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Coel, Cruz, Federer, Lipa and Wintour Are Met Gala Chairs

British singer Dua Lipa attends Variety's 2022 Hitmakers Brunch at City Market Social House in Los Angeles, California, on December 3, 2022. (AFP) 
British singer Dua Lipa attends Variety's 2022 Hitmakers Brunch at City Market Social House in Los Angeles, California, on December 3, 2022. (AFP) 
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Coel, Cruz, Federer, Lipa and Wintour Are Met Gala Chairs

British singer Dua Lipa attends Variety's 2022 Hitmakers Brunch at City Market Social House in Los Angeles, California, on December 3, 2022. (AFP) 
British singer Dua Lipa attends Variety's 2022 Hitmakers Brunch at City Market Social House in Los Angeles, California, on December 3, 2022. (AFP) 

A starry group of celebs from film, TV, sports, music and fashion will be channeling the Lagerfeld Look at this year’s Met Gala on May 1. Michaela Coel, Penélope Cruz, Roger Federer, Dua Lipa and Anna Wintour are the evening’s co-chairs. 

Also announced Wednesday was the dress code: Perhaps not surprisingly, it is “In honor of Karl” – i.e. Lagerfeld, the German-born couturier who worked at Chanel, Fendi and Chloe and died in 2019 at age 85. 

The theme comes from the accompanying exhibit at the Met’s Costume Institute. “Karl Lagerfeld: A Line of Beauty” will gather some 150 of his creations to explore his “stylistic language.” Lagerfeld’s original sketches will also be on display. 

The Met Gala, which takes place the first Monday in May, is a huge money-maker for the Costume Institute at the Metropolitan Museum of Art, providing its main source of funding. It’s also one of the biggest nights in fashion and beyond. 

Presented in the museum’s Tisch Gallery, “Karl Lagerfeld: A Line of Beauty” will be on view from May 5 through July 16, 2023. 

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Fashion

Abercrombie & Fitch Lifts Sales Forecast on Trendy Apparel Demand; Lofty Expectations Hit Shares

A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)
A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)
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Abercrombie & Fitch Lifts Sales Forecast on Trendy Apparel Demand; Lofty Expectations Hit Shares

A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)
A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)

Abercrombie & Fitch raised its annual sales target on Wednesday after reporting better-than-expected quarterly revenue, but shares of the company fell 14% as investors expected a bigger forecast bump from the high-flying retailer.

The stock has surged about 89% so far this year after nearly quadrupling in 2023.

"While the market may have been looking for a stronger guidance lift for the year, given momentum across the business, we see a beat and raise as impressive given a moderating top line outlook in response to a choppy macro environment across many of Abercrombie's specialty retail peers," said Dana Telsey, analyst at Telsey Advisory Group.

Abercrombie has been revamping its merchandise with new styles, featuring dressier apparel and cargo pants while tapping into growing demand for wide-legged jeans, helping it draw in fashion-savvy shoppers.

Retailers ranging from department store chains Macy's to home improvement chain Home Depot struck a cautious note and trimmed their annual sales forecasts, blaming weak discretionary demand. Strong results from Target and Walmart showed shoppers were looking for bargains amid budget constraints.

Sales at the Abercrombie brand jumped 26% in the quarter ended Aug. 3, while its Hollister division reported a 17% rise due to better-than-expected back-to-school selling.

The company now expects net sales to rise between 12% and 13% in fiscal 2024, compared with its prior forecast of around 10% growth.

Abercrombie CEO Fran Horowitz said the forecast raise came despite "an increasingly uncertain environment".

The company saw benefits from lower promotions and lower cotton costs, which helped it improve its gross profit rate by 240 basis points to 64.9%. However, it expects pressure from freight costs in the back half of the year.

In the second quarter, it reported profit of $2.50 per share, beating an estimate of $2.22, according to LSEG data.

Net sales rose 21% to $1.13 billion in the second quarter, compared with analysts' estimate of $1.10 billion.