National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Abercrombie Scales Back Plans for Closures
Following a strong third quarter that ended Nov. 3, Abercrombie & Fitch has cut back on the number of stores it plans to close. The specialty apparel retailer said it expects to shutter 40 locations by year’s end, down from the originally -planned 60, while also opening a total of 70 during fiscal 2018.
“As expected, we had a solid start to the holiday season, demonstrating the effectiveness of our continued focus on the customer,” said CEO Fran Horowitz. “We are well-positioned to deliver top-line growth, gross profit rate expansion and operating expense leverage for the full year.”
For FY 2018, Abercrombie expects both net and comparable-store sales to be up between 2% and 4%, with gross profits up slightly from FY 2017. That being said, the company expects a low-single-digit decline in net sales during Q4, although same-store sales are expected to increase in the low single digits.
For comments, questions or concerns, please contact Paul Bubny
- ◦Lease
