Content about Fitch

September 12, 2014

Fitch Ratings on Friday downgraded RadioShack's credit rating.

New York -- Fitch Ratings on Friday downgraded RadioShack's credit rating. On Thursday, the struggling retailer warned it may need to file for Chapter 11 bankruptcy protection.

Fitch cut RadioShack's issuer default rating from "C'' from "CC," which puts the chain’s credit rating one level above default.

September 10, 2014

Fitch Ratings downgraded the credit ratings of Sears Holding Corp. from “CCC” to “CC,” citing the “magnitude” of the retailer’s drop in profitability and lack of visibility to turn operations around as a significant concern.

New York -- Fitch Ratings downgraded the credit ratings of Sears Holding Corp. from “CCC” to “CC,” citing the “magnitude” of the retailer’s drop in profitability and lack of visibility to turn operations around as a significant concern.

Fitch also cited the company’s cash burn rate, calling it a “significant concern.”

August 28, 2014

Fast-fashion competitors like H&M and Forever 21 and teens more interested in technology than clothing make these challenging times for Abercrombie & Fitch, whose second quarter revenue fell 5.8% to $890.6 million, missing Wall Street projections.

New Dublin, Ohio -- Fast-fashion competitors like H&M and Forever 21 and teens more interested in technology than clothing make these challenging times for Abercrombie & Fitch, whose second quarter revenue fell 5.8% to $890.6 million, missing Wall Street projections. In a nod to changing fashion tastes, the company is phasing out the signature logo-centric clothing that helped build it into a teen retail powerhouse.

May 29, 2014

Abercrombie & Fitch Co. reported a net loss of $23.7 million in the first quarter of fiscal 2014, up from $7.2 million in the year-ago period, but less than analysts had expected.

New Albany, Ohio – Abercrombie & Fitch Co. reported a net loss of $23.7 million in the first quarter of fiscal 2014, up from $7.2 million in the year-ago period, but less than analysts had expected. Restructuring charges associated with the closure of Abercrombie’s Gilly Hicks stand-alone stores, as well as the impact of heavy discounting on profit margins, helped drive the retailer’s net loss growth. The chain backed its full-year forecast as demand in its female business improved and sales fell less than expected for the first time in six quarters.

May 13, 2014

Abercrombie & Fitch Co. CEO Michael Jeffries saw his pay shrink 72% in 2013, according to a filing by the company on Tuesday.

New Albany, Ohio -- Abercrombie & Fitch Co. CEO Michael Jeffries saw his pay shrink 72% in 2013, according to a filing by the company on Tuesday.

The teen retailer has recorded declining sales and profits, and Jeffries has come under fire. His total compensation last year was $2.24 million, down from $8.16 million in the previous year and $48.1 million in Abercrombie’s fiscal 2011. He was paid more than $20 million a year in the three years before that, according to the report.  

May 1, 2014

Abercrombie & Fitch Co. will nominate for election to its board of directors four new independent director candidates: Bonnie R. Brooks, Sarah M. Gallagher, Diane L. Neal and Stephanie M. Shern.

New Albany, Ohio -- Abercrombie & Fitch Co. will nominate for election to its board of directors four new independent director candidates: Bonnie R. Brooks, Sarah M. Gallagher, Diane L. Neal and Stephanie M. Shern. The board retained a third-party search firm to assist in the search process for new independent directors with relevant experience.

April 9, 2014

Abercrombie & Fitch Co. announced that Joanne C. Crevoiserat has been named executive VP and CFO of the company, a position she is expected to take up in May, 2014.

New Albany, Ohio -- Abercrombie & Fitch Co. announced that Joanne C. Crevoiserat has been named executive VP and CFO of the company, a position she is expected to take up in May, 2014.

March 21, 2014

Engaged Capital, an investment firm specializing in small and mid-cap North American equities and stockholder of Abercrombie & Fitch Co. has retained an independent global professional services firm to assist Engaged Capital in setting a new direction for Abercrombie.

Newport Beach, Calif. - Engaged Capital, an investment firm specializing in small and mid-cap North American equities and stockholder of Abercrombie & Fitch Co. has retained an independent global professional services firm to assist Engaged Capital in setting a new direction for Abercrombie. The firm has decades of experience in the retail and apparel sector, including the turnaround and restructuring of underperforming businesses.

