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A&F net sales decline in September
10 Oct '08
2 min read
Abercrombie & Fitch reported net sales of $275.4 million for the five-week period ended October 4, 2008, a 7% decrease from net sales of $297.4 million for the five-week period ended October 6, 2007.
September comparable store sales decreased 14%. Total Company direct-to-consumer net sales decreased 5% to $20.9 million for the five-week period ended October 4, 2008, compared to the five-week period ended October 6, 2007.
Year-to-date, the Company reported a net sales increase of 3% to $2.327 billion from $2.270 billion last year. Comparable store sales decreased 6% for the year-to-date period. Year-to-date, the Company reported that direct-to-consumer net sales increased 20% to $158.2 million.
Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co, said:
"During this time of extraordinary macroeconomic distress, it is important for us to manage the business with a seasoned and disciplined approach that will protect our brands for the long term and better position them for an eventual turnaround in consumer spending.
We will continue our planned investment in international growth opportunities and avoid promotional pricing. The strength of our brands, together with management's control over all aspects of the Company's business, should enable us to emerge from these difficult times stronger than ever."
Absent notable improvement in the macroeconomic environment and a return of consumer confidence, the Company expects the current trend to persist through the fourth quarter.
In that event, net income per diluted share for the third quarter would be in the range of $0.74 to $0.76 and net income per diluted share for the second half of fiscal 2008 would fall appreciably below the Company's most recent guidance.
The Company will report October sales results on Thursday, November 6, 2008 and third quarter earnings on Friday, November 14, 2008. At that time, the Company will update guidance for the second half of fiscal 2008.
The Company operated 351 Abercrombie & Fitch stores, 209 abercrombie stores, 492 Hollister Co stores, 25 RUEHL stores and 10 Gilly Hicks stores in the United States at the end of fiscal September.
The Company operates three Abercrombie & Fitch stores, one abercrombie store, three Hollister Co stores in Canada, and one Abercrombie & Fitch store in London, England.
September comparable store sales decreased 14%. Total Company direct-to-consumer net sales decreased 5% to $20.9 million for the five-week period ended October 4, 2008, compared to the five-week period ended October 6, 2007.
Year-to-date, the Company reported a net sales increase of 3% to $2.327 billion from $2.270 billion last year. Comparable store sales decreased 6% for the year-to-date period. Year-to-date, the Company reported that direct-to-consumer net sales increased 20% to $158.2 million.
Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co, said:
"During this time of extraordinary macroeconomic distress, it is important for us to manage the business with a seasoned and disciplined approach that will protect our brands for the long term and better position them for an eventual turnaround in consumer spending.
We will continue our planned investment in international growth opportunities and avoid promotional pricing. The strength of our brands, together with management's control over all aspects of the Company's business, should enable us to emerge from these difficult times stronger than ever."
Absent notable improvement in the macroeconomic environment and a return of consumer confidence, the Company expects the current trend to persist through the fourth quarter.
In that event, net income per diluted share for the third quarter would be in the range of $0.74 to $0.76 and net income per diluted share for the second half of fiscal 2008 would fall appreciably below the Company's most recent guidance.
The Company will report October sales results on Thursday, November 6, 2008 and third quarter earnings on Friday, November 14, 2008. At that time, the Company will update guidance for the second half of fiscal 2008.
The Company operated 351 Abercrombie & Fitch stores, 209 abercrombie stores, 492 Hollister Co stores, 25 RUEHL stores and 10 Gilly Hicks stores in the United States at the end of fiscal September.
The Company operates three Abercrombie & Fitch stores, one abercrombie store, three Hollister Co stores in Canada, and one Abercrombie & Fitch store in London, England.
Abercrombie & Fitch
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