Earnings Call Excerpt
Abercrombie and Fitch Co. (ANF)
May 2008 Sales Call
June 5, 2008 8:15 am ET
Executives
Brian Logan – Vice President, Investor Relations
Presentation
Brian Logan
This is Brian Logan, Vice President of Investor Relations and Controller of Abercrombie & Fitch. The following is a summary of our sales results for the fiscal month and May 31, 2008.
Before I begin, I remind you that any forward-looking statements I may make are subject to the safe harbor statement found in our SEC filing.
Net sales for the 4-week period ended May 31, 2008, were $233.1 million, an 8% increase over net sales of $215.0 million for the 4-week period ended June 2, 2007. Total company direct to consumer net sales increased 35% to $17.3 million for the 4-week period ended May 31, 2008, compared to 2007. May comparable store sales decreased 1%.
By brand, Abercrombie & Fitch comparable store sales were up [inaudible]. Men's comps were up by mid-teens, women’s comps were down by low single digits. Transactions per store per week were down 3%, while average transaction value was up 11%. In the kids business, Abercrombie comparable store sales were down 10%. Boys comps were up by a low single digit, girls comps were down by a mid teen. Transactions per store per week were down 14%, while average transaction value was up 3%.
Hollister comparable store sales were down 7%. Dude’s comps were up by a low single digit, Betty’s comps were down by a low double digit. Transactions per store per week were down 8%, while average transaction value was up 1%.
Ruehl comparable store sales were down 24%. Men’s comps were down a high single digit. Women’s comps were down by mid 30%. Transactions per store per week were down 36%, while average transaction value was up 5%.
From a merchandise classification standpoint across all brands, strongest performing masculine categories included knit and fleece tops, fragrance, and jeans, while shorts and graphic tees were weaker. In the feminine businesses, again on a total company basis, jeans, fleece, and swimwear were stronger, while knit tops, graphic tees, and shorts were weaker. Comps were strongest in US-based tourist stores and international stores, while comps were weakest in the Northeast and Midwest.
We will announce June sales on Thursday, July 10, 2008.
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