Abercrombie & Fitch Implements New Diversity Initiatives
November 16 2004 - 12:09PM
PR Newswire (US)
Abercrombie & Fitch Implements New Diversity Initiatives NEW
ALBANY, Ohio, Nov. 16 /PRNewswire-FirstCall/ -- Abercrombie &
Fitch (NYSE:ANF) announced today that it is implementing a series
of programs and initiatives that are designed to achieve greater
diversity throughout its stores. As announced on November 9, 2004,
the initiatives were agreed to as part of a consent decree,
resolving all matters relating to three consolidated diversity
lawsuits. Judge Susan Illston of the U.S. District Court for the
Northern District of California signed the preliminary approval
order today. In the agreed decree, Abercrombie & Fitch denies
that it engaged in any discriminatory practices. "We have, and
always have had, no tolerance for discrimination. We decided to
settle this suit because we felt that a long, drawn out dispute
would have been harmful to the company and distracting to
management. We can now focus on achieving even greater
representation of diversity among our associates and management.
This will make us a stronger company and make a significant
contribution to our future success. We have already started to
implement many of these new policies under the leadership of Bob
Singer, our President and Chief Operating Officer," stated Mike
Jeffries, Chairman and Chief Executive Officer. Some of the
principal components of the programmatic portion of the settlement
include: * The creation of an Office of Diversity, headed by a Vice
President of Diversity - This office has already been created and
filled with Todd Corley, who has over ten years of progressive
experience in diversity/ leadership, change management, and
diversity consulting. Mr. Corley reports directly to Mr. Singer. *
Additional EEOC, diversity and inclusion training programs - This
includes training for Managers-in-Training, Assistant Managers,
Store Managers, General Managers and other employees and managers
in a range of functions, as well as separate comprehensive training
for human resource associates relating to compliance with the
consent decree and fair employment laws. * Internal Complaint
Procedures - Abercrombie & Fitch has had in place, and is in
the process of modifying, an internal complaint procedure, which
provides for the filing, investigation and, if appropriate,
remedying of complaints of discrimination. * Enhanced compliance
and oversight processes - This will include revising its manager
performance evaluation forms to include diversity- related
indicators and increasing its reporting, record keeping and
compliance meetings. * The retention of an expert consultant to
help Abercrombie & Fitch develop and implement a Recruitment
and Hiring Protocol * Benchmarks for achieving a diverse workforce
- Abercrombie & Fitch has agreed to use its best efforts to
increase its current numbers of minority employees in hourly sales
and store management positions. Among other things, the company
will hire recruiters charged with recruiting minority applicants,
will use a diversity consultant for training, and will attend
minority job fairs and recruiting events. Robert Singer, President
and Chief Operating Officer added, "Diversity and inclusion are
core values for Abercrombie & Fitch. We will continue to
demonstrate our commitment to diversity by implementing the
elements of the consent decree. I will work very closely with Todd
Corley, Vice President of Diversity, to ensure we reach our
objective to be a best-in-class diverse and inclusive
organization." 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, A&F's Form 10-K 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 "RISK FACTORS" in "ITEM 1. BUSINESS" of A&F's Annual
Report on Form 10-K for the fiscal year ended January 31, 2004, in
some cases have affected and in the future could affect the
Company's financial performance and could cause actual results for
the 2004 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; and 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: Thomas D. Lennox,
Director, Investor Relations and Corporate Communications of
Abercrombie & Fitch, +1-614-283-6751 Web site:
http://www.abercrombie.com/ http://www.abercrombiekids.com/
Copyright
Abercrombie and Fitch (NYSE:ANF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Abercrombie and Fitch (NYSE:ANF)
Historical Stock Chart
From Jul 2023 to Jul 2024