Abercrombie & Fitch Co. has reported its third quarter fiscal 2024 results, with record net sales of $1.2 billion, marking a 14% increase from the previous year. The company reported a 16% increase in comparable sales, reflecting broad-based net sales growth across regions and brands. Operating margin expanded by 170 basis points to 14.8%, with operating income increasing by 30% to $179 million.
The company also provided insight into its financial position and liquidity as of November 2, 2024, with cash and equivalents amounting to $683 million, current investments of $56 million, and inventories of $693 million. Abercrombie & Fitch Co. had no long-term gross borrowings, and its liquidity, comprising cash and equivalents and borrowing available under the asset-based revolving credit facility, stood at approximately $1.1 billion.
In terms of cash flow and capital allocation, the company reported net cash provided by operating activities of $403 million, net cash used for investing activities of $187 million, and net cash used for financing activities of $433 million. During the third quarter of 2024, the company repurchased 720,687 shares for approximately $100 million. For the year-to-date period ended November 2, 2024, the company repurchased 924,205 shares for $130 million, with $102 million remaining on the share repurchase authorization established in November 2021.
Looking ahead, Abercrombie & Fitch Co. increased its full-year outlook to net sales growth of 14% to 15% and operating margin around 15%. For the fourth quarter, the company expects net sales in the range of 5% to 7% and operating margin around 16%.
These results reflect the company's continued strong performance and its efforts to achieve sustainable, profitable growth. Following these announcements, the company's shares moved -0.9%, and are now trading at a price of $147.18. For more information, read the company's full 8-K submission here.
