(RTTNews) Apparel retailer Abercrombie & Fitch Co. (ANF: News ) said Thursday that its same-store sales fell 28% in July, as consumers continued to reign in spending amid the recession.
Net sales for the four-week period ended August 1, 2009 fell 22% to $236.0 million from $303.1 million for the four-week period ended August 2, 2008.
Total company direct-to-consumer net sales for the month decreased 11% to $16.2 million.
For July, Abercrombie same-store sales declined 25%, while abercrombie same-store sales fell 27% and Hollister Co. same-store sales dropped 32%. RUEHL same-tore sales dipped 28%.
For the quarter-to-date period, same-store sales fell 30% and net sales decreased 23% to $648.5 million. Analysts polled by Thomson Reuters expected the company to post revenue of $647.98 million for the second quarter. Year-to-date same-store sales fell 30% and net sales decreased 23% to $1.26 billion.
At the end of the quarter, the company operated 350 Abercrombie & Fitch stores, 210 abercrombie stores, 510 Hollister Co. stores, 29 RUEHL stores and 16 Gilly Hicks stores in the United States. The company also operated 3 Abercrombie & Fitch stores, 3 abercrombie stores and 5 Hollister Co. stores in Canada, and 1 Abercrombie & Fitch store and 5 Hollister Co. stores in the United Kingdom.
U.S. retailers reported their eleventh straight monthly sales decline in July. Retailer gave several reasons for weak sales, including rising unemployment, cooler weather and a lack of tax-free holidays.
American Eagle Outfitters Inc. (AEO) said Thursday that its same-store sales fell 11% in July, while its net sales for the month declined 8% to $215.0 million.
Gap Inc. (GPS) on Thursday reported an 8% drop in same-store sales and 7% decline in net sales for the month of July. The company also provided earnings outlook for the second quarter above analysts consensus estimate.
Abercrombie and Fitch shares are currently trading at $30.85, up 84 cents or 2.80%. The shares are trading in a 52-week range of $13.66 to $56.42.
