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“While our turnaround won’t be accomplished overnight, we believe the changes we are making will reinvigorate our iconic brands and lead to meaningful and lasting improvement“, temporary CEO Arthur Martinez said.
In the first quarter of 2015, Abercrombie & Fitch’s net turnover dropped 14 % to 709.4 million dollars (649.7 million euro), while its like-for-like turnover also dropped 8 % – which was still an improvement on the expected 8.7 % drop.
The company had to take a 23.7 million dollar (21.6 million euro) loss last year, but that has grown to 63.2 million dollars (57.9 million euro) in the first quarter of 2015.
Abercrombie & Fitch had already announced it would no longer create sexy ad campaigns and that it would alter its stores’ design. The company’s brands are losing appeal with its younger audience and is therefore looking for a new approach.
