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Abercrombie & Fitch to close 180 US stores
28
Jun '12
Teen apparel retailer Abercrombie & Fitch Co. is planning to close 180 US outlets over the next few years. The retail chain has already shutdown 135 underperforming stores in the US over the past two years.
 
In the past, Abercrombie & Fitch performed well in the US, but the company has lately shifted its focus to Asia and Europe, where it continues to grow.
 
Speaking at the ninth Annual Deutsche Bank Global Consumer Conference in Paris, Abercrombie & Fitch’s Executive Vice President and Chief Financial Officer, Jonathan Ramsden, said the company will close 180 more outlets in the US during the next few years as a part of its effort to improve financial performance.
 
Mr. Ramsden said the closures will be more of A&F and kids brands, along with a smaller number of Hollister outlets.
 
In 2008 and 2009, Abercrombie & Fitch’s earnings declined due to weakness in the US, which accounted for 90 percent of its sales at that time. The company’s turnover, however, grew in 2010 and 2011 and the firm began expanding in other countries as well as online.
 
Last year, Abercrombie & Fitch generated around 65 percent of its revenue from US outlets and about 21 percent from other countries. However, the margins were lower in the US.
 
As on March 31, 2012, Abercrombie & Fitch operated a total of 1,049 stores, which included 279 A&F stores, 154 Abercrombie kids’ stores, 18 Gilly Hicks stores and 491 Hollister Co. stores in the US. It operated 107 outlets in other countries.
 

Fibre2fashion News Desk - India

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