August 15, 2009 |
Abercrombie & Fitch Co. raised eyebrows last Christmas when the teen retailer insisted it would ride out the recession without resorting to widespread price-slashing. Then came months of massive double-digit sales declines and dwindling store traffic as shoppers defected to competitors that sold similar clothes at more affordable prices. Industry experts wondered whether the company was risking its business in its attempt to uphold its brand image. At the same time, Abercrombie was criticized for missing several fashion trends, for instance, waiting too long to offer casual dresses and relying too heavily on its graphic T-shirts.
May 16, 2009 |
Abercrombie & Fitch Co. reported a wider-than-expected first-quarter loss as consumers cut spending on premium clothes to what the chief executive called an unprecedented degree. The New Albany, Ohio, company said it was prompted to write down the value of its Ruehl apparel chain by $55 million. Sales at the Ruehl chain, which targets shoppers older than 22, sank 34%. The net loss, excluding the Ruehl write-down, was $26.8 million, or 31 cents a share, compared with net income of $62.1 million, or 69 cents, a year earlier.
April 24, 2009 |
In the lush farmlands east of Monterey Bay, the day opens with the sound of big-rig trucks hauling lettuce, apricots and other produce through this quiet agricultural town of about 36,000 people. At Jerry's coffee shop, locals exchange gossip over scrambled eggs while the crew at the downtown fire station washes the red engine and ladder truck. Welcome to the original Hollister, Calif.
December 13, 2008 |
Teen retailer Abercrombie & Fitch Co. has never played by the rules. Over the years, the company has become known not only for its polos and hoodies, but also for its shirtless store greeters and racy catalogs featuring semi-nude models. And this Christmas, when struggling retailers are slashing prices, Abercrombie is embracing yet another risky move: Almost nothing is on sale. "We will not become promotional," said David Cupps, general counsel and secretary at Abercrombie.
November 15, 2008 |
Grim seemed an understatement for the retail sector on Friday as J.C. Penney Co. and Abercrombie & Fitch Co. posted quarterly profits that fell by about half, and gave outlooks for the rest of the year that were far below Wall Street expectations. "These are significant downward revisions and don't bode well, although they're not totally unanticipated given how dire things have begun to look," said Ken Perkins, president of research company Retail Metrics Inc.
May 17, 2008 |
Teen retailer Abercrombie & Fitch Co. said its first-quarter profit rose 3% from a year earlier on stronger sales. New Albany, Ohio-based Abercrombie & Fitch said it earned $62.1 million, or 69 cents a share, compared with $60.1 million, or 65 cents, a year earlier. Sales increased 8% to $800.1 million.