Abercrombie & Fitch 3rd-quarter net income jumps
Tuesday, November 16, 2010
NEW ALBANY, Ohio (AP) — Abercrombie & Fitch says higher international revenue and improving results in the U.S. helped its third-quarter net income rise 29 percent.
The teen clothing seller says net income for the quarter is up to $50 million, or 56 cents per share. That compares to $38.8 million, or 44 cents per share, last year and is higher than the 51 cents per share analysts expected.
Abercrombie & Fitch Co. says revenue is up nearly 18 percent to $885.8 million. Analysts expected revenue of $879.5 million.
Revenue in stores open at least on year rose 7 percent. The figure is a key measure of a retailer’s health.
U.S. revenue rose 8 percent to $721.7 million and international revenue rose 87 percent to $164.1 million.
The preppy New Albany, Ohio, retailer has cut prices to compete with lower-priced rivals.
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