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Abercrombie & Fitch see a 68% decline in 4Q profits
Jennifer McClelland | RSS | Fri, Feb 13 2009 | 0 CommentsAbercrombie & Fitch posted its numbers today relating to its 4th quarter and they weren’t good. Sales for the 4th quarter were down 68% and it only has itself to thank for that.
Chairman and Chief Executive Mike Jeffries said even in the weak economy Abercrombie will not be offering deals at the same level as its competitors.
“We are not promotional, and by promotional I mean 50 percent off a category or buy one get 17 free, somebody whispering to you about a secret sale. We don’t do stuff like that,” Jeffries said in a conference call with investors. “We do take clearance markdowns as a natural rhythm of the business and we’re strategic about how we take markdowns.”
So, even though it is attempting to “cut costs” the store will not be offering discounts or promotions on items that obviously fewer people are buying because they “don’t do stuff like that.” Well, people won’t buy “stuff like that” until they can afford it, which could be awhile.
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Tags: profits, chief executive, promotions
