abercrombie and fitch Co. said Thursday that its sales careened 29 percent in August, worse than expected as
shoppers continued to scale back shopping amid the recession.
The 29 percent decline in sales at stores open at least a year was bigger than a decline of 23.9 percent
expected by analysts surveyed by Thomson Reuters.
The measurement is an important retail performance indicator because it measures growth at existing locations
rather than newly opened ones.
For the four weeks that ended Aug. 29, abercrombie and fitch the teen retailer said results in all its divisions were worse than
expected.
Sales at stores open at least a year at its eponymous abercrombie and fitch chain sank 26 percent, a deeper
decline than analyst's expected 22.1 percent drop. The figure slid 26 percent at children's chain
abercrombie and fitch, 32 percent at Hollister company, and 37 percent at Ruehl, a brand the company plans to shut by
the end of the year. Analysts had expected sales at that store to fall 29.6 percent.
For the four week period, the New Albany, Ohio-based chain said its net sales declined 23 percent to $313.9
million, down from $405.5 million last year.
abercrombie and fitch shares sank $1.29, or 4 percent, to $30.80 in premarket trading Thursday after closing Wednesday
at $32.09.
Copyright 2009 Associated Press. All rights reserved. This material may not be published broadcast,
rewritten, or redistributed
