Abercrombie & Fitch Reports January Sales Results
February 04 2010 - 8:00AM
PR Newswire (US)
NEW ALBANY, Ohio, Feb. 4 /PRNewswire-FirstCall/ -- Abercrombie
& Fitch (NYSE:ANF) today reported net sales of $222.8 million
for the four-week period ended January 30, 2010, a 16% increase
from net sales of $191.5 million for the four-week period ended
January 31, 2009. January comparable store sales increased 8%.
Total Company direct-to-consumer net merchandise sales increased 8%
to $28.0 million. As of January 30, 2010, the Company completed the
closure of its Ruehl branded stores and related direct-to-consumer
operations. Reported net sales for the month include $1.4 million
of net sales for Ruehl, as compared to $4.4 million in the prior
year. Ruehl net sales for current and prior periods will be
reclassified into and reported as discontinued operations when the
Company reports its fourth quarter results on February 16, 2010.
For the fourth quarter, the Company reported a net sales decrease
of 5% to $951.0 million from $998.0 million last year. Comparable
store sales decreased 13% for the quarter. Total Company
direct-to-consumer net sales increased 1% to $96.4 million for the
fourth quarter. Reported net sales for the quarter include $14.8
million of net sales for Ruehl, as compared to $17.1 million in the
prior year. For Fiscal 2009, the Company reported a net sales
decrease of 16% to $2.977 billion from $3.540 billion last year.
Comparable store sales decreased 23% for the fiscal year. Total
Company direct-to-consumer net merchandise sales decreased 5% to
$258.1 million for Fiscal 2009. Reported net sales for the year
include $48.2 million of net sales for Ruehl, as compared to $56.2
million in the prior year. During fiscal November and fiscal
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.
At the beginning of the fiscal month, the value of complimentary
gift cards issued but not redeemed was approximately $22 million,
substantially all of which has been recognized in sales in January.
Additional information regarding sales for fiscal January can be
found in a pre-recorded message accessible by dialing (800)
395-0662, or, internationally, by dialing (402) 220-1262. January
2010 Developments -- Total Company net sales increased 16% -- Total
Company comparable store sales increased 8% -- Total Company
direct-to-consumer net merchandise sales increased 8% --
Abercrombie & Fitch comparable store sales increased 12% --
abercrombie kids comparable store sales increased 10% -- Hollister
Co. comparable store sales increased 5% -- Ruehl comparable store
sales decreased 47% Other Developments The Company continues to
anticipate that its fiscal year-end review of long-lived,
store-related assets will result in a non-cash impairment charge in
the fourth quarter. In addition, as stated above, the results of
Ruehl for the current and prior periods will be reclassified into
and reported as discontinued operations when the Company reports
its fourth quarter results on February 16, 2010. The Company will
release its fourth quarter results on Tuesday, February 16, 2010,
prior to the opening of the market and hold a conference call at
8:30 AM Eastern Time. To listen to the conference call, dial (888)
204-4317 and ask for the Abercrombie & Fitch Quarterly Call or
go to http://www.abercrombie.com/. The international call-in number
is (913) 981-5589. This call will be recorded and made available by
dialing the replay number (888) 203-1112 or the international
number (719) 457-0820 followed by the conference ID number 6042496
or through http://www.abercrombie.com/. At the end of Fiscal 2009,
the Company operated a total of 1,096 stores. The Company operated
340 Abercrombie & Fitch stores, 205 abercrombie kids stores,
507 Hollister Co. stores and 16 Gilly Hicks stores in the United
States. The Company also operated six Abercrombie & Fitch
stores, four abercrombie stores and 18 Hollister Co. stores
internationally. The Company also operates e-commerce websites at
http://www.abercrombie.com/, http://www.abercrombiekids.com/,
http://www.hollisterco.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 general and financial
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; availability and market prices 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 of Abercrombie
& Fitch, +1-614-283-6385 Web Site: http://www.abercrombie.com/
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