Abercrombie & Fitch Reports Earnings of $19.5 Million

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Clothing company Abercrombie & Fitch Co. (ANF) reported earnings of $19.5 million, or 22 cents per diluted share, compared with a net loss of $26.7 million, or 30 cents per diluted share, a year earlier.

Net sales for the second quarter, including direct-to-consumer net sales, gained 17% to $745.8 million, the company said in a statement. Comparable store sales rose 5%.

"We are pleased with the progress we are making as we pursue our strategy of leveraging the international appeal of our iconic brands to build a highly profitable, sustainable, global business," CEO Mike Jeffries said.

Earnings for the 13 weeks ending July 31, 2010 include a non-cash asset impairment charge of 2 cents per diluted share associated with expected store closures. Earnings from the 13 weeks ending Aug.1, 2009 included a net loss per basic and diluted share of 21 cents from discontinued operations.

The company expects to open a total of about 38 stores in fiscal 2010, and close about 60.
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