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Abercrombie: Strong 4q, Grows Globally

(Filed Under Financial and General Interest News). Abercrombie & Fitch Co. plans to extend its international reach following record-breaking sales growth during the fiscal year and fourth quarter of 2010 ended January 29, 2011, the teen retailer reported Wednesday.

The company expects to open international Abercrombie & Fitch flagship stores in Paris, Madrid, Dusseldorf, Brussels, Dublin and Singapore during 2011. The Dusseldorf location will also include an Abercrombie kids store. Also planned are between 30 and 40 international mall-based Hollister stores, primarily later in the year.

During the fourth quarter, net sales increased 23 percent to $1.149 billion, driven primarily by an international net sales jump of 61 percent, which included the direct-to-consumer category. Domestic net sales, also including direct-to-consumer, increased 16 percent. On the whole, direct-to-consumer sales increased 43 percent to $133.4 million.

Comparable store sales posted the more moderate growth of 13 percent, with Abercrombie & Fitch and Hollister both up 13 percent, and Abercrombie Kids up 9 percent.

“We are very pleased with our fourth quarter results. We finished the year with strong domestic sales growth and continued to see very strong results in Europe,” Mike Jeffries, C.E.O and chairman of the board for Abercrombie & Fitch Co., said in a statement. “2010 was a year in which we exceeded our objectives in terms of sales, operating income and earnings per share. We did this while continuing to invest for the future and to build our organization to capitalize on the huge opportunities we see ahead. There are challenges ahead, but we feel very confident in the momentum of our business and the global power of our iconic brands.”

During fiscal 2010, net sales increased 18 percent, to $3.47 billion from $2.93 billion during the previous year. Comparable store sales were up 7 percent, and direct-to-consumer sales increased 41 percent.

Over the year, Abercrombie & Fitch opened 24 stores internationally and 12 domestically, and closed 64. Domestically, the company ended the quarter with 1,017 stores, including 340 Abercrombie & Fitch locations, 201 Abercrombies, 510 Hollisters and 17 Gilly Hicks. Internationally, the company ended the quarter with 52 stores.

more Financial and General Interest News >>

Published 02-17-2011 by Amanda Torres Price

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Abercrombie: Strong 4q, Grows Globally

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