On this crisp #ThrowbackThursday morning, let us all remember the days when we would show up to the first day of school decked out in our best Abercrombie & Fitch jeans, ready to take on the world. Unfortunately, kids these days don't seem to have the same passion for A&F: Sales were still down for the company in the second quarter of the year, which ended August 3.
According to Abercrombie's report, net sales for its U.S. and international businesses were down 9 and 1 percent to $546 and $345 million, respectively. Comparable store sales, meanwhile, dropped 8 percent in the States and 16 percent in foreign markets — that's a slight improvement on previous quarters' domestic results but a sequential dip internationally.
Europe, in particular, has proven to be a challenging market for Abercrombie. Italy is currently performing the worst, while Poland leads the pack in sales. Hollister is currently lagging behind Abercrombie in its recovery — comp sales were down 10 percent, against A&F's 1 percent decrease — which execs attributed to its weak European business.
Still, executives said on the company's earnings call Thursday morning that they are making progress in improving the fashion component of its assortment (i.e. designing stuff that teenagers think is cool again). Logos, once a driver in Abercrombie's appeal, have fallen out of taste with the brand's shoppers, and for spring the company is planning to take its logo business to "practically nothing."
Oh, how the times have changed.