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Abercrombie & Fitch 3q Affected by Higher Costs

(Filed Under Financial and General Interest News). Despite a jump in sales, Abercrombie & Fitch Co. reported a 1.8 percent rise in earnings for the third quarter as cost pressures weakened its margins.

Total sales rose 21 percent to $1.08 billion, with same-store sales up 7 percent. U.S. sales grew 14 percent to reach $820.2 million, while international sales surged 56 percent to $255.7 million.

However, the company’s results were affected by costs, mostly related to the rise in price of raw materials that has not yet been reflected in prices at stores. Abercrombie & Fitch reported a profit of $50.9 million, or 57 cents a share, up from $50 million, or 56 cents a share, in the year-ago period. These earnings fell far short of analysts’ predictions of 71 cents a share.

"We remain very confident in our strategy, the underlying strength of our brands and our ability to create long-term shareholder value," stated chairman and C.E.O. Mike Jeffries.

The company currently operates over 1,000 stores in the United States and over 75 stores internationally through apparel chains Abercrombie & Fitch, abercrombie kids and Hollister Co. and the intimate apparel Gilly Hicks brand.

more Financial and General Interest News >>

Published 11-29-2011 by Katherine Rautenberg

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