Abercrombie & Fitch

Abercrombie & Fitch credited an ongoing profit improvement initiative as driving its net income growth in the second quarter, which increased 13% to $12.9 million, from $11.4 million a year ago, and beat Wall Street estimates.

But the company’s revenue decreased 5.8% to $890.6 million in the quarter, and same-store sales dropped 7%, with U.S. same-store sales down 5%. The third quarter may see some progress, however, since it will include back-to-school sales.

New Albany, Ohio – Challenged by fast-fashion competitors and teens more interested in technology than clothing, Abercrombie & Fitch reported on Thursday that its revenue decreased 5.8% to $890.6 million in the second quarter, missing Wall Street projections. Its income, however, beat estimates, and rose 13% to $12.9 million, from $11.4 million a year earlier. The company cited an ongoing profit improvement initiative as driving its net income growth.

Pacific Sunwear’s SVP of women’s merchandising and design Christine Lee has resigned. Filling the role on an interim basis will be Brieane Breuer, who joined PacSun in 2007 and is the company's current VP of women's design.

Breuer received her master's degree in fashion design and styling from Istituto Marangoni and during the past 13 years has held various merchandising and design roles at high-end fashion brands such as Valentino, as well as at Abercrombie & Fitch.

New Albany, Ohio - Abercrombie & Fitch Co. has initiated a process to refinance $500 million in existing credit facilities to two new facilities worth a total of $750 million. Proceeds are expected to be used to pay off a remaining $131.5 million balance and outstanding borrowings of $60 million related to existing credit facilities, and to pay related fees and expenses associated with the transaction.  

New Albany, Ohio -- Abercrombie & Fitch has reorganized its Diversity & Inclusion structure. Todd Corley, who has led the efforts since 2004, is leaving to launch the TAPO Institute, which will focus on inclusive leadership based on “principles of transparency, authenticity, persistence, and optimism,” Abercrombie said.

Washington, D.C. - Shop.org is adding two new members to its board of directors and welcoming back eight members that currently serve on the board. Each member will serve a two-year term.

New Shop.org Board members:

• Bryon Colby, senior VP of digital commerce, Cornerstone Brands/HSNi; and
• Deepika Pandey, group VP, customer experience, direct and digital marketing, Walgreen Co.

New Albany, Ohio – Abercrombie & Fitch is reportedly rolling out charging stations for mobile phones and tablets in its stores. According to TheStreet, there are currently two Abercrombie & Fitch stores with mobile charging stations installed, and the retailer plans to roll out the stations at several more Abercrombie and Hollister stores by the end of the year.

Late last week, Retailing Today reported the GNC CFO Mike Nuzzo had resigned his position to accept a role at a private equity-funded consumer products company. Today, 4moms, a special-purpose robotics company that makes high tech baby gear, confirmed that it has appointed Nuzzo as chief administrative officer and EVP of business development.