March 6, 2014

Abercrombie & Fitch Co. and Abercrombie & Fitch Stores, Inc. have offered to pay about $4,000 to one assistant manager for failing to pay proper overtime wages from May 16, 2010 to present, in connection with a lawsuit filed in the Eastern District of New York.

New Albany, Ohio -- Abercrombie & Fitch Co. and Abercrombie & Fitch Stores, Inc. have offered to pay about $4,000 to one assistant manager for failing to pay proper overtime wages from May 16, 2010 to present, in connection with a lawsuit filed in the Eastern District of New York. Abercrombie agreed to pay the assistant manager's attorney's fees and court costs to be determined by the court.

February 20, 2014

Abercrombie & Fitch Co. has confirmed that Engaged Capital, which it says owns approximately 0.58% of the outstanding shares of Abercrombie & Fitch, has submitted notice to nominate five candidates to stand for election to the Abercrombie & Fitch board of directors.

New Albany, Ohio -- Abercrombie & Fitch Co. has confirmed that Engaged Capital, which it says owns approximately 0.58% of the outstanding shares of Abercrombie & Fitch, has submitted notice to nominate five candidates to stand for election to the Abercrombie & Fitch board of directors.

February 20, 2014

Engaged Capital, an investment firm specializing in small and mid-cap North American equities and stockholder of Abercrombie & Fitch Co., has named five nominees for the Abercrombie & Fitch board of directors.

Newport Beach, Calif. -- Engaged Capital, an investment firm specializing in small and mid-cap North American equities and stockholder of Abercrombie & Fitch Co., has named five nominees for the Abercrombie & Fitch board of directors. The nominees are Alexander P. Brick, former CEO of Specialty Retail Group; Robert D. Huth, former CEO of David’s Bridal; Michael W. Kramer, former COO of J.C. Penney; Diane L. Neal, former CEO of Bath & Body Works; and Glenn W. Welling, CIO and managing member of Engaged Capital.

February 6, 2014

Abercrombie & Fitch is using a consumer-driven predictive analytics solution from First Insight Inc. to help the retailer make faster and more accurate design, buying and pricing decisions, thereby reducing markdowns and mitigating risks associated with new product introductions.

New Albany, Ohio – Abercrombie & Fitch is using a consumer-driven predictive analytics solution from First Insight Inc. to help the retailer make faster and more accurate design, buying and pricing decisions, thereby reducing markdowns and mitigating risks associated with new product introductions.

January 31, 2014

Abercrombie & Fitch is launching a spring 2014 marketing campaign that includes omni-channel features such as live Twitter Q&A sessions with celebrities.

New Albany, Ohio – Abercrombie & Fitch is launching a spring 2014 marketing campaign that includes omni-channel features such as live Twitter Q&A sessions with celebrities. The campaign, “The Making of a Star,” spotlights a select group of rising actors and musicians.

January 31, 2014

Abercrombie & Fitch Co. has promoted Jonathan E. Ramsden, currently the company's executive VP and CFO, to the position of COO, a new role at the company.

New Albany, Ohio -- Abercrombie & Fitch Co. has promoted Jonathan E. Ramsden, currently the company's executive VP and CFO, to the position of COO, a new role at the company. Ramsden will continue to serve as CFO, in addition to his COO role, until a new CFO is appointed.

January 28, 2014

Abercrombie & Fitch Co. is separating its chairman and CEO roles and expanding its board's size to 12 members.

New Albany, Ohio - Abercrombie & Fitch Co. is separating its chairman and CEO roles and expanding its board's size to 12 members. The teen retailer is also terminating its shareholder rights plan.

December 9, 2013

Abercrombie & Fitch Co. on Monday said it has entered into a new employment agreement with CEO Michael Jeffries, effective upon the expiration of his current contract on February 1, 2014.

New Albany, Ohio -- Abercrombie & Fitch Co. on Monday said it has entered into a new employment agreement with CEO Michael Jeffries, effective upon the expiration of his current contract on February 1, 2014. The new contract ties his compensation more closely with the company’s performance.

December 3, 2013

Investor Engaged Capital LLC has urged Abercrombie & Fitch to start a search for a new chief executive officer and consider selling the company, Bloomberg reported.

New York -- Investor Engaged Capital LLC has urged Abercrombie & Fitch to start a search for a new chief executive officer and consider selling the company, Bloomberg reported. The company owns less than 1% of the retailer’s shares outstanding.

