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Abercrombie & Fitch Q1 net income up 39%

May '06
Trendy apparel retailer Abercrombie & Fitch Co reported unaudited results which reflected record first quarter net income of $56.2 million and net income per share on a fully- diluted basis of $0.62 for the first quarter ended April 29th 2006.

First Quarter Developments:

-- Total company net sales increased 20 percent to $657.3 million; comparable store sales increased by 6 percent

-- Abercrombie & Fitch net sales increased 4 percent to $312.7 million; comparable store sales decreased by 4 percent

-- abercrombie net sales increased 26 percent to $79.5 million; comparable store sales increased by 30 percent

-- Hollister net sales increased 45 percent to $259.5 million; comparable store sales increased by 13 percent

-- Net income for the first quarter increased 39 percent to $56.2 million from $40.4 million in fiscal 2005

-- Net income per share on a fully-diluted basis increased 38 percent to $0.62 in the first quarter of 2006 from $0.45 in fiscal 2005

Mike Jeffries, CEO and Chairman of the Board of Abercrombie & Fitch Co, said: "This was an excellent quarter for our company; we are continuing to achieve strong financial results against the results we posted in 2005. We made progress for the first quarter including increased sales and margin. This improvement, resulting in net income growth of 39%, represents a good start to fiscal 2006. Although our results will continue to be measured against the growth we attained last year, I am confident that our brands are positioned to generate strong financial returns this year."

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