Sales Decline Abercrombie & Fitch Co

Teen clothing retailer abercrombie and fitch. (ANF) on Friday said that it lost $26.7 million in the second quarter, hurt by lower sales and charges related to shutting its ill-conceived Ruehl stores brand.
Abercrombie & Fitch Co. (ANF) is not recommended at this time, holding a Dividend.com DARS? Rating of 3.2 out of 5 stars.
The New Albany, Ohio-based company reported a second quarter net loss of $26.7 million, or 30 cents per share, compared with a profit of $77.8 million, or 87 cents per share, in the year-ago period. The latest results included $24.4 million in special charges.
Sales fell 23% from last year to $648.5 million.
On average, Wall Street analysts expected a loss of 7 cents per share, excluding special items.
Same-store sales, perhaps the most telling metric for retailers, plunged 30% from last year. Same-store sales are considered a key indicator of a retailer’s health, since they measure the performance of stores open at least one year.
In order to combat the lower sales of its relatively-high priced merchandise amid the recession, hollister cut its marketing, general, and administrative costs by 19% in the quarter.
Ruehl No.925 shares rose $1.03, or +3.1%, in morning trading Friday.
The Bottom Line
We have been avoiding shares of ANF since our early June coverage began, and the stock was trading at $67.37. The company has a dividend yield of 2.12%, based on last night’s closing stock price of $32.96. The stock has technical support in the $25-$27 price area. If the shares can continue the recent run, we see overhead resistance around the $36 price level. We would remain on the sidelines for now.

Buy Abercrombie and Fitch Clothing

It’s this kind of loyalty from customers that has allowed the brand to expand so rapidly after changing its image in the late 80s. This company knows what the customers want and they deliver. Some might balk at the prices, but quality costs money and the dollars spent on abercrombie outlet Clothing go a long way when you think about how long the durable clothes are going to last and how much use you’re going to get out of them.

Abercrombie and Fitch Clothing was started in 1892 by David T. Ruehl No.925 as an outfitter for those who were heading into the wilderness. The brand began to falter in the mid 19th century, but began a turnaround when they were bought by The Limited in 1988. This started a new (successful) life as a clothing line for those looking for “casual luxury” or a “college look.” (Definitely not the look you’d get with H&M Clothing, but to each their own.) There are a lot of people out there who make this their brand, buying very little from other clothing companies.
Reasons to Buy abercrombie and fitch Clothing
While there are a lot of reasons to consider this brand, here are some of the top ones you should think about before you spend your hard earned money on clothes from other companies.
History – This brand has a rich history and past that has been passed onto the clothes of the current A&F generation. This history adds a little something extra to the clothes in this brand. Being around over 100 years in the fashion industry, they must be doing something right.
Quality – Even the “medium destroyed” clothes from A&F are well made and designed (and destroyed) in such a way that you get a lot of use out of them. Quality is something that never goes out of style and it shows in these clothes and accessories. (Some would say they’re better than Sisley Clothing or even Max Mara Clothing, and that’s saying a lot.)
Style – This brand offers something just a little different – the perfect blend of luxury, casual, and a hint of the outdoors. It’s a winning style combo, one that has made the company successful enough to launch other brands under the umbrella of A&F.

Abercrombie will improve its employment practices

In addition, Abercrombie created a $40 million Settlement Fund for distribution to individual class members. Abercrombie will also pay attorneys' fees and costs associated with monitoring compliance during the time that the Consent Decree is in effect (4.5 to 6 years from Final Approval, depending on Abercrombie’s progress). This will total approximately $10 million, bringing the total amount abercrombie outlet must pay to approximately $50 million. Click here to read the court-approved Consent Decree [pdf format]. The provisions in the Decree are currently in effect.
“The young men and women who applied to work at Abercrombie should have been judged on their qualifications, and not their skin color or gender. The class action settlement compensates class members for being subjected to the challenged practices and ensures that Abercrombie will improve its employment practices and diversity efforts nationwide,'' commented Lieff Cabraser attorney Kelly M. Dermody.
Summary of the Settlement of the Ruehl No.925 Class Action Lawsuit
On April 14, 2005, Judge Susan Illston of the U.S. District Court for the Northern District of California granted final approval to a settlement of the class action lawsuit Gonzalez v. Abercrombie & Fitch. The settlement requires the retail clothing giant to pay $50 million, less attorneys' fees and costs, to Latino, African American, Asian American and female applicants and employees who charged the company with discrimination.
The settlement also requires the company to institute a range of policies and programs to promote diversity among its workforce and to prevent discrimination based on race or gender. hollister Co. is a clothing retailer marketing to young adults, teenagers and children. It employs over 22,000 employees, most of whom are college-age adults, in over 700 stores throughout the United States.
Ongoing Consent Decree Governs Abercrombie's Employment Practices into at Least 2009
The Consent Decree (settlement agreement) contains provisions related to the recruitment, hiring, job assignment, training, and promotion of Abercrombie & Fitch, Hollister, and abercrombie kids employees.

