Abercrombie Reports Another Weak Quarter, but Sees Recovery in 2010

Abercrombie & Fitch (ANF) posted another down quarter, but management vowed the retailer has bottomed out and will begin showing improvement this year, thanks to expansion abroad and more belt-tightening at home.

The parent of Abercrombie & Fitch and Hollister reported earnings of $47.5 million, or 53 cents per share during the quarter, down 30.6% from $64.8 million last year. After factoring out the closing of the Ruehl chain last year, earnings were 91 cents per share, beating analysts' expectations of 87 cents per share, according to Thomson Reuters' consensus estimate. For the full year 2009, the company reported $300 million in net income for the year, and no earnings per share, compared to 2008 earnings of $272.3 million, or $3.05 per share.