Mastodon Abercrombie & Fitch net sales down 12 percent
Abercrombie & Fitch net sales down 12 percent
REPORT_ Abercrombie and Fitch Ireland net sales for the third quarter decreased 12 percent. Including direct-to-consumer, total US sales decreased 18 percent. Including direct-to-consumer, total international sales increased 2 percent. Total company direct-to-consumer sales, including shipping and handling, increased 10 percent.
Abercrombie and Fitch total comparable sales for the quarter, including direct-to-consumer sales, decreased 14 percent with comparable US sales decreasing 14 percent and comparable international sales decreasing 15 percent. Total direct-to-consumer comparable sales increased 11 percent for the quarter. At the end of the third quarter, the company operated a total of 1,063 stores.
The gross profit rate for the third quarter was 63 percent, 130 basis points lower than last year’s third quarter gross profit rate. Stores and distribution expense rate was 46.5 percent of net sales compared to 42.5 percent of net sales last year. Expense savings in store payroll, store management and support and other stores and distribution expense were more than offset by the deleveraging effect of negative comparable sales and higher direct-to-consumer expense.
Abercrombie and Fitch Dublin is based in Ohio. Mike Jeffries, Chief Executive Officer and chairman, said: “Our results for the third quarter reflect weakness in top-line performance, which we expect to continue in the fourth quarter. We believe a disciplined approach to execution of our long-term strategic plan will drive meaningful improvements in both the short and long-term. We have iconic brands with global appeal, a clearly defined aesthetic and a reputation for quality, heritage, and timeless fashion.”
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