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Abercrombie & Fitch profit leaps 14% in Q2

Aug '06
Trendy apparel retailer Abercrombie & Fitch Co reported unaudited results which reflected record second quarter net income of $65.7 million and net income per share on a fully- diluted basis of $0.72 for the period ended July 29th 2006.

Total Company net sales increased 15% to $658.7 million; comparable store sales were flat versus a 30% increase for the second quarter of fiscal 2005.

Abercrombie & Fitch net sales increased 3% to $316.3 million; its comparable store sales decreased by 4% abercrombie net sales increased 14% to $72.7 million; abercrombie comparable store sales increased by 11% Hollister Co net sales increased 32% to $262.9 million; Hollister Co comparable store sales increased by 3% RUEHL net sales increased 139% to $6.9 million; RUEHL comparable store sales increased 24%.

Net income for the second quarter increased 14% to $65.7 million from $57.4 million in fiscal 2005. Net income per share on a fully-diluted basis increased 14% to $0.72 in the second quarter of 2006 from $0.63 in fiscal 2005.

Mike Jeffries, CEO and Chairman of the Board of Abercrombie & Fitch Co, said, "I am very pleased with the record sales and profit that we achieved this quarter. Enhancing the quality of our brands and increasing the bottom line are our top priorities; to generate strong sales, gross margin and earnings reflects the strength of our business."

Net sales for the thirteen weeks ended July 29, 2006 increased 15% to $658.7 million from $571.6 million for the thirteen weeks ended July 30, 2005. Total Company comparable store sales were flat to last year.

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