Abercrombie & Fitch (NYSE: ANF) today reported that earnings per share on a fully diluted basis for the fourth quarter ended February 1, 2003 rose 19% to $0.93 versus $0.78 for the comparable period last year. Earnings per share on a fully diluted basis for fiscal 2002 rose 18% to $1.94 versus $1.65 for fiscal 2001.
Net sales for the thirteen weeks ended February 1, 2003 increased 15% to $534.5 million from $466.6 million for the thirteen weeks ended February 2, 2002. Comparable store sales decreased 4% in the quarter.
Net income for the quarter increased 17% to $92.8 million compared to net income of $79.2 million for the fourth quarter of fiscal 2001.
For the year, net sales increased 17% to $1.596 billion from $1.365 billion last year. Comparable store sales for the year decreased 5%. Net income, for the year, increased 16% to $194.9 million from $168.7 million last year.
Mike Jeffries, Chairman and Chief Executive Officer, said, ''I am extremely pleased with our fourth quarter and total year performance. In a very tough environment we achieved record financial results. More importantly, we maintained our focus on improving the quality and long term positioning of our brands. Although we feel very positive about the state of our business, the retail environment remains very uncertain. As a result, we are maintaining a cautious stance in our spring planning. At this point, we remain comfortable with our previously announced EPS guidance of $0.25 per diluted share for the first quarter and $0.34 per diluted share for the second quarter.''
A lifestyle brand, Abercrombie & Fitch operated a total of 597 stores at the end of the fourth quarter, including 164 abercrombie stores and 93 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.
