Abercrombie's Q3 Sales Jump 35 Percent
Abercrombie & Fitch said yesterday that company net sales increased 35 percent for the third quarter ended Oct. 29 for a total of $704.9 million. The New Albany, OH-based multichannel apparel merchant's same-store sales rose 25 percent during the same period.On a brand-by-brand basis, Abercrombie & Fitch's net sales rose 13 percent, abercrombie's net sales were up 58 percent and Hollister's net sales jumped 69 percent. Net income for the third quarter increased 79 percent for a total of $71.6 million.
The gross margin rate for the quarter was 66 percent, up 140 basis points compared to last year. The improvement in gross margin was because of improved initial markups combined with a lower markdown rate versus last year.
