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Abercrombie & Fitch sales up 16pc, but comparables flat in Q4
02.02.2012
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Abercrombie & Fitch,
US,
Abercrombie & Fitch sales up 16pc, but comparables flat in Q4
In a business update issued today, American fashion retailer Abercrombie & Fitch has reported net sales of US$1.329bn in its fourth quarter, up 16pc from US$1.149bn in the same period a year ago.
The company said, however, that comparable store sales for the quarter, which ended 28 January 2012, were flat to last year and below expectations, primarily due to lower than expected sales in US stores.
Total US sales, including direct-to-consumer sales, increased 4pc to US$962.2m. By comparison, international sales, including direct-to-consumer sales, were up by 62pc to US$366.6m. Total company direct-to-consumer sales, including shipping and handling, increased 41pc to US$212.3m.
"Our sales for the quarter were below expectations in a highly promotional environment, and our results were further affected by all-time high cotton costs,” said Mike Jeffries, CEO and chairman of the Abercrombie & Fitch board. “We remain cautious on near-term sales trends; however, we are confident that we are on track with our assortment and our long-term strategy, and hope to see improvement as 2012 progresses."
The company said it expects to report non-GAAP earnings per share for the quarter of approximately US$1.10 to US$ when its fourth-quarter earnings are released on 15 February 2012.
Tags:
Abercrombie & Fitch,
US,