Click here
for the Latest Fashion news
on FashionUnited.co.uk
Abercrombie & Fitch
is an American clothing retailer. David T. Abercrombie originally established
the company as Abercrombie Co. in 1892. Ezra Fitch, one of his regular customers
left his law practice and bought a major share into the growing company in 1900.
Fitch's surname was incorporated and so the official name was changed to Abercrombie
& Fitch Co in 1904.
Click
here to view the list of the last related news items, published by FashionUnited
in the fashion news archive.
Abercrombie set for Euro expansion
Abercrombie & Fitch Co. on Friday said it plans to expand throughout Europe. The company plans to open stores in Italy, France, Germany, Spain, Denmark and Sweden and also plans to add locations in the U.K.
“We have been evaluating the European markets for some time and it is clear that the demand for the Abercrombie & Fitch brand is very strong," stated Mike Jeffries, CEO, Abercrombie & Fitch Co. "We believe that now is the ideal time for us to execute our international growth strategy with expansion throughout Europe.” Abercrombie opened its first European store in London in March.
www.abercrombie.com
23 July 2007
Abercrombie posts earnings gain
Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said: "Our first quarter financial results reflect the strength of our business strategy and the execution of our plan. Despite difficult selling conditions that impacted most retailers during this period, we enhanced each of our brands while delivering record profit. We continue to grow our business for the long term by opening in new markets and developing new concepts, while achieving our goal of delivering strong short term results as we continue to build for the future."
Net sales for the thirteen weeks ended May 5, 2007 increased 13% to $742.4 million from $657.3 million for the thirteen weeks ended April 29, 2006. Total Company direct-to-consumer net sales increased 43% to $43.5 million for the thirteen week period ended May 5, 2007, compared to the thirteen week period ended April 29, 2006. Total Company comparable store sales decreased 4% for the thirteen weeks ended May 5, 2007, compared to the thirteen weeks ended May 6, 2006.
The gross profit rate for the quarter was 65.6%, up 20 basis points compared to last year. The improvement in gross profit rate was due to an improvement in initial markup partially offset by a slightly higher markdown rate versus last year.
The Company reaffirmed its previously disclosed earnings guidance which stated it expects net income per diluted share for the first-half of Fiscal 2007 to be in the range of $1.47 to $1.52, representing between 10% to 13% earnings growth over the first half of Fiscal 2006.
On March 22, 2007, the Company opened its first European location, an Abercrombie & Fitch flagship at 7 Burlington Gardens, London. The London flagship is off to an excellent start exceeding the Company's initial productivity and profit expectations.
www.abercrombie.com
24 May 2007
A&F planning UK expansion
American retailer Abercrombie & Fitch is plotting a major expansion in the UK. Mike Jeffries, the retailer's chief executive, said last week that the company is "aggressively pursuing" real estate in Europe and Japan to open outlets for its existing Abercrombie & Fitch business and its fledgling Hollister teenage brand.
Abercrombie & Fitch's London store is expected to have similar sales densities to the retailer's United States flagship store on New York's 5th Avenue. That shop has become something of a phenomenon in Manhattan, with its bare-chested male models, loud music and low lighting. The London store is likely to give staid retailers in nearby Savile Row a shock.” We get asked by big malls to turn our music down the whole time. We do and then we turn it back up an hour later," Jeffries said at a recent conference in London.
www.abercrombie.com
26 February 2007
Abercrombie & Fitch store sales decline
US' favourite collegiate clothing retailer Abercrombie & Fitch (ANF) said Thursday that its comparable store sales for the month of December slid 1%, while net sales registered a growth of 15%. The company reported net sales for the month of $603.6 million, up from $525.9 million posted in the same month of last year. For the month, total Company direct-to- consumer net sales jumped 61% to $38.1 million.
While Abercrombie & Fitch comparable store sales for December decreased 6%, Abercrombie comparable store sales increased 6%. On year-to-date basis, Comparable store sales increased 2%, with net sales rising 18% to $3.066 billion from $2.600 billion last year. On the same basis, total company direct-to-consumer net sales increased 40% to $155.8 million. Abercrombie & Fitch is due to open its UK flagship this Spring in the former Jil Sander premises in Mayfair.
www.abercrombie.com
5 January 2007
Abercrombie posts September results
US fashion retailer Abercrombie & Fitch has reported an increase of 31 percent in net sales to $228.3 million (£129.8 million) for the five week period ended 1 October. Year to year the company reported a net sales increase of 36 percent to $1.634 billion from $1.200 billion last year. Comparable store sales climbed 24 percent for the year.
Total company comparable sales increased 21 percent, while Abercrombie & Fitch comparable sales climbed 15 percent. Meanwhile, Abercrombie comparable store sales soared 58 percent and Hollister Co comparable store sales climbed 19 percent.
The company operates 352 Abercrombie & Fitch stores, 163 Abercrombie stores, 289 Hollister Co. stores and 6 RUEHT stores.
www.abercrombie.com
10 October 2005
Singer quits Abercrombie & Fitch
Chief Operating Officer of Abercrombie & Fitch Co., Robert Singer, has quit the company after only 15 months. He is reported to have had disagreements with CEO Mike Jeffries over the fashion retailer's expansion strategy.
In a statement, Jeffries attributed the rift to “a difference in approach to the timing and extent of our expansion into certain international markets”. He also added that although the company was planning to expand into Canada and the UK , it would approach other overseas markets more cautiously.
