Samir (CSE:SAM) Desai, Executive Vice President and Chief Digital & Technology Officer at Abercrombie & Fitch Co. (NYSE:ANF), has sold shares worth $880,070. The transaction, reported in a recent SEC filing, involved the sale of 5,926 shares of Class A Common Stock at an average price of $148.51 per share. Following the sale, Desai retains ownership of 22,059 shares in the company. This transaction reflects the latest in a series of insider activities at the retail company, which specializes in family clothing stores and maintains strong financial health with a "GREAT" rating according to InvestingPro metrics. The platform reveals 12 additional valuable insights about ANF's performance and potential, available to subscribers.
In other recent news, Abercrombie & Fitch Co. reported record Q3 net sales of $1.2 billion, a 14% increase from the same period last year. The robust performance was evenly distributed across different regions and brands, with Abercrombie and Hollister brands contributing significantly. The operating income surged by 30% to reach $179 million, and the full-year sales growth forecast has been revised upwards to between 14% and 15%.
This is part of a series of recent developments for Abercrombie & Fitch. The company's gross profit rate reached 65.1%, the highest for a third quarter since 2010. The operating margin for the full year is projected to be around 15%. Both Abercrombie and Hollister brands experienced balanced growth, with Abercrombie growing by 15% and Hollister by 14%.
In addition, the company is planning to open approximately 40 new Abercrombie stores and 20 new Hollister stores. The company's CEO, Fran Horowitz, emphasized their commitment to sustainable profitable growth and expectations for this trend to continue into the future. The COO, Scott Lipesky, noted the significant improvement in the store base, with a better presence in optimal locations and malls.
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