It was last December when A&F’s long time CEO was “resigned” by its board of directors. I posted a link last winter to an article about how that came to happen. Here’s that link.
That’s not to say he had complete responsibility for what went wrong at A&F. But, as the article made clear, it’s fair to say that his presence and management style delayed A&F acknowledging and dealing with its issues.
They are still looking for a new CEO. I agree with them when they say they want to do it right- not fast.
Sales in the quarter ended August 1 fell 8.2% to $818 million from $891 million in the same quarter last year. Abercrombie sales were down 9.5% from $421 to $381 million. Hollister fell 5.9% from $465 to $437 million. In the U.S., revenues fell 5.9% from$546 to $515 million. Europe, due partly to a strengthening dollar, fell 19.3% from $248 to $200 million. What they call “other” was up from $96 to $103 million, or by 7.4%.