Abercrombie & Fitch Co. (ANF), a specialty retailer of casual apparel, recently reported sales results for the four-week period ended May 2010.
The company’s comparable-store sales for May 2010 tumbled 3%, after suffering a decline of 7% in April 2010. Comparable-store sales declined 28% in May 2009.
Abercrombie, which operates under the brand name of Abercrombie & Fitch, Abercrombie Kids and Hollister, delivered comps of positive 2% in Abercrombie & Fitch, negative 10% in Abercrombie Kids and negative 6% in Hollister.
For the seventeen-week period, comparable-store sales climbed 1 % compared to a decline of 29% in the same period last year.
Keeping up with the increase in sales streak, after 8% year over year growth in April 2010, total sales for May increased 10% to $197.6 million from $179 million in the same month last year. For the seventeen-week period, total sales rose by 13.0% to $885.4 million from $780.7 million in the same period last year.
Abercrombie operated a total of 1,100 stores. The company operated 341 Abercrombie & Fitch stores, 205 Abercrombie Kids stores, 507 Hollister Co. stores and 16 Gilly Hicks stores in the United States. The company also operated six Abercrombie & Fitch stores, four Abercrombie Kids stores and 21 Hollister Co. stores internationally.
During fiscal 2010, Abercrombie expects to open flagship stores in Copenhagen, Denmark and Fukuoka, Japan, and a Hollister Epic store on Fifth Avenue in New York. In addition, the company also expects to open approximately 25 international mall-based Hollister stores and one Abercrombie & Fitch store in Canada.
The Zacks Consensus Estimate on Abercrombie’s earnings for the fiscal year ending January 2011 is currently pegged at $1.81 per share, which decreased 5 cents over the past 30 days. For the current quarter, the average forecast has moved down by 3 cents over the past month as 16 of 31 covering analysts decreased their projections, while 5 moved in the opposite direction.
Read the full analyst report on “ANF”
Zacks Investment Research
