Teen retailer Abercrombie & Fitch Co. reported a 29% increase in fiscal third-quarter profit, helped by international sales and a strong back-to-school season, but profit margins narrowed.
The high-priced teen-apparel retailer has shown signs of recovery from woeful year-earlier results--including international sales that have continued their recent strength with an 87% increase in the latest period. Overall, retailers finished the back-to-school season strong, raising hopes for the holidays, though much of the sales came at the cost of heavy promotions in a competitive environment, especially among those catering to teens.
At Abercrombie & Fitch, gross margin narrowed to 63.7% from 64.1%.
For the quarter ended Oct. 30, Abercrombie & Fitch posted a profit of $50 million, or 56 cents a share, up from $38.8 million, or 44 cents a share, a year earlier, which included a net 9-cent tax gain.
The company said earlier this month net sales climbed 18% to $885.8 million, following last year's 15% drop. Same-store sales rose 7% while direct-to-consumer sales rose 32%.
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