FINANCE

Abercrombie & Fitch profit jumps 64%, offers money to ‘Situation’ to stop wearing A&F clothing

BY Katherine Boccaccio

New Albany, Ohio — Abercrombie & Fitch Co. reported Wednesday that profit for the second-quarter rose 64% to $32 million, up from $19.5 million, on increased demand in the United States and Europe.

Revenue rose 23% to $916.8 million, as previously reported, and same-store sales increased 9%.

The quarterly results indicate the retailer’s rebound as it has honed its focus on international expansion and right-sizing the portfolio. It plans to open 40 Hollister stores internationally this year, and close up to 65 stores in the United States.

On Tuesday, Abercrombie & Fitch released news that it had offered Michael “The Situation” Sorrentino, a cast member of MTV reality series “Jersey Shore,” a "substantial payment" to stop wearing the retailer’s clothing, citing potential damage to the Abercrombie & Fitch image.

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FINANCE

BJ’s Wholesale Q2 profit up 28%

BY Staff Writer

Westborough, Mass. — BJ’s Wholesale Club reported Wednesday that net income for the quarter ended July 30 increased 28% to $45.7 million, compared with $35.7 million in the year-ago period.

The warehouse club operator said revenue rose 11% to $3.05 billion from $2.75 billion, beating an expected $2.98 billion. Revenue from membership fees increased to $51.8 million from $47.5 million, while net sales rose to $2.98 billion from $2.69 billion. Same-store sales rose 7.8%, including a 4% contribution from fuel sales.

"It is clear that our members are doing more of their weekly food shopping with us. And I believe that we have tremendous opportunities to further grow our business," Laura Sen, BJ’s president and CEO, said in a statement.

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FINANCE

Staples Q2 profit up 36%

BY Staff Writer

Framingham, Mass. — Staples reported Wednesday that profit for the quarter ended July 30 rose 36% to $176.4 million, compared with $129.8 million in the year-ago period. The quarter included the first weeks of the back-to-school shopping season.

Revenue rose 5% to $5.82 billion, beating Wall Street’s expected $5.64 billion. Same-store sales were flat.

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