Abercrombie Q3 Income Flat
Cataloger Abercrombie & Fitch's third-quarter 2001 profits were about even compared with the same period last year as the company continued to trudge through a weak retail environment, the company reported yesterday.Net income for the quarter was $43.9 million, compared with $43.6 million during the third-quarter 2000. Earnings for the third quarter 2001 were 43 cents per share, the same earnings level as the third quarter of last year.
Sales for the quarter fell approximately 3 percent to $354.4 million, compared to $364.1 million during the same period last year. Comparable store sales during the third quarter fell 15 percent compared to the same period last year.
That the company was able to post earnings at all was due to its successful control of expenses and inventory, said Mike Jeffries, chairman and CEO of Abercrombie & Fitch, New Albany, OH.
Jeffries said consumer demand during the upcoming Christmas season would be difficult to predict, so the company would continue using caution in its planning and operations.
