The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

Abercrombie & Fitch Reports

Friday, July 02, 2010

Abercrombie & Fitch Reports13:31 EDT Friday, July 02, 2010NEW ALBANY, Ohio, July 2 /PRNewswire-FirstCall/ -- Abercrombie & Fitch (NYSE: ANF) today reported that the bedbug problem in its Hollister store in SoHo has been eliminated and the store will reopen Saturday morning at 10:00 a.m. The Company will be temporarily closing its Abercrombie & Fitch South Street Seaport store to deal with a similar problem. The Company has requested guidance from the Mayor's office on how businesses in Manhattan should deal with this issue. In the meantime, the Company's first priority continues to be its customers and associates. �The Company's Abercrombie & Fitch Fifth Avenue store has been tested and is not affected.SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Press Release or made by management of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the Company's control. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," and similar expressions may identify forward-looking statements. �The following factors, in addition to those included in the disclosure under the heading " FORWARD-LOOKING STATEMENTS AND RISK FACTORS" in "ITEM 1A. RISK FACTORS" of A&F's Annual Report on Form 10-K for the fiscal year ended January 30, 2010, in some cases have affected and in the future could affect the Company's financial performance and could cause actual results for the 2010 fiscal year and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this Press Release or otherwise made by management: general and financial economic conditions; changes in consumer spending patterns and consumer preferences; the effects of political and economic events and conditions domestically and in foreign jurisdictions in which the Company operates, including, but not limited to, acts of terrorism or war; the impact of competition and pricing; changes in weather patterns; effects of greenhouse emissions and climate change; availability and market prices of key raw materials; ability to source product from its global supplier base; political stability; currency and exchange risks and changes in existing or potential duties, tariffs or quotas; availability of suitable store locations at appropriate terms; ability to develop new merchandise; ability to hire, train and retain associates; effects from the potential loss of services of skilled senior executive officers or inadequate succession planning for key positions; effects of equity-based compensation awarded under the Employment Agreement with the Company's Chief Executive Officer; and the outcome of pending litigation or other adversarial proceedings. Future economic and industry trends that could potentially impact revenue and profitability are difficult to predict. �Therefore, there can be no assurance that the forward-looking statements included in this Press Release will prove to be accurate. �In light of the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company, or any other person, that the objectives of the Company will be achieved. �The forward-looking statements herein are based on information presently available to the management of the Company. �Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.July 2, 2010Mayor Michael BloombergCity HallNew York, New York 10007Dear Mayor Bloomberg:We are very concerned about the growing infestation of bedbugs in New York City. �For the first time in our retail experience managing 1,100 stores, we discovered an infestation in our Epic Hollister store and the South Street Seaport Abercrombie & Fitch store. �We made the decision to act with caution by closing both stores to assure we have rid them of the problem.There is a real revenue loss involved in our decision but we felt closing was in the best interest of our customers and associates. �The Epic Hollister store reopens Saturday; today we closed the South Street Seaport Abercrombie &Fitch store when overnight testing revealed the presence of bedbugs. �We think it is a serious subject and look to you for leadership and guidance on how best to respond to this problem. �We are willing to be a part of any coalition to address the issue. �Please let us know what plans are in place and how we may participate.Sincerely,Michael S. JeffriesChairman and CEOAbercrombie & Fitchcc: Ms. Linda GibbsDeputy Mayor for Health and Human ServicesMs. Linda B. RosenthalNew York State Assembly WomanSOURCE Abercrombie & FitchFor further information: Eric Cerny, Manager, Investor Relations, +1-614-283-6385; or Iska Hain, Public Relations, +1-614-283-6192