Abercrombie & Fitch Co. reported unaudited third quarter results which reflected net income of $38.8 million and net income per diluted share of $0.44 for the thirteen weeks ended October 31, 2009, compared to net income of $63.9 million and net income per diluted share of $0.72 for the thirteen weeks ended November 1, 2008. Excluding $6.2 million of after-tax charges associated with the closure of the Ruehl business and an $18.6 million benefit associated with a true up of the year-to-date tax rate, the Company reported non-GAAP net income of $26.3 million and non-GAAP net income per diluted share of $0.30 for the thirteen weeks ended October 31, 2009. A reconciliation of the GAAP to non-GAAP financial measures is summarized in the table accompanying the condensed consolidated financial statements included.
Third Quarter Sales Highlights
• Total Company net sales decreased 15% to $765.4 million; comparable store sales decreased 22% • Total Company direct-to-consumer net sales increased 11% to $63.9 million • Abercrombie & Fitch net sales of $324.3 million; Abercrombie & Fitch comparable store sales decreased 18% • abercrombie kids net sales of $90.8 million; abercrombie kids comparable store sales decreased 22% • Hollister Co. net sales of $333.4 million; Hollister Co. comparable store sales decreased 26% • Ruehl net sales of $11.7 million; Ruehl comparable store sales decreased 30%
Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said:
"During the quarter, we made advances in our international strategy with the opening of a flagship location in Italy as well as additional Hollister mall-based stores in the United Kingdom. The passion and enthusiasm from the international customer that greeted us at these openings encourage us in our long-term strategy of aggressively pursuing international growth for our brands."
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