Singer joined Abercrombie & Fitch in May of last year from the Gucci Group, where he served as chief financial officer.
www.abercrombie.com
31 August 2005
Abercrombie & Fitch eye Jil Sander
US upmarket casualwear brand Abercrombie & Fitch is coming to the UK , and has let its eye fall on the Burlington Gardens space currently occupied by fashion minimalist Jil Sander. Strategically situated off Bond Street , Oxford Street and Savile Row, the unit is large enough to house the vast collection of its college-inspired fashion lines.
The store will be run by A&F's European subsidiary in Milan , headed by former Gucci executive Francesco Giannaccari. Stores in other UK and European cities are also planned. There are no plans to whosale the brand in Europe as yet, according to Drapers Record.
www.Abercrombie.com
26 July 2005
A&F attracts Gucci bigwigs
US retailer Abercrombie & Fitch has appointed former Gucci Japan president, Toshiaki Tashiro, director of its Japanese arm. Tashiro began his career at Isetan, before establishing Barneys New York Japan in 1989. His most recent position was president of Gucci Japan, which he became in 1997.
However, Tashiro is not the only executive to join Abercrombie & Fitch from the Gucci stable. Robert Singer, A&F's chief operating officer, was previously chief financial officer of the Gucci Group. He will now become chief operating officer of ANF, a wholly owned subsidiary of Abercrombie & Fitch, which was established with an initial investment of 100 million yen (GBP 49.9 million) and registered in Kawasaki City on 18 May.
www.Abercrombie.com
29 June 2005
Abercrombie goes upmarket
What was once a casual college brand, is now aspiring to be the connoisseur of campus clothing. Abercrombie & Fitch, due to come to Europe later this year, is taking its casual roots to a more luxury-inspired brand.
High-end fabrics such as cashmere, merino wool and premium denim are set to be become staple items in its apparel offer as an upmarket label. No longer content with its focus on sweat-shirts and khaki's, the affluent college-goer will find fine-crafted clothes and even a little tailoring amongst next season's selections.
Student loan not included.
11 March 2005
Abercrombie to come to Europe
Abercrombie & Fitch, the US clothing retailer, is planning a major expansion into Europe next year in a move that will pile pressure on UK fashion groups such as Marks & Spencer and Arcadia. The company, which is listed in New York, set up a European subsidiary this month and intends to open its first European store by late 2006 in an unspecified country.
www.Abercrombie.com
21 February 2005
Abercrombie & Fitch Boycott Australian Wool
American retail giant Abercrombie & Fitch has become the first company to pledge not to use wool from Australian sheep in any of its garments until both mulesing and live exports are stopped. Abercrombie & Fitch has set a precedent that we hope other retailers around the world will quickly follow, ending the needless suffering of sheep who are raised for their wool.
After giving the Australian government until October 2004 to stop the worst abuses of sheep in the wool trade PETA has launched an international boycott of Australian wool until the government ends the grossly inhumane practices of mulesing, whereby huge chunks of flesh are carved from the sheep's backsides without any pain relief.
www.Abercrombie.com
27 October 2004
Profits At Abercrombie
Clothing retailer Abercrombie & Fitch's earnings rose 23 per cent in the latest quarter, beating Wall Street's expectations, but the company released a third-quarter earnings target that falls short of analysts' current views.
In the second quarter ended July 31, the New Albany-based retailer earned USD42.9 million, or 44 cents per share, on revenue of USD401.3 million. In the same period last year, it earned USD34.8 million, or 35 cents per share, on revenue of USD355.7 million. Analysts were expecting earnings of 43 cents per share in the latest quarter, according to Thomson First Call.
Sales at stores open more than one year fell five per cent for the quarter, but total sales climbed 13 per cent from a year earlier. In a statement, chairman and chief executive Mike Jeffries said despite the "difficult sales trend," growth in profit margins led to the quarter's gains. Gross margins rose to 45.2 per cent from 40.6 per cent in the 2003 quarter.
The clothing company that caters to teens and young adults believes its third-quarter earnings should be similar to results in the year-earlier period, as long as second-quarter sales trends continue.
www.Abercrombie.com
11 August 2004
Abercrombie & Fitch profit up
Abercrombie & Fitch Co., the leading specialty retailer encompassing three concepts - Abercrombie & Fitch, Abercrombie, and Hollister Co., on Tuesday reported a better-than-expected seventeen percent jump in quarterly net. Still, the company gave a cautious forecast for the coming year, citing an "uncertain" retail environment.
Earnings for the quarter rose to 92.8 million USD, compared with 79.2 million
USD in the same period of the prior year. Sales in the quarter rose fifteen
percent to 534.5 million USD, while same-store sales, or sales at stores open
at least a year, fell four percent.
"Although we feel very positive about the state of our business, the retail
environment remains very uncertain," Chairman and Chief Executive Officer
Mike Jeffries said. "As a result, we are maintaining a cautious stance
in our spring planning." Abercrombie & Fitch is known for its collegiate
image and sexy catalogue. The company operates 597 stores.
www.Abercrombie.com
February 20, 2003
Sales drop for Abercrombie & Fitch
Apparel retailer Abercrombie & Fitch Co. this week said its November same-store sales, fell 13 percent. Ohio-based Abercrombie said net sales in the four weeks ended November 30 rose four percent from a year earlier, to $158.7 million.
Last month the company said that it expected a slightly higher profit in the fourth quarter.
Abercrombie & Fitch is still comfortable with its forecast for earnings of 79 cents a share in the fourth quarter. Abercrombie operated 593 stores at the end of the month, including Abercrombie, Hollister, and Abercrombie & Fitch. The three concepts are geared toward different age groups.
December 6, 2002
www.Abercrombie.com