Abercrombie Narrows Loss Amid Modest Comp Gains

Abercrombie & Fitch Co., showing positive comps at both Abercrombie and Hollister, narrowed its loss to $19.2 million in the first quarter ended May 4, from $42.5 million in the year-ago period. Net sales increased to $734 million from $731 million, including the adverse impact from changes in foreign currency exchange rates of about $16 million or 2 percent. Overall comparable sales rose 1 percent. Hollister posted a 2 percent comp gain, with total sales slightly ahead to $428.45 million from $432.63 million in the year ago period. The Abercrombie division posted a 1 percent comp sales gain, with total sales slipping slightly to $305.52 million, from $307.27 million. The operating loss declined to $27.3 million, from $42.2 million in the year-ago period. The net loss per share, on a diluted basis, was $0.29 compared to $0.62 last year. “We achieved our seventh consecutive quarter of positive comparable sales fueled by ongoing strength at Hollister and a return to positive comps at Abercrombie,” said Fran Horowitz, chief executive officer. “This contributed to top-line growth, operating margin improvement and a net loss reduction compared to last year. “We are focused on our transformation initiatives, with global store network optimization a key priority. We continue to believe in

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