Abercrombie & Fitch Co. posted net income of $62.1 million for the first quarter, a 3% increase over $60.1 million in the prior year.
The direct marketer and retailer reported net sales of $800.2 million for the quarter ended May 3, an increase of 8% over the same period last year.
The New Albany, OH firm posted direct marketing sales of $62.5 million for the quarter, a 44% increase over $43.4 million in the prior year.
The company reported a gross profit rate of 66.8% for the quarter, up 120 basis points over last year. Management attributed this to a higher initial markup rate and lower shrink rate, partially offset by a higher markdown rate versus last year.
“Our first quarter financial results demonstrate our ability to effectively position our brands,” said CEO Mike Jeffries, in a statement. “Despite a tough selling environment, we produced bottom-line growth while still remaining true to the aspirational positioning of our brands.”
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