Geerlings & Wade Sales Fall, Income Rises
Still, the company posted net income of $1.4 million compared with a loss of $910,000 in fourth-quarter 2001.
The sales decline resulted mainly from the elimination of unprofitable promotions, a generally weaker holiday sales season and a reduced customer base, the company said. The smaller customer base compared with 2000 and 2001 results from reduced customer acquisition programs in those periods.
For the 2002 fiscal year, Geerlings & Wade recorded sales of $27.9 million compared with $32.7 million in 2001, a decline of 15 percent. The company reported a net loss of $1.7 million in 2002 compared with a net loss of $1.5 million in 2001.
* Abercrombie & Fitch, New Albany, OH, announced that net sales during the 13 weeks ended Feb. 1 increased 15 percent to $534.5 million from $466.6 million in the 13 weeks ended Feb. 2, 2002. Comparable store sales fell 4 percent during the quarter. Net income in the quarter increased 17 percent to $92.8 million compared to $79.2 million during the fourth quarter of fiscal 2001. For the year, net sales increased 17 percent to $1.6 billion from $1.37 billion last year. Comparable store sales for the year dropped 5 percent. Net income for the year increased 16 percent to $194.9 million from $168.7 million last year.