Veteran journalist Carl Hoffman believes he’s solved one of the great mysteries of the 20th century. In 1961 at the age of 23, Michael Rockefeller – son of New York Governor Nelson Rockefeller and a member of one of the richest and most powerful families in America ¬– travelled to remote New Guinea in search of primitive art for his father’s new museum.
Abercrombie Sales, Profits Tumble In First Quarter
New Albany-based retailer Abercrombie and Fitch took a hit during the first quarter of the year.
Shares fell sharply this morning on the news that sales at established stores, a key indicator of a retailer’s health, slid five percent in the first quarter of the year. That’s the first time in two years that sales have decreased at existing Abercrombie stores.
Abercrombie reported income of just $3 million in income in the first quarter, compared with $28 million a year earlier.
But maybe most importantly, the quarterly report lowered the sales forecast for the rest of the year.
In a statement, Abercrombie chairman and CEO Mike Jeffries pointed to what he called a challenging market in Europe, and said despite the Wednesday report executives are largely satisfied with first quarter performance.