American casualwear giant Abercrombie & Fitch co has reported a 64% rise in net income to $32m (£19m) for the 13 weeks to July 30 with total sales also rising.
Net sales for the second quarter period increased by 23% to $916.8m (£554.3m).
Total comparable store sales for the quarter increased 9%. Like-for-like store sales increased 5% for Abercrombie & Fitch, 7% for abercrombie kids, and 12% for Hollister. Total sales by brand were $383.4m (£231.9m) for Abercrombie & Fitch, $83.3m (£50.4m) for Abercrombie Kids and $434.2m (£262.7m) for Hollister.
During the 2011 financial year the company anticipates opening five Abercrombie & Fitch flagship locations including the flagship opened in Paris in May. It also plans on opening up to 40 shopping centre based Hollister stores, six of which it opened in the first half the year.
Mike Jeffries, chief executive officer and chairman of the Board of Abercrombie & Fitch Co, said: “We are pleased that our results for the quarter continued to reflect strong momentum, both in the US and Europe, resulting in a 71% increase in operating income for the quarter. Going forward, our focus remains very much on execution against our long-term strategy and roadmap objectives.”
He added: “Costing pressures will be greater in the second half of the year, and macroeconomic uncertainty has increased. However, our strong top-line momentum and overall performance for the past several quarters give us confidence that we are well positioned to navigate through this environment.”
No comments yet