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NEW ALBANY, Ohio, Oct. 1 /PRNewswire/ -- Abercrombie & Fitch (NYSE: ANF) today said that its sales in September have been below the company's expectations, with comparable store sales declining in the mid teens. Given these results, the Company now expects that third quarter earnings per share will be approximately flat to last year's $0.43 per share.
Mike Jeffries, Chairman and Chief Executive Officer, said, "The current retail environment is obviously very tough and with the outlook for the balance of the year quite uncertain, it is prudent that we take a conservative stance. Although I believe we will have a strong merchandise assortment for holiday, at this point it is very difficult to predict the level of consumer confidence and how that might impact the fourth quarter. We continue to be extremely cautious in our inventory and expense planning, but if current sales trends continue through Christmas it will be very difficult to match last year's level of earnings for the fourth quarter. As always, our strategy is to protect and build our brands for the future while maintaining our strong commitment to the bottom line."
A lifestyle brand, Abercrombie & Fitch operated a total of 413 stores at the end of fiscal August, including 116 abercrombie stores and 14 Hollister Co. stores. The Company also operates an adult e-commerce website at www.abercrombie.com , a kids' e-commerce website at www.abercrombiekids.com and publishes the A&F Quarterly.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Release, the Company's Form 10-K or made by management of the Company involve risks and uncertainties, and are subject to change based on various important factors. The following factors, among others, in some cases have affected and in the future could affect the Company's financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: change in consumer spending patterns, consumer preferences and overall economic conditions, the impact of competition and pricing, changes in weather patterns, political stability, currency and exchange risks and changes in existing or potential duties, tariffs or quotas, postal rate increases and charges, paper and printing costs, availability of suitable store locations at appropriate terms, ability to develop new merchandise and ability to hire and train associates.
SOURCE Abercrombie & Fitch
CONTACT: Tom Lennox, Manager of Investor Relations and Corporate Communications of Abercrombie & Fitch, +1-614-283-6751/