Abercrombie Income Plummets
Abercrombie and Fitch co. posted net income of $63.9 million, a sharp drop from $117.6 million in the prior year. Click here for more.
The direct marketer and retailer reported net sales of $896.3 million for the quarter ended Nov. 1, an 8% decrease from the same period last year.
The New Albany, OH company posted direct-to-consumer sales of $57.5 million for the quarter, a 6% decrease form approximately $61 in the prior year.
The firm posted net sales of $383.6 million for its Hollister Co. unit during the quarter, a 7% decrease from $410.5 million last year.
Abercrombie reported net sales of $13.5 million for its Ruehl operation, a 7% increase.
The company reported a gross profit rate of 66% for the quarter, a decrease of 20 basis points from last year.
Management attributed this, in part, to an increase in the markdown rate as a result of lower-than-expected sales during the quarter.
