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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)