Although controversial Abercrombie & Fitch CEO Mike Jeffries said he was pleased that the company’s earnings for the first quarter ended May 3 were in line with expectations, comparable-store sales dropped for the ninth straight quarter.
Michael Jeffries is still CEO of Abercrombie & Fitch. The company has renewed Jeffries’ employment agreement for a second time, with this latest restructured agreement taking effect Feb. 1, 2014, when Jeffries' current agreement expires.
Abercrombie & Fitch shrunk its net loss during the first quarter of 2013 but still reported thin financial results. Net loss for the quarter was $7.2 million, compared to $21.3 million during the first quarter of 2012. The results missed analysts’ estimates.