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Gilly Hicks Parent Posts $31.1 Million Q2 Loss

(Filed Under Financial and General Interest News). Lingerie brand Gilly Hicks received little mention as parent company Abercrombie & Fitch reported a second quarter loss of $31.1 million on sales of $841.1 million, compared to a loss of $3.9 million on sales of $842.4 million in the same period last year.

CEO Fran Horowitz did note during the conference call with analysts that “girls delivered record performance in two must-grow categories, Gilly and swim,” but spent most of her time discussing the overall reorganization of her struggling firm. Abercrombie, which also uses the Hollister brand, sells a variety of apparel for women, men and kids in over 850 stores in North America, Europe, Asia and the Middle East.

The company opened its first Gilly Hicks shop in 2008, and expanded the brand over the next few years. By the end of 2013, however, it said it would soon be closing all its Gilly Hicks shops, which at the time numbered 28. The label lingered in the company’s Hollister stores until 2015 before disappearing entirely. Then on January 27 of 2017 the company again reversed itself and announced it had “relaunched” the brand “in all Hollister stores across the United States and online at” And this year it opened a total of six pop up Gilly Hicks shops.

Horowitz summarized the three months ended August 3, 2019 thusly: “we navigated an escalating promotional environment to deliver on our outlook. Our second quarter comps were flat to last year, benefiting from record results in jeans, pants, swim and intimates, offset by softness in female tops. We made positive momentum in the U.S. with a plus 2% comp but that strength could not counter our international comp of down 3%.” — NM

The complete conference call transcript can be found here:

more Financial and General Interest News >>

Published 09-02-2019 by Nick Monjo

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