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NEW ALBANY, Ohio, Aug. 9 /PRNewswire/ -- Abercrombie & Fitch (NYSE: ANF) today reported net sales of $107.0 million for the four-week period ended August 4, 2001, a 26% increase over last year's net sales for July of $84.8 million. Comparable store sales decreased 14% for the four-week period compared with last year's comparable four-week period ending August 5, 2000.
Year-to-date, the Company reported a net sales increase of 25% to $543.8 million from $434.0 million last year. Comparable store sales were down 3% for the year-to-date period.
The Company said that it now expects earnings per share for the second quarter to meet or slightly exceed its previous earnings guidance of $0.22 per diluted share.
Mike Jeffries, Chairman and Chief Executive Officer, said, "Unquestionably, the retail environment remains very difficult. Although we are disappointed with our sales results for July, I am pleased that our tight control of inventory, markdowns and expenses has enabled us to continue to improve our earnings. Based on the weak sales environment, we are being very cautious in our planning and expectations for the balance of the year. At this point we are comfortable with 10% EPS growth for the third and fourth quarters."
A lifestyle brand, Abercrombie & Fitch operated a total of 405 stores at the end of fiscal July, including 112 abercrombie stores and 12 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.
To hear Abercrombie & Fitch's prerecorded July sales message, please dial (800) 642-1687, followed by the conference identification number 135587.
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/