Abercrombie predicts strong 2019 sales, shares surge
- Abercrombie & Fitch’s shares surged 20 percent after the apparel retailer forecast better-than-expected annual sales on Wednesday, betting on its remodeled stores and the popularity of its Hollister brand to attract more young shoppers.
The company also said it would close 40 unprofitable stores, redesign its outlets to improve lighting and display and offer more on-trend clothing including jeans and sweatshirts to boost demand for its Abercrombie brand. Same-store sales at the Abercrombie brand fell 2 percent in the fourth quarter and the company blamed it on fashion missteps in tops and dresses during the holidays.The company had gotten the silhouette wrong for Abercrombie tops and dresses, which were different from the fitted and oversized styles that shoppers were looking for, said Gabriela Santaniello of retail research firm A line Partners.
Abercrombie is investing in its loyalty program and using social media influencers to promote its new products including its “Fierce” perfume with brand-specific hashtags.
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