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Abercrombie continues facing challenges in Q4
Abercrombie & Fitch’s fourth quarter was affected by the company’s closure of 24 Gilly Hicks stores in the fourth quarter, as well as other asset impairment charges and charges related to its profit improvement initiative.
Although the company’s net income decreased significantly in the quarter — 58% — it did not fall as much as Wall Street expected.
The company’s board also approved a $150 million accelerated share repurchase plan, to be executed during the first quarter.
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Abercrombie & Fitch strengthens supply chain strategy
Abercrombie & Fitch has extended its contract with GT Nexus to expand its cloud supply chain strategy and improve visibility into the movement of orders, payments and goods.
Since 2010, the company has used the GT Nexus platform to support international sourcing and supplier collaboration.
Abercrombie & Fitch operates 1,053 apparel stores in 20 countries across four unique lifestyle brands: Abercrombie & Fitch, Abercrombie Kids, Hollister Co. and Gilly Hicks. The retailer operates distinct e-commerce sites for each of the four brands.