Interviews
News Flash
Abercrombie & Fitch Q1 net income up 39%
17 May '06
3 min read
Net sales for the thirteen weeks ended April 29th 2006 increased 20 percent to $657.3 million from $546.8 million for the thirteen weeks ended April 30th 2005. Total company comparable store sales increased 6 percent for the quarter.
The gross profit rate for the quarter was 65.4 percent, up 10 basis points compared to last year. The improvement in gross profit rate was primarily due to a slight improvement in initial markup combined with a slightly lower markdown rate versus last year.
The effect of the adoption of FAS 123 for the first quarter of fiscal 2006 was $6.2 million on a pre-tax basis.
Net income for the quarter increased 39 percent to $56.2 million, or $0.62 per share on a fully-diluted basis, from $40.4 million, or $0.45 per share on a fully-diluted basis, for the first quarter of fiscal 2005.
Based on its first quarter results, the company now expects net income per share on a fully-diluted basis for the first-half of fiscal 2006 to be in the range of $1.28 to $1.33, including a charge of approx. $0.08 attributable to the adoption of FAS 123, an increase from its previously issued guidance for the first-half of fiscal 2006 of $1.23 to $1.28, including the same charge related to the adoption of FAS 123.
For fiscal 2006, the company now expects to increase gross square-footage by approx. 11 percent primarily through the addition of approx. 70 Hollister Co stores, 20 abercrombie stores, ten Abercrombie & Fitch stores and seven RUEHL stores.
The company plans to open its first European location in London in early 2007. It remains on plan to open a flagship Abercrombie & Fitch store located at The Grove in Los Angeles in July 2006.
Abercrombie & Fitch Co operated 348 Abercrombie & Fitch stores, 161 abercrombie stores, 327 Hollister Co stores, and ten RUEHL stores at the end of the first quarter of 2006.
The gross profit rate for the quarter was 65.4 percent, up 10 basis points compared to last year. The improvement in gross profit rate was primarily due to a slight improvement in initial markup combined with a slightly lower markdown rate versus last year.
The effect of the adoption of FAS 123 for the first quarter of fiscal 2006 was $6.2 million on a pre-tax basis.
Net income for the quarter increased 39 percent to $56.2 million, or $0.62 per share on a fully-diluted basis, from $40.4 million, or $0.45 per share on a fully-diluted basis, for the first quarter of fiscal 2005.
Based on its first quarter results, the company now expects net income per share on a fully-diluted basis for the first-half of fiscal 2006 to be in the range of $1.28 to $1.33, including a charge of approx. $0.08 attributable to the adoption of FAS 123, an increase from its previously issued guidance for the first-half of fiscal 2006 of $1.23 to $1.28, including the same charge related to the adoption of FAS 123.
For fiscal 2006, the company now expects to increase gross square-footage by approx. 11 percent primarily through the addition of approx. 70 Hollister Co stores, 20 abercrombie stores, ten Abercrombie & Fitch stores and seven RUEHL stores.
The company plans to open its first European location in London in early 2007. It remains on plan to open a flagship Abercrombie & Fitch store located at The Grove in Los Angeles in July 2006.
Abercrombie & Fitch Co operated 348 Abercrombie & Fitch stores, 161 abercrombie stores, 327 Hollister Co stores, and ten RUEHL stores at the end of the first quarter of 2006.
Abercrombie & Fitch Co
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
