Abercrombie & Fitch Rises as CEO Predicts Global Growth
Abercrombie & Fitch Co., the operator of its namesake and Hollister teen-clothing stores, rose after the U.S. company said international sales growth would boost profit this year.
Net income fell 15 percent to $127.7 million, or $1.43 a share, in the fourth quarter ended Jan. 28, from $150.3 million, or $1.67, a year earlier, the New Albany, Ohio-based company said today in a statement. Abercrombie cut costs, including closing 68 U.S. stores, and plans to invest more in its direct and international business, Chief Executive Officer Michael Jeffries told analysts and investors on a conference call.
“Based on these factors, we predict strong EPS growth in 2012,” Jeffries said. The company reiterated its full year forecast for adjusted profit of $3.50 to $3.75 a share.
Net sales in the fourth quarter rose 16 percent, while while international sales increased 62 percent, the company said. Same-store sales were flat, the company said.
To contact the reporter on this story: Ashley Lutz in New York at email@example.com
To contact the editor responsible for this story: Robin Ajello at firstname.lastname@example.org