Abercrombie & Fitch is closing 60 stores this year (ANF)

pulse

March 7, 2018 4:06 PM

60 Hollister and Abercrombie & Fitch stores will close this year, the company said Wednesday.

This growth was driven by greater investment in stores, marketing, and omnichannel experiences.
The company confirmed it would be closing up to 60 of its Abercrombie & Fitch and Hollister stores in 2018.

Abercrombie & Fitch is bouncing back by cutting stores.

The teen retailer has struggled in recent years. operating income plummeted

On Wednesday, the company was praised by analysts after it announced positive same-store sales growth in its fourth-quarter results. Same-store sales were up 9% overall at the company, boosted by 11% growth at Hollister and 5% at the Abercrombie brand itself.

However, the company also announced it would be closing up to 60 Abercrombie and Hollister stores in 2o18.

In 2017, it created seven new Abercrombie prototype stores, downsized 16 of its stores, and closed 39.

On a call with investors on Wednesday morning, CFO

"The physical store still serves an important role for a customer journey from a brand experience,"

The company has closed more than 400 stores since 2010, and 60% of its leases are expiring over the next two years,

The company has not yet confirmed which stores would be closing.

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