Abercrombie & Fitch Reports Earnings of $19.5 Million
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.