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the top corporate officials of Abercrombie & Fitch Co

Its youthful, racy image has become synonymous with the American youth and has been a mark of multiple parody and controversy. A&F currently operates four other brands: abercrombie, Hollister Co., Gilly Hicks, and RUEHL No.925 (shuttered by end of January 2010)collectively ranging between the ages of 7 through 35.

abercrombie and fitch(A&F) (NYSE: ANF) is an American fashion retailer, headed by chairman and CEO Michael S. Jeffries. The A&F brand focuses on casualwear for a target consumer age of 18 through 22. With over 300 locations in the United States, the brand has embarked on international expansion throughout various world markets.I
Founded in 1892 by David T. abercrombie and fitch, A&F had been an outfitter of sporting and excursion goods. It struggled financially from the late 1960s until it was purchased by The Limited in 1988 and repositioned, under the management of Mike Jeffries, as the aspirational “Casual Luxury” lifestyle brand in present form.Prominent figures who patronized the company in its excursion goods days.
Management and marketing
Corporate officials
The following are the top corporate officials of abercrombie and fitch Co.
Michael S. Jeffries - Chairman and Chief Executive Officer, Jefferies has held this position since the 1990s. He has renovated the brand and oversees all aspects of the company.

Abercrombie Pulls T-Shirts

Several more questionable tees — with expressions like “Blondes Are Adored, Brunettes Are Ignored,” “I Had A Nightmare I Was A Brunette,” “Do I Make You Look Fat” and “No Money, No Car, No Chance” — are still available but could be pulled, pending negotiations with the girls later this month. The group has offered to help A&F come up with more empowering messages to put on its clothing in the future.
The idea for the boycott came during a meeting the girls had at a retreat this summer. As they were brainstorming ideas of what they could do to make a difference in their community, discussion soon shifted to the abercrombie and fitch tees, which many of them saw as “nasty and disgusting,” said 13-year-old Jettie Fields, the group’s co-chair.
“There’s a certain degree to where those shirts can be funny, but with the one that said, ‘With These, Who Needs Brains?,’ I think that’s really pushing it and takes it too far,” Fields said. “Girls need to know it’s not necessary to wear these shirts, and that if they stop buying them, then abercrombie and fitch will stop selling them.”
The group held a press conference and then was blown away by the amount of support and media coverage the boycott received, Fields said. “We had no idea it would get this far, so we’re all just really happy,” she said. “I was like, ‘Wow, people are actually taking us seriously. They don’t just see as a group of little girls.’ The fact that we were able to take down a huge corporation and have them listen to us, that’s an awesome victory.”

Tees emblazoned with phrases deemed offensive to women have been yanked from abercrombie and fitch clothing stores thanks to a group of teen girls who launched a nationwide “girlcott.”
Bowing to pressure from the public and supporters of the Allegheny County Girls as Grantmakers (the group of nearly two dozen girls who spearheaded the protest), the retailer announced Friday that it is pulling two shirts off the market: one with the slogan “Gentlemen Prefer Tig Old Bitties” and a second reading, “With These, Who Needs Brains?” across the chest.
“We recognize that the shirts in question, while meant to be humorous, might be troubling to some,” the company said in a statement.abercrombie and fitch
“We are delighted they won,” said Sarah Gould, president of the Ms. Foundation for Women. “These T-shirts … are potentially dangerous to girls and their health because it reinforces the message that girls are only as good as what their bodies are, and that’s very undermining to a girl’s healthy development. This girlcott just proves that today’s teen girl is much smarter, more aware and very socially active. She won’t blindly follow a trend or wear clothes from a brand just because it is deemed ‘cool.’ ”

Earnings Abercrombie & Fitch Co

The gross profit rate for the quarter was 66.5%, 360 basis points lower than last year's second quarter gross profit rate. The decrease in gross profit rate was primarily attributable to a higher markdown rate for the second quarter this year compared to the second quarter last year.

abercrombie and fitch Co. (NYSE: ANF) today reported unaudited second quarter results which reflected a net loss of $26.7 million and a net loss per basic and diluted share of $0.30 for the thirteen weeks ended August 1, 2009, compared to net income of $77.8 million and net income per diluted share of $0.87 for the thirteen weeks ended August 2, 2008.
The unaudited results also reflect a loss before income taxes of $19.8 million for the thirteen weeks ended August 1, 2009, which includes pre-tax charges of $24.4 million associated with the closure of RUEHL operations and related store asset impairment charges as further described below.abercrombie and fitch
Second Quarter 2009 Financial Results
Net sales for the thirteen weeks ended August 1, 2009 decreased 23% to $648.5 million from $845.8 million for the thirteen weeks ended August 2, 2008. Total Company direct-to-consumer net sales decreased 13% to $48.7 million for the thirteen week period ended August 1, 2009, compared to the thirteen week period ended August 2, 2008. Total Company second quarter comparable store sales decreased 30%.abercrombie and fitch