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Abercrombie & Fitch net income drops 31%

Abercrombie & Fitch Co has recorded a 31% drop in net income to $47.5m (£30.1m) over the 13 weeks to January 30 while total sales fell 5% to $936m (£594m).

Over the thirteen week, fourth quarter period, total international sales increased 86% to $142.9m (£90.6m), while total same store sales fell 13%.

Same store sales at the Abercrombie & Fitch fascia fell 8% over the period, while net sales were $398m (£253m). Same stores sales at the Hollister & Co fascia plummeted 19%, while net sales were $417.1m (£264.6m).

The company also reported net income of $300,000 (£190,349) for the fifty two week period to January 30 against a net income of $272.3m (£172.7m) the year before.

Abercrombie & Fitch which is based in New Albany, Ohio, has been hit with falling sales as shoppers have cut back during the recession.

Abercrombie & Fitch Co chief executive and chairman Mike Jeffries said: “Having managed through a very difficult retail environment in 2009 with a long term mindset of protecting our brands, we look forward to 2010 as we intend to grow the business internationally and improve the profitability of the domestic business.”

In 2010 the company is to open Abercrombie & Fitch flagship stores in Copenhagen in Denmark and in Fukuoka in Japan.




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