First-quarter sales for apparel retailer Abercrombie & Fitch decreased 24%, to $612.1 million for the 13-week period ended May 2. That’s down from $800.2 million for the same period in 2008.
Total direct-to-consumer net sales decreased 21%, to $49.1 million. Same-store sales sank 30%. The company reported a net loss of $26.8 million, compared to net income of $62.1 million for the first quarter last year.
Thanks to the economy, said chairman/CEO Mike Jeffries in a release, “The consumer continues to show a reluctance to spend on premium brands; a price consciousness dictating shopping habits unlike anything I have ever seen. We believe this is a temporary phenomenon, but will approach the current conditions with a conservative mindset until we see a clear improvement.”