Abercrombie & Fitch delivered a fourth quarter earnings report Wednesday that is reminiscent of when the apparel chain was one of the most dominant in the mall. Fourth quarter earnings smashed analyst estimates by 28 cents. Same-store sales at value brand Hollister spiked an unworldly (Amazon (AMZN - Get Report) is supposed to be crushing the mall, no?) 11%. The Abercrombie & Fitch brand continued its turnaround that began in mid-2017, notching a solid 5% same-store sales gain.
Horowitz, who the helm as CEO in Feb. 2017, tells TheStreet Abercrombie is gaining market share from many rivals (ahem, Gap (GPS - Get Report) ). Makes sense. The company's merchandise has skewed toward a little older crowd under Horowitz' direction, offering them fashionable clothes at prices not so easily found in the mall. Interestingly, Horowitz thinks the company is benefiting from tough decisions made in 2016 and 2017 to close stores. With better fashions, people are more apt to browse online and then seek out a store to buy the product.
Online sales are doing well, too.
Horowitz says it has been incredibly "gratifying" to turnaround the legacy retailer. Hat tip to her and the Abercrombie board for not selling the company at a fire-sale price last summer. Sometimes in life ... ya just gotta' believe in the path forward.
Speaking of Turnaround Story...
TheStreet just caught up with new Dine Brands Global (DIN - Get Report) CEO Steve Joyce. Since Joyce was appointed as CEO last summer, the owner of Applebee's and IHop has seen its stock price skyrocket and sales stabilize. Watch below.