E-commerce sales for Abercrombie & Fitch grew 10% in 2014 as comparable-store sales dropped 12% and the retailer closed 37 stores.

The past year marked a steep decline in comparable-store sales and total revenue for apparel retailer Abercrombie & Fitch Inc., but the web continued to grow.

For the year ended Feb. 1, Abercrombie & Fitch Inc., No. 52 in the Internet Retailer 2014 Top 500 Guide reported:

  • Direct-to-consumer sales, which are all online, grew year over year by 10%. Based on that metric, Internet Retailer estimates that e-commerce sales totaled $847.0 million in 2014 compared with $770.0 million in 2013.
  • Total revenue declined 8.3% to $3.77 billion from $4.11 billion.
  • Comparable-store sales, which include U.S. and international, declined 12%. U.S. comparable-store sales decreased 9%.
  • Net income was $51.8 million in 2014 compared with $54.6 million in 2013.
  • The web accounted for 22.5% of total sales compared with 18.7% in 2013.
  • At the end of the year Abercrombie operated 969 stores, down 3.7% from 1,006 stores in 2013.

Abercrombie took a one-time charge of $8.4 million in the final quarter related to certain aspects of closing stores, says non-executive chairman Arthur Martinez. “For the full year, our results came in well below our initial expectations, as an expected improvement in comparable sales did not materialize, and further progress on expense reduction was insufficient to offset weaker sales,” Martinez says.

For the fourth quarter:

  • Direct-to-consumer sales increased 2.3%. Abercrombie did not break out e-commerce metrics for the fourth quarter. Based on year-to-date numbers listed in Abercrombie’s quarterly financial filings with the U.S. Securities and Exchange Commission, Internet Retailer estimates fourth-quarter web sales totaled $315.6 million compared with $308.4 million in the fourth quarter of 2013.
  • Total revenue declined 13.8% to $1.12 billion from $1.30 billion.
  • Comparable-store sales, which include U.S. and international, declined 14%. U.S. comparable-store sales decreased 10%.
  • Net income was $44.4 million in Q4 2014 compared with $66.1 million in Q4 2013.
  • The web accounted for 28.2% of total sales compared with 23.7% in Q4 2013.

Abercrombie ended the year with the retirement of longtime CEO Michael Jeffries. The search for a new CEO continues, but on an interim basis the company is being run by a management team headed up by Martinez, who was appointed to his post in January 2014.

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