Abercrombie & Fitch posts 5 percent decline in Q4 sales

Abercrombie & Fitch Co. fourth quarter net sales of 1.1 billion dollars were down 5 percent compared to last year, reflecting the adverse impact of Covid-19. Digital net sales increased 34 percent to 639 million dollars. The company said, gross profit rate improved 230 basis points to 60.5 percent, operating income was 116 million dollars and 131 million dollars on a reported and adjusted non-GAAP basis, respectively compared to 122 million dollars and 125 million dollars last year, and net income per diluted share was 1.27 dollars and 1.50 dollars compared to net income per diluted share last year of 1.29 dollars and 1.31 dollars on a reported and adjusted non-GAAP basis, respectively.