Abercrombie Q4 earnings nearly double
New Albany, Ohio -- Abercrombie & Fitch Co.'s fiscal fourth-quarter net income nearly doubled on strong sales overseas and better U.S. results. The retailer reported net income of $92.6 million, up from $47.5 million a year ago.
Revenue for the period ended Jan. 29 rose 23% to $1.15 billion, from $936 million. Domestic revenue rose 13%, while international revenue jumped 61%.
Same-store sales rose 13%.
"We finished the year with strong domestic sales growth and continued to see very strong results in Europe," CEO and chairman Mike Jeffries said in a statement.
Same-store sales at Abercrombie & Fitch rose 13%, while Abercrombie kids stores had a 9% increase. Hollister Co.’s same-store sales also gained 13%.
Abercrombie said that its full-year earnings surged to $150.3 million in the prior year.
Annual revenue increased 18% to $3.47 billion from $2.93 billion, while same-store sales rose 7%.
The retailer continues to push forward with its overseas expansion. It plans to open Abercrombie & Fitch flagship stores in Paris; Madrid; Dusseldorf, Germany; Brussels; Dublin; and Singapore in fiscal 2011. It also expects to open 30 to 40 Hollister stores in overseas malls.
The company anticipates a "minimal number" of stores opening in the United States, with about 50 domestic locations likely to close during the fiscal year.