Abercrombie & Fitch comparable store sales up in Q3
15 Nov '06
2 min read
Abercrombie & Fitch Co reported unaudited results which reflected record third quarter net income of $102.0 million and net income per diluted share of $1.11 for the period ended October 28, 2006.
Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said:
"I am pleased with our accomplishments for the third quarter. We performed well from a financial standpoint while enhancing the long term positioning of our brands. Our track record is strong, and our opportunities going forward are exceptional. We will continue to leverage our expertise, invest in our growth potential and, as a result, we expect to continue to deliver strong returns to our shareholders."
Third Quarter Financial Results Net sales for the thirteen weeks ended October 28, 2006 increased 22 percent to $863.4 million from $704.9 million for the thirteen weeks ended October 29, 2005. Total Company comparable store sales increased 5 percent versus last year.
The gross profit rate for the quarter was 65.8 percent, down 20 basis points compared to last year. The decline in gross profit rate was primarily due to a higher markdown rate versus last year.
Stores and Distribution expense, as a percentage of sales, decreased 20 basis points to 35.7 percent from 35.9 percent. The decrease in rate versus last year resulted primarily from the Company's ability to leverage store payroll expense, partially offset by increased store maintenance expenses associated with store investment projects.
marketing@alchempro.com