November 21, 2013

Abercrombie & Fitch Co. swung to a loss in its third quarter, dragged down in part by charges related to the shuttering of its 28 freestanding Gilly Hicks stores.

New Albany, Ohio -- Abercrombie & Fitch Co. swung to a loss in its third quarter, dragged down in part by charges related to the shuttering of its 28 freestanding Gilly Hicks stores. But its adjusted profit topped analysts' estimates, even as its sales softened.

November 6, 2013

Abercrombie & Fitch reported weak net and comparable store sales and laid out plans to restructure its Gilly Hicks brand as part of a strategic review in advance of releasing its full results for the third quarter of fiscal 2013.

New Albany, Ohio -- Abercrombie & Fitch reported weak net and comparable store sales and laid out plans to restructure its Gilly Hicks brand as part of a strategic review in advance of releasing its full results for the third quarter of fiscal 2013.

September 11, 2013

Abercrombie & Fitch has extended its contract with GT Nexus to expand its cloud supply chain strategy and improve visibility into the movement of orders, payments and goods.

New York – Abercrombie & Fitch has extended its contract with GT Nexus to expand its cloud supply chain strategy and improve visibility into the movement of orders, payments and goods. The retailer has automated its procure-to-pay process in the cloud using GT Nexus to create a transparent workflow environment for purchase orders, invoices, amendments and settlements.

Since 2010, Abercrombie & Fitch has used the GT Nexus platform to support international sourcing and supplier collaboration.

September 5, 2013

Fitch announced that Gina Noda has joined the company as business development director.

Columbus, Ohio -- Fitch announced that Gina Noda has joined the company as business development director. She previously served as director of business development for Sargenti Architects, and prior to that spent 15 years at Scorpio Construction as director of marketing.

Based in the New York City area, Noda will be responsible for expanding Fitch’s presence on the East Coast, as well as across the country.

 

August 22, 2013

Abercrombie & Fitch Co. earned $11.4 million for the second quarter, down from $17.1 million in the year-ago period, amid a 10% drop in same-store sales.

New Albany, Ohio -- Abercrombie & Fitch Co. earned $11.4 million for the second quarter, down from $17.1 million in the year-ago period, amid a 10% drop in same-store sales. The retailer, whose results missed analysts' estimates, also gave a third-quarter earnings forecast well below Wall Street expectations.

Abercrombie & Fitch and many other teen retailers have struggled of late, with their sales impacted not only by financially constrained consumers but also by the inherent fickle nature of their customer base.

May 28, 2013

Abercrombie & Fitch shrunk its net loss during the first quarter of 2013 but still reported thin financial results.

New Albany, Ohio -- Abercrombie & Fitch shrunk its net loss during the first quarter of 2013 but still reported thin financial results. Net loss for the quarter was $7.2 million, compared to $21.3 million during the first quarter of 2012. The results missed analysts’ estimates.

Net sales dropped 9% from $921.2 million to $838.8 million. Same-store sales plummeted 17%. Direct-to-consumer sales fell 6%. U.S. same-store sales fell 14%; international comparable sales were down 16%.

May 22, 2013

A federal judge in Denver is considering an injunction after ruling that nearly 250 Abercrombie & Fitch stores, including its namesake and Hollister banners, are unfriendly to the disabled, the Associated Press reported.

Denver -- A federal judge in Denver is considering an injunction after ruling that nearly 250 Abercrombie & Fitch stores, including its namesake and Hollister banners, are unfriendly to the disabled, the Associated Press reported.

The judge agreed in March with the Colorado Cross-Disability Coalition that the stores limited access for wheelchair-bound customers.  He said the only option under the Americans With Disabilities Act is an injunction ordering the problems to be fixed, the report said.

April 3, 2013

In its annual report filed Tuesday, Abercrombie & Fitch revealed that it plans to open Abercrombie & Fitch flagship stores in Seoul and Shanghai in 2013, as well as 20 international Hollister stores.

New York -- In its annual report filed Tuesday, Abercrombie & Fitch revealed that it plans to open Abercrombie & Fitch flagship stores in Seoul and Shanghai in 2013, as well as 20 international Hollister stores. The news sent the teen retailer’s shares rising on Wednesday.

The company also said in the report that it is maintaining its focus on boosting profitability by simplifying processes, eliminating less-profitable parts of its business, shoring up efficiencies and cutting expenses.