The business responsible for Abercrombie & Fitch and Hollister in the 海角视频 has seen its profits soar, tripling during its latest financial year as sales surpassed the £200m threshold.
Based in London, the division reported a pre-tax profit of £9.8m for the 12 months leading up to 3 February, 2024, as per the recent accounts filed with Companies House, as reported by .
This impressive profit follows a pre-tax profit of £3.2m recorded in the previous period.
READ MORE: {}
The company's turnover witnessed an upswing from £171.1m to £213.1m over the year.
In-store sales for the Abercrombie & Fitch and Hollister brands climbed from £87.4m to £101.4m, while online sales also experienced growth, rising from £79.5m to £100.6m.
The average number of employees at the firm's 海角视频 operations increased from 1,896 to 1,991 throughout the year.
Despite the positive performance, Abercrombie & Fitch acknowledged challenges due to the 'economic climate'.
A statement from the board read: "The company performed well through fiscal 2023, finishing with a year-over-year net sales growth, which exceed business expectations."
Most Read
It continued: "This was achievable by staying close to our customers, tightly controlling inventories and continuing to operate with financial discipline."
However, the statement also noted: "Nevertheless, the company has experienced various adverse impacts in the current economic environment, including supply chain disruptions, inflationary pressures and the geopolitical landscape which continue to negatively impact our business."
"While freight and raw materials costs waned towards the end of fiscal 2023, the adverse consequences of the current economic environment continue to impact the company and may persist for some time."
"The company will continue to assess impacts on its operations and financial condition and will respond as it deems appropriate."
The announcement follows news that Abercrombie & Fitch's former chief, Mike Jeffries, has entered a not guilty plea to sex trafficking and prostitution charges in New York.
Ex-CEO Mike Jeffries, aged 80, along with his partner Matthew Smith, 61, and another individual, James Jacobson, 71, were taken into custody in the US on Tuesday morning. They face one count of sex trafficking and 15 counts of interstate prostitution.
Jeffries, who led Abercrombie & Fitch from 1992 until 2014, refuted the allegations at the federal courthouse in Central Islip, Long Island, on Friday.
Don’t miss
Jacobson's attorney has indicated that his client will also plead not guilty. A court date for Smith has yet to be scheduled.
Should they be found guilty of the sex trafficking charge, all defendants could potentially receive life sentences, with a compulsory minimum term of 15 years.