Abercrombie & Fitch narrows Q1 loss

US: Abercrombie & Fitch narrows Q1 loss

By just-style.com | 18 May 2010

Teen clothing retailer Abercrombie & Fitch Co today (18 May) said it plans to focus on its international expansion after rising sales helped narrow its first quarter loss.

The New Albany, Ohio based retailer is to open Abercrombie & Fitch flagship stores in Copenhagen, Denmark and Fukuoka, Japan this year, as well as an Abercrombie & Fitch flagship store in Madrid, Spain in fiscal 2011.

And it will open its first international Gilly Hicks lingerie store in the UK in the fourth quarter.

The roll-out was announced as the retailer saw its international sales more than double in the first quarter to $119.0m.

This growth outstripped the 5% rise in domestic sales to $568.8m, and helped lift total company sales by 14% to $687.8m, up from $601.7m a year earlier.

Total direct-to-consumer merchandise sales were up 42% to $68.8m, while same-store comparable store sales rose by 1%.

By division, same-store sales were up 3% at Abercrombie & Fitch, rose 6% at Abercrombie Kids, but fell 2% at Hollister Co.

Overall sales growth helped narrow quarterly net loss to $11.8m or $0.13 per share for the three months to 1 May. This compares to a loss of $59.2m or $0.68 per share.

Sectors: Apparel, Finance, Retail