Abercrombie & Fitch Co. (New Albany, Ohio) reported total company net sales decreased 19 percent to $998 million and comparable store sales decreased 25 percent for the fourth quarter.
All of the company’s retail brands reported similar results, with Abercrombie & Fitch stores reporting comparable store sales dropped 23 percent; Hollister Co.’s decreased 25 percent and RUEHL’s declined 25 percent.
“The fourth quarter proved to be a catastrophe for the retail industry; a nightmare that included unprecedented promotional activity by other retailers in the malls and consumers who continued to show reluctance to spend, especially for premium brands,” says Mike Jeffries, ceo and chairman of the board of Abercrombie & Fitch Co. “However, despite the unprecedented volatility, we are satisfied with our results for the quarter.
“Our comparable store sales decrease was lower than we had projected and we maintained the aspirational nature of all of our brands,” says Jeffries. “As we look toward 2009, we continue to see a tumultuous environment. We will again rely on our ability to manage the aspects of the business that are under our control and continue to protect and position our brands for more promising times.”