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Industry Insight

MOSS ADAMS: Alert! Authorities after 45,000 businesses that didn't file 2012 California corporate taxes.
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SDSI: Sports and active lifestyle employment outlook.
Details on Industry Insight.


Tiffany Montgomery
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Abercrombie bets big on Hollister in Europe

Abercrombie bets big on
By Tiffany Montgomery
February 16, 2010 6:26 AM

Hollister may be one of Abercrombie & Fitch’s worst performing chains domestically, but the company is making an aggressive push in Europe.

The company said this morning it would open 30 mall-based surf-inspired Hollister stores in Europe in 2010.

After several strong years in the U.S. and after taking market share from action sports brands, Hollister has struggled lately. While many retailers have seen falling comps during the recession, Hollister’s decline has been steeper than most. And even though the chain is up against easy comparisons now, same store sales remain down in the double digits.

In the fourth quarter, Hollister same store sales declined 19%, despite the company’s backtracking on its anti-discounting stance.

Company-wide fourth quarter results

Net income: down 30.6% to $47.5 million.

Net income from continuing operations: down 31% to $61 million.

Total net sales: down 5% to $936 million.

Domestic sales, including direct: down 12% to $793.1 million.

International sales: up 86% to $142.9 million.

Same store sales: down 13%

Abercrombie & Fitch stores: same-stores sales down 8%. Total sales $398 million.

Abercrombie Kids: same-store sales down 11%. Total sales $111.8 million.

Hollister: same-store sales down 19%. Total sales $417.1 million.

Cash: $680 million, with $50.9 million in borrowing and $50 million in outstanding Letters of Credit.

2009 results

Net income: down 99.8% to $0.3 million.

Net income from continuing operations: down 74.3% to $79 million.

 


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