NEW YORK — Casual apparel retailer Abercrombie & Fitch said new stores and inventory and expense reductions paved the way for higher second-quarter income despite a decrease in same-store sales.
For the three months ended Aug. 3, net income for the New Albany, Ohio-based operator of 533 apparel specialty stores rose 24.4 percent to $31.1 million, or 31 cents a diluted share, 4 cents above Wall Street’s already raised expectations. In last year’s quarter, A&F reported income of $25 million, or 24 cents. Overall sales rang in an additional 17.5 percent, hitting $329.2 million from $280.1 million in the corresponding period last year. However, sales were down 5 percent on a comparable-store basis.
Steve Aoki held a presentation, a runway show and outdoor concert for his men's line Dim Mak. Here's a look from his spring 2018 collection, which was titled "Paradise Found." #wwdfashion #wwdmens (📷: George Chinsee)
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