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Abercrombie & Fitch Co. today reported a net loss of $26.8 million in its unaudited first quarter results.
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The financial results for the thirteen weeks ended May 2, 2009 include a net loss per basic and diluted share of $0.31, compared to net income of $62.1 million and net income per diluted share of $0.69 for the thirteen weeks ended a year earlier.
The unaudited financial results for the thirteen weeks ended May 2, 2009 do not include a non-cash impairment charge, that is currently being determined and is to be recorded in respect of the first quarter, associated with a strategic review of the Ruehl business as further described in this press release. The impairment charge will be reflected in the condensed consolidated financial statements filed with Abercrombie & Fitch Co.'s Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2009.
"The first quarter was clearly a difficult one for us. With a challenging economic environment, the consumer continues to show a reluctance to spend on premium brands; a price consciousness dictating shopping habits unlike anything I have ever seen,” said Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co.
“We believe this is a temporary phenomenon but will approach the current conditions with a conservative mindset until we see a clear improvement.”
The unaudited financial results for the thirteen weeks ended May 2, 2009 do not include a non-cash impairment charge, that is currently being determined and is to be recorded in respect of the first quarter, associated with a strategic review of the Ruehl business.
The company is due to conduct a strategic review of its Reuhl operation today.
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