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Abercrombie & Fitch CEO pleased with Q3 performance
23
Nov '10
Abercrombie & Fitch Co reported unaudited results which reflected net income of $50.0 million and net income per diluted share of $0.56 for the thirteen weeks ended October 30, 2010, compared to a net income of $38.8 million and net income per diluted share of $0.44 for the thirteen weeks ended October 31, 2009.

Net income for the thirteen weeks ended October 31, 2009 included a benefit of $0.21 per basic and diluted share associated with the true up of the year-to-date tax rate and a net loss per basic and diluted share of $0.12 from discontinued operations.

Third Quarter Sales Highlights

• Total Company net sales, including direct-to-consumer net sales, increased 18% to $885.8 million
• Total Company domestic net sales, including direct-to-consumer net sales, increased 8% to $721.7 million
• Total Company international net sales, including direct-to-consumer net sales, increased 87% to $164.1 million
• Comparable store sales increased 7%
• Total Company direct-to-consumer net merchandise sales increased 32% to $81.4 million
• Abercrombie & Fitch net sales of $384.0 million; Abercrombie & Fitch comparable store sales increased 8%
• abercrombie kids net sales of $99.9 million; abercrombie kids comparable store sales increased 2%
• Hollister Co. net sales of $392.5 million; Hollister Co. comparable store sales increased 7%

Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said:

"We are pleased with our performance against our objectives for the quarter, and remain very excited about the opportunities ahead of us across all areas of our business. Our domestic business has continued to improve, our international results are outstanding, and our direct to consumer business is posting very strong growth."

The Company continues to expect to open approximately 20 international mall-based Hollister stores in Fiscal 2010, 11 of which will be opened in the fourth quarter. Since the beginning of the fourth quarter, the Company has opened Abercrombie & Fitch flagships in Fukuoka, Japan and Copenhagen, Denmark and will also open its first international Gilly Hicks store in the United Kingdom during the quarter.

The Company also expects to open its first Abercrombie & Fitch store in Puerto Rico, a Hollister Epic store on 5th Avenue in New York and one domestic Gilly Hicks store during the fourth quarter.

The Company now expects total capital expenditures to be approximately $190 million, including approximately $140 million related to new stores, store refreshes and remodels, and approximately $50 million related to information technology, distribution center and other home office projects.

The Board of Directors declared a quarterly cash dividend of $0.175 per share on the Class A Common Stock of Abercrombie & Fitch Co. payable on December 14, 2010 to shareholders.

Abercrombie & Fitch Co

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