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Wednesday, November 15, 2006

Abercrombie & Fitch Co. (ANF) Profit Up 43%

Abercrombie & Fitch Co. said its third-quarter profit jumped 43 percent, leading the company to predict a healthy profit for the year.
The retailer said Tuesday it earned $102 million, or $1.16 a share, for the period ended Oct. 28, compared with $71.6 million, or 81 cents a share, a year ago.
Sales grew 22.5 percent to $863.4 million, from $704.9 million last year, while same-store sales for the company jumped 5 percent.
The New Albany-based company said same-store receipts at its adult clothing chain, Abercrombie & Fitch, rose 1 percent, while receipts at its children's clothing chain, Abercrombie, and its teen chain, Hollister Co., climbed 8 percent.
Same-store sales at its Ruehl stores open at least a year rose 20 percent.
The company operates 355 Abercrombie & Fitch stores, 171 Abercrombie outlets, 369 Hollister locations and 11 Ruehl stores.
It plans to open an Abercrombie & Fitch location in London early next year.
Abercrombie (NYSE:ANF - News) predicts share earnings for the year to be in the range of $4.59 to $4.64. For 2005, it reported share earnings of $3.88.
Published November 15, 2006 by Business First

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Tuesday, November 14, 2006

Wal-Mart Stores Inc. (WMT) and Target (TGT) Gear Up For Holiday Price War

Wal-Mart and rival Target are brewing up a price war for toys, electronics and other things consumers may want for Christmas that could spell savings for shoppers, but profit woes for retailers in the critical holiday quarter.
Wal-Mart Stores Inc., the world's largest retailer, on Tuesday promised "its most aggressive pricing strategy ever" to fuel year-end business, but warned the move could also make it miss Wall Street's expectations for fourth-quarter earnings.
That announcement came as Wal-Mart posted an 11.5 percent profit increase in the third quarter when improved merchandise mix and stricter cost controls offset weak growth in U.S. sales.
Its adversary, Target reported a 16 percent gain in third-quarter profit, beating analyst expectations as its sales rose 11 percent. Target President Gregg Steinhafel told investors during a conference call Tuesday that the retailer would compete on long-running discounts, noting that it has often matched those before Wal-Mart advertises them in its circulars.

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