Abercrombie & Fitch Reports December Sales Results
January 07 2010 - 8:00AM
PR Newswire (US)
NEW ALBANY, Ohio, Jan. 7 /PRNewswire-FirstCall/ -- Abercrombie
& Fitch (NYSE:ANF) today reported net sales of $482.5 million
for the five-week period ended January 2, 2010, an 11% decrease
from net sales of $539.2 million for the five-week period ended
January 3, 2009. December comparable store sales decreased 19%.
Total Company direct-to-consumer net merchandise sales decreased 4%
to $44.0 million. Year-to-date, the Company reported a net sales
decrease of 18% to $2.754 billion from $3.349 billion last year.
Comparable store sales decreased 25% for the year-to-date period.
Year-to-date, total Company direct-to-consumer net merchandise
sales decreased 6% to $230.1 million. During fiscal November and
December, the Company conducted special events in most of its North
American stores and direct-to-consumer channels in which
complimentary gift cards, redeemable on or before January 30, 2010,
were issued to customers who made purchases above defined amounts.
The value of these gift cards issued but not redeemed has been
deducted from reported sales for the applicable month. The
cumulative face value of gift cards issued in connection with these
special events, but not yet redeemed as of the end of fiscal
December, was approximately $22 million. Additional information
regarding sales for fiscal December can be found in a pre-recorded
message accessible by dialing (800) 395-0662, or, internationally,
by dialing (402) 220-1262. December 2009 Developments -- Total
Company net sales decreased 11% -- Total Company comparable store
sales decreased 19% -- Total Company direct-to-consumer net
merchandise sales decreased 4% -- Abercrombie & Fitch
comparable store sales decreased 13% -- abercrombie comparable
store sales decreased 15% -- Hollister Co. comparable store sales
decreased 25% -- RUEHL comparable store sales decreased 1% Other
Developments Based on its initial analysis, the Company expects
that its fiscal year-end review of long-lived, store related assets
will result in a non-cash impairment charge in the fourth quarter.
The Company will report January sales results on Thursday, February
4, 2010 and fourth quarter earnings on Tuesday, February 16, 2010.
At month end, the Company operated 347 Abercrombie & Fitch
stores, 208 abercrombie stores, 508 Hollister Co. stores, 22 RUEHL
stores and 16 Gilly Hicks stores in the United States.
Internationally, the Company operated six Abercrombie & Fitch
stores, four abercrombie stores and 18 Hollister Co. stores. The
Company also operates e-commerce websites at
http://www.abercrombie.com/, http://www.abercrombiekids.com/,
http://www.hollisterco.com/, http://www.ruehl.com/ and
http://www.gillyhicks.com/. 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 January 31, 2009, in some cases have affected and in the
future could affect the Company's financial performance and could
cause actual results for the 2009 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: current financial crisis and general
economic conditions; 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; estimates of expenses which
the Company may incur in connection with the closure of the Ruehl
stores and related direct-to-consumer operations; and the outcome
of pending litigation or other adversarial proceedings. 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: Eric Cerny, Manager,
Investor Relations, +1-614-283-6385 Web Site:
http://www.abercrombie.com/
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