Abercrombie & Fitch Reports September Sales Results
October 09 2008 - 8:00AM
PR Newswire (US)
NEW ALBANY, Ohio, Oct. 9 /PRNewswire-FirstCall/ -- Abercrombie
& Fitch (NYSE:ANF) today 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.
September 2008 Developments -- Total Company net sales decreased 7%
-- Total Company direct-to-consumer net sales decreased 5% -- Total
Company comparable store sales decreased 14% -- Abercrombie &
Fitch comparable store sales decreased 7% -- abercrombie comparable
store sales decreased 20% -- Hollister Co. comparable store sales
decreased 20% -- RUEHL comparable store sales decreased 24% 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.
The Company operates e-commerce websites at
http://www.abercrombie.com/, http://www.abercrombiekids.com/, and
http://www.hollisterco.com/ and http://www.ruehl.com/. To hear the
Abercrombie & Fitch pre-recorded September sales message,
please dial (800) 395-0662, or internationally, dial (402)
220-1262. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 A&F cautions that any
forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995) contained in this Press
Release or made by management of A&F involve risks and
uncertainties and are subject to change based on various important
factors, many of which may be beyond the Company's control. Words
such as "estimate," "project," "plan," "believe," "expect,"
"anticipate," "intend," and similar expressions may identify
forward-looking statements. The following factors, in addition to
those included in the disclosure under the heading "FORWARD-LOOKING
STATEMENTS AND RISK FACTORS" in "ITEM 1A. RISK FACTORS" of
A&F's Annual Report on Form 10-K for the fiscal year ended
February 2, 2008, in some cases have affected and in the future
could affect the Company's financial performance and could cause
actual results for the 2008 fiscal year and beyond to differ
materially from those expressed or implied in any of the
forward-looking statements included in this Press Release or
otherwise made by management: changes in consumer spending patterns
and consumer preferences; the effects of political and economic
events and conditions domestically and in foreign jurisdictions in
which the Company operates, including, but not limited to, acts of
terrorism or war; the impact of competition and pricing; changes in
weather patterns; postal rate increases and changes; paper and
printing costs; market price of key raw materials; ability to
source product from its global supplier base; political stability;
currency and exchange risks and changes in existing or potential
duties, tariffs or quotas; availability of suitable store locations
at appropriate terms; ability to develop new merchandise; ability
to hire, train and retain associates; and the outcome of pending
litigation. Future economic and industry trends that could
potentially impact revenue and profitability are difficult to
predict. Therefore, there can be no assurance that the
forward-looking statements included in this Press Release will
prove to be accurate. In light of the significant uncertainties in
the forward- looking statements included herein, the inclusion of
such information should not be regarded as a representation by the
Company, or any other person, that the objectives of the Company
will be achieved. The forward-looking statements herein are based
on information presently available to the management of the
Company. Except as may be required by applicable law, the Company
assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future changes
make it clear that any projected results expressed or implied
therein will not be realized. DATASOURCE: Abercrombie & Fitch
CONTACT: Investors, Eric Cerny of Abercrombie & Fitch, Manager,
Investor Relations, +1-614-283-6385 Web site:
http://www.abercrombie.com/ http://www.abercrombiekids.com/
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