Abercrombie & Fitch Co. (ANF) reported third-quarter income of $38.8 million or $0.44 per share, compared to net income of $63.9 million or $0.72 per share in the year ago quarter.
Excluding $6.2 million of after-tax charges associated with the closure of the Ruehl business and an $18.6 million benefit associated with a true up of the year-to-date tax rate, the Company reported non-GAAP net income of $26.3 million and non-GAAP net income per share of $0.30 for the latest quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter decreased 15% to $765.4 million from $896.3 million in the year ago. Twenty five analysts had consensus revenue estimate of $764.53 million for the quarter.
Total Company direct-to-consumer net sales increased 11% to $63.9 million for the thirteen week period ended October 31, 2009, compared to the thirteen week period ended November 1, 2008. Total Company third quarter comparable store sales decreased 22%.
The company said that its board declared a quarterly cash dividend of $0.175 per share on the Class A Common Stock of Abercrombie & Fitch Co. payable on December 15, 2009 to shareholders of record at the close of business on November 27, 2009.
The Company continues to expect total capital expenditures for Fiscal 2009 to be approximately $185 million.
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