To: Jenna who wrote (18317 ) 11/10/1998 8:50:00 PM From: Jenna Respond to of 120523
Abercrombie & Fitch profits jump Beats street by 13cents. By Janet Haney, CBS MarketWatch Last Update: 6:48 PM ET Nov 10, 1998 Movers & Shakers REYNOLDSBURG, Ohio (CBS.MW) -- Retailer Abercrombie & Fitch beat analysts expectations by a large margin Tuesday, with third-quarter earnings of 47 cents per share. Breaking News Dow trips in mixed finish Intel sees higher fourth-quarter sales Economy's productivity up 2.4% Tech stocks regain some ground Baron vies for vast stake in Homestake More top stories... CBS MarketWatch Columns Updated: 11/10/98 6:17:22 PM ET Analysts surveyed by First Call expected the company (ANF) to earn 35 cents a share. Abercrombie & Fitch said third-quarter earnings per share increased 135 percent compared to 20 cents per share in the year-ago quarter. Likewise, the company said its net income increased 140 percent to $24.9 million, compared to $10.4 million in the year-ago period. Abercrombie & Fitch said its operating income was up 122 percent to $40.8 million in the third quarter from $18.4 million in the quarter a year ago. Its operating expenses and general administration costs were $48.7 million vs. $34.6 million in the year-ago quarter. Net sales for the quarter were $229.9 million, a 55 percent increase, compared to $148.5 million in the year-ago period, the retailer reported. Comparable-store sales also increased by 35 percent during the third quarter. The company also released its year-to-date numbers in a statement. Net income for the year increased 221 percent to $41.8 million vs. $13 million a year ago. Net sales for the year to date rose 65 percent to $511.2 million, compared to $309.5 million. Overall, comparable store sales increased 41 percent year-to-date. Operating income year-to-date was also up 173 percent to $68.2 million vs. $25 million for the year-ago period. Abercrombie & Fitch runs 177 clothing stores. Shares of the stock were up 3/16 to 48 1/2 Tuesday