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NEW ALBANY, Ohio, Aug. 8 /PRNewswire/ -- Abercrombie & Fitch (NYSE: ANF) today reported net sales of $126.2 million for the four-week period ended August 3, 2002, an 18% increase over last year's July sales of $107.0 million. July comparable store sales decreased 3%.
Year-to-date, the Company reported a net sales increase of 18% to $641.9 million from $543.8 million last year. Comparable store sales decreased 6% for the year-to-date period.
The Company said that, based on better than expected sales results and its continued emphasis on margin improvement and inventory and expense controls, it now expects to exceed the current First Call EPS estimate of $0.26 for the second quarter.
In addition, the company's Board of Directors has authorized the repurchase of an additional 5,000,000 shares of the company's Class A Common Stock. This action increases the total number of shares authorized for repurchase to 5,850,000 shares. The timing of share purchases will depend upon market conditions.
A lifestyle brand, Abercrombie & Fitch operated a total of 533 stores at the end of fiscal July, including 157 abercrombie stores and 60 Hollister Co. stores. The Company also operates an e-commerce website at http://www.abercrombie.com, a kids' e-commerce website at http://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 2425952.
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: Thomas D. Lennox, Senior Manager, Investor Relations and Corporate Communications of Abercrombie & Fitch, +1-614-283-6751/
/Web site: http://www.abercrombie.com