Abercrombie & Fitch Q1 net sales up 13%, comp store sales drop 4%
24 May '07
3 min read
Abercrombie & Fitch Co. reported unaudited results which reflected record first quarter net income of $60.1 million and net income per diluted share of $0.65 for the thirteen weeks ended May 5, 2007, a 7% increase over net income of $56.2 million and a 5% increase over $0.62 per diluted share for the thirteen weeks ended April 29, 2006.
First Quarter Developments: • Total Company net sales increased 13% to $742.4 million; comparable store sales decreased 4% • Total direct-to-consumer net sales increased 43% to $43.5 million • Abercrombie & Fitch net sales increased 7% to $333.3 million; Abercrombie & Fitch comparable store sales decreased 4% • abercrombie net sales increased 12% to $89.1 million; abercrombie comparable store sales decreased 2% • Hollister Co. net sales increased 19% to $309.7 million; Hollister comparable store sales decreased 5% • RUEHL net sales increased 84% to $10.2 million; RUEHL comparable store sales decreased 3% • Net income for the first quarter increased 7% to $60.1 million from $56.2 million in Fiscal 2006 • Net income per diluted share in the first quarter increased 5% to $0.65 from $0.62 in Fiscal 2006 • Abercrombie & Fitch Co. repurchased 1.0 million shares of its Class A Common Stock • The Company opened its first European location, an Abercrombie & Fitch flagship at 7 Burlington Gardens, London
Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co, said:
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