U.S. Markets open in 4 hrs 26 mins

Abercrombie & Fitch will do $1 billion in online sales in 2018: CEO

Brian Sozzi

The fashion focused youth of America shopping on large screen iPhones is sure having a profound impact on Abercrombie & Fitch.

Abercrombie & Fitch CEO Fran Horowitz tells Yahoo Finance the retailer will do $1 billion in online sales this year. Online sales rose 16% to $243 million in the quarter. Year to date Abercrombie & Fitch has hauled in $675 million from its online business.

That digital milestone appears to have been put into reach by Abercrombie & Fitch getting off to a strong start to the holiday shopping season.

“We do see a healthy consumer environment out there,” Horowitz says. “We did have a record performance from Black Friday through Cyber Monday.”

The company said Thursday that third quarter earnings came in at 33 cents a share, beating analyst forecasts of 21 cents a share. Same-store sales rose 3% versus Wall Street forecasts for 1.7% growth. The Abercrombie & Fitch and Hollister had 1% and 4% respective same-store sales gains for the third quarter.

Shares popped 20% on the session.

Abercrombie isn’t the only bricks-and-mortar retailer enjoying strong digital sales this holiday season. Macy’s CEO Jeff Gennette told Yahoo Finance that Macy’s is on track to reach $1 billion in mobile sales alone this year.

A record $7.9 billion was spent on Cyber Monday, up 19.3% from the prior year. Sales from smartphones exploded 55.6% from last Cyber Monday to $2.2 billion.


Brian Sozzi is an editor-at-large at Yahoo Finance. Follow him on Twitter @BrianSozzi

Read Yahoo Finance’s Exclusives:

Macy’s CEO: Mobile shopping is surging

Procter & Gamble CEO: We aren’t splitting up the company

Coca-Cola CEO: Why we aren’t getting into the alcohol business

Hershey CEO: We are having a game-changing year

Panera Bread CEO: Here’s how you will order your food in the future

PepsiCo CFO: There are no plans to break up the company

Former Cisco CEO John Chambers on tech’s biggest problem

Burger King’s CEO shrugs off Wall Street’s worries

Roku Founder: The golden age of TV is just beginning

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.