Prospective business bachelors and MBA students who are interested in careers in the management sector of the clothing industry may be encouraged by the fourth quarter results of two large retailers.
Both Abercrombie and Fitch Company and Nordstrom Incorporated reported increases in their fourth quarter earnings, The Associated Press reported. This news comes as U.S. shoppers continue to look for bargains, rather than return to their pre-economic downturn shopping habits.
Abercrombie and Fitch's profits nearly doubled, from $47.5 million last year to $92.6 million this year. Domestic revenue also increased by 13 percent in the fourth quarter, which was due to aggressive promotions and the retailer's product assortment, according to company officials.
