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