombie & Fitch Co. (NYSE:ANF) saw its shares rise on the release of financial numbers for the fourth quarter and fiscal year ended February 1, 2020.
Fourth-quarter net sales of $1.18 billion increased 3% on both a reported and constant currency basis as compared to last year.
Positive comparable sales were 1% against positive 3% comparable sales last year.
For the full-year net sales were $3.62 billion increased 1% on a reported basis and were up 2% on a constant currency basis as compared to last year.
Operating income was $70.1 million. This amount reflects fiscal 2019 flagship store exit charges of $47 million and changes in foreign currency exchange rates adversely impacted year-over-year results by $19 million. This compares to operating income last year of $127.4 million and $138.6 million on a reported and adjusted non-GAAP basis, respectively.
Operating income of $122.3 million and $124.6 million on a reported and adjusted non-GAAP basis, respectively, and changes in foreign currency exchange rates adversely impacted year-over-year results by $7 million. Operating income last year was $129.7 million on both a reported and an adjusted non-GAAP basis.
CEO Fran Horowitz said, "We finished the year on a strong note, with record Black Friday week results contributing to net sales growth and positive comparable sales for the fourth quarter, and for the third consecutive year.
"Consistent with recent trends, Abercrombie outperformed Hollister and the U.S. outperformed international, which although still lagging registered significant sequential improvement."
ANF shares gained 81 cents, or 6.4%, to $13.50.
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