Abercrombie Enriched

Abercrombie & Fitch (New Albany, Ohio) reported that earnings per share rose 19 percent net sales for the 13 weeks ended February 1, 2003, and net sales increased 15 percent for the retailer's fourth quarter of 2002.

For the full year, net sales increased 17 percent and net income increased 16 percent.

In the midst of all this good news, though, same-store sales were down 4 percent for the quarter, 5 percent for the year.

“I am extremely pleased with our fourth quarter and total year performance,” said chairman and ceo Mike Jeffries. “In a very tough environment, we achieved record financial results. More importantly, we maintained our focus on improving the quality and long term positioning of our brands. Although we feel very positive about the state of our business, the retail environment remains very uncertain. As a result, we are maintaining a cautious stance in our spring planning.”

Abercrombie & Fitch operated a total of 597 stores at the end of the fourth quarter, including 340 A&F stores, 164 abercrombie stores and 93 Hollister Co. stores.