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Comparable store sales drop at Abercrombie & Fitch
17
Feb '10
Abercrombie & Fitch Co. reported unaudited results which reflected net income of $47.5 million and net income per diluted share of $0.53 for the thirteen weeks ended January 30, 2010, compared to net income of $68.4 million and net income per diluted share of $0.78 for the thirteen weeks ended January 31, 2009.

Excluding a net loss from discontinued operations and non-cash asset impairment charges, the Company reported non-GAAP net income per diluted share of $0.91 for the thirteen weeks ended January 30, 2010, compared to non-GAAP net income per diluted share of $1.06 for the comparable period last year. A reconciliation of net income per diluted share on a GAAP basis to net income per diluted share excluding net loss from discontinued operations and non-cash asset impairment charges, a non-GAAP financial measure, is summarized in a table accompanying the Condensed Consolidated financial statements included with this release.

The Company also reported net income of $0.3 million and net income per diluted share of $0.00 for the fifty-two weeks ended January 30, 2010, compared to net income of $272.3 million and net income per diluted share of $3.05 for the fifty-two weeks ended January 31, 2009.

Excluding a net loss from discontinued operations and non-cash asset impairment charges, the Company reported non-GAAP net income per diluted share of $1.12 for the fifty-two weeks ended January 30, 2010, compared to non-GAAP net income per diluted of $3.51 for the comparable period last year.

The Company completed the closure of its RUEHL branded stores and related direct-to-consumer operations during the fourth quarter. Accordingly, the after-tax operating results for Ruehl are included in discontinued operations for all periods presented in the Company's Condensed Consolidated Statements of Income.

Fourth Quarter Sales Highlights – From Continuing Operations

• Total Company net sales, including direct-to-consumer net sales, decreased 5% to $936.0 million
• Total Company domestic net sales, including direct-to-consumer net sales, decreased 12% to $793.1 million
• Total Company international net sales, including direct-to-consumer net sales, increased 86% to $142.9 million
• Comparable store sales decreased 13%
• Total Company direct-to-consumer net merchandise sales were $93.1 million, flat compared to last year
• Abercrombie & Fitch net sales of $398.0 million; Abercrombie & Fitch comparable store sales decreased 8%
• abercrombie kids net sales of $111.8 million; abercrombie kids comparable store sales decreased 11%
• Hollister Co. net sales of $417.1 million; Hollister Co. comparable store sales decreased 19%

Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said:
"Having managed through a very difficult retail environment in 2009 with a long-term mindset of protecting our brands, we look forward to 2010 as we intend to grow the business internationally and improve the profitability of the domestic business."

Click here for more details.

Abercrombie & Fitch Co


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