Abercrombie & Fitch (NYSE: ANF) today reported that earnings per share on a fully diluted basis for the third quarter ended November 2, 2002 rose 12% to $0.48 versus $0.43 for the comparable period last year.
Net sales for the thirteen weeks ended November 2, 2002 increased 18% to $419.3 million from $354.5 million for the thirteen weeks ended November 3, 2001. Comparable store sales decreased 5% in the quarter.
Net income for the quarter increased to $47.7 million compared to net income of $43.9 million for the third quarter of fiscal 2001.
Year-to-date net sales increased 18% to $1.061 billion from $898.3 million last year. Comparable store sales for the year-to-date period decreased 5%. Net income, year-to-date, increased to $102.1 million from $89.5 million last year.
Mike Jeffries, Chairman and Chief Executive Officer, said, “In a tough environment I'm pleased we were able to report double digit gains in sales and EPS for the quarter. Given the uncertain outlook for consumer spending, we will continue to manage the business very cautiously through the holiday season.”
A lifestyle brand, Abercrombie & Fitch operated a total of 560 stores at the end of the third quarter, including 158 abercrombie stores and 76 Hollister Co. stores. The Company also operates an e-commerce website at www.abercrombie.com , a kids' e-commerce website at www.abercrombiekids.com , and publishes the A&F Quarterly.
The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Release, the Company's Form 10-K or made by management of the Company involve risks and uncertainties, and are subject to change based on various important factors. The following factors, among others, in some cases have affected and in the future could affect the Company's financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: change in consumer spending patterns, consumer preferences and overall economic conditions, the impact of competition and pricing, changes in weather patterns, political stability, currency and exchange risks and changes in existing or potential duties, tariffs or quotas, postal rate increases and charges, paper and printing costs, availability of suitable store locations at appropriate terms, ability to develop new merchandise and ability to hire and train associates.