A&F 3Q Profit Falls 46%
New Albany, Ohio Abercrombie & Fitch Co. reported on Friday that its third-quarter profit dropped 46% amid a struggling economy.
Meanwhile, company profit fell to $63.9 million from $117.6 million last year, and revenue fell 8% to $896.3 million from $973.9 million a year ago.
Abercrombie has kept its focus on international investment and kept prices steady despite the difficult economic environment. However, competitors have focused on value and promotion.
As a result, sales have weakened. Same-store sales fell 14% overall during the quarter, including an 8% drop at namesake stores, a 20% drop at abercrombie, its children’s concept, an 18% decline at Hollister Co. stores and a 25% drop at Ruehl stores, which are aimed at an older demographic.
Due to weak trends so far in November, Abercrombie said it expects same-store sales will worsen in the fourth quarter and could be down about 26%.
No comments found
Brown to serve as home solutions advisor for Meijer
GRAND RAPIDS, Mich. Katie Brown, author, syndicated columnist and host of “Katie Brown Workshop” on PBS, is partnering with Meijer to serve as the company’s “Home Solutions Advisor.” The announcement was made today by Dave Clark, vp of brand and product development at Meijer.
“Katie Brown brings such an appealing and engaging approach to everything from holiday entertaining to backyard gardening that we felt she was the perfect fit for Meijer,” said Clark. “She connects so strongly with our shoppers — from her Midwest roots to her fun and simple solutions geared to those who want to save time and money.”
In her new role, the author and TV host will help develop new product lines for Meijer and help spearhead a number of efforts designed to provide Meijer shoppers with practical and easy-to-follow solutions to projects in and around the home.
Brown has been the host of the “Katie Brown Workshop” on PBS for the past four years. She was also previously the host of “Next Door With Katie Brown,” which aired on the Lifetime network.
“This is a long-term partnership we’re undertaking with Katie, and right now, we’re looking at a host of areas in which to best utilize her talents,” said Clark. “We’re excited about the possibilities that Katie presents — from branded product lines to online programs. She brings such a wealth of opportunities for us and our customers.”
No comments found
Rite Aid expands list of generics available through RX Savings Card
CAMP HILL, Pa. Rite Aid expanded the list of generic medications to more than 500 available at significant savings through its free RX Savings Card.
The card, which requires no membership fee and is free to anyone who enrolls, offers significant savings on more than 10,000 prescription drugs at all Rite Aid drugstores nationwide. It also provides an immediate 10% discount on more than 3,200 Rite Aid brand products, including 1,500 over-the-counter medications.