Casual clothing and footwear retailer Abercrombie & Fitch (NYSE: ANF) provided a business update for the fourth quarter this afternoon. According to the press release, the company expects the year-over-year drop in net sales to be somewhat less than expected. Abercrombie had originally forecast a 4% to 10% dip in sales compared to Q4 2019, but amended the figure to a 4% to 7% drop in its update.
The better-than-expected results mirror those of other apparel sector retailers, such as the athleisure company lululemon athletica (NASDAQ: LULU). In today’s update, lululemon executives said holiday sales were more vigorous than expected. In particular, they highlighted e-commerce as a bright spot for the enterprise.