The holiday season proved to be positive for renowned apparel retailers Abercrombie and Fitch (ANF) -), American Eagle Outfitters (AEO) -) and Lululemon (LULU) -).
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According to a recent report by CNBC, the mall staples have all raised their fiscal fourth quarter 2023 outlooks, saying that they brought in customers during the holiday season months of November and December.
American Eagle said in a statement that as of Dec. 30, its quarter-to-date revenue is up by about 8%, as its flagship brand and Aerie loungewear brand experiences an increase in sales during the period.
The retailer known for its jeans expects its fiscal fourth quarter to be up in the low double digits, with operating profit to be well above its previously predicted $105 million to $115 million, which it expects to be about $130 million.
Abercrombie CEO Fran Horowitz said in a statement that growth is to be expected in various parts of the company as it expects its net sales and operating margin to come out higher than previously expected.
Horowitz noted that A&F's women's business is expected to hit its highest-ever fourth quarter sales, while its mens department and younger Holister brand sets itself to be more profitable and deliver year-over-year growth.
Yoga-focused athleisure brand Lululemon is also forecasting higher numbers, as it expects its fourth quarter net revenue to reach between $3.17 billion to $3.19 billion, as opposed to the $3.135 billion to $3.17 billion it previously targeted.
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Earnings season for retail will start in the middle of February, with Abercrombie, American Eagle and Lululemon expected to present the full picture of its results in March.
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