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Ohio-based ANF posts higher Q1 profit

16
May '08
Abercrombie & Fitch Co. reported unaudited results which reflected record first quarter net income of $62.1 million and net income per diluted share of $0.69 for the thirteen weeks ended May 3, 2008, a 3% increase over net income of $60.1 million and a 6% increase over net income per diluted share of $0.65 for the thirteen weeks ended May 5, 2007.

First Quarter Highlights:
• Total Company net sales increased 8% to $800.2 million; comparable store sales decreased 3%
• Total direct-to-consumer net sales increased 44% to $62.5 million
• Abercrombie & Fitch net sales increased 7% to $357.7 million; Abercrombie & Fitch comparable store sales increased 3%
• abercrombie net sales increased 8% to $96.2 million; abercrombie comparable store sales decreased 7%
• Hollister Co. net sales increased 7% to $330.2 million; Hollister comparable store sales decreased 8%
• RUEHL net sales increased 27% to $13.0 million; RUEHL comparable store sales decreased 17%
• Net income for the first quarter increased 3% to $62.1 million
• Net income per diluted share in the first quarter increased 6% to $0.69

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

"Our first quarter financial results demonstrate our ability to effectively position our brands. Despite a tough selling environment, we produced bottom-line growth while still remaining true to the aspirational positioning of our brands. We continue to focus on improving the quality of our product and the emotional store experience, which gives us our competitive advantage and is critical to our long-term sustainability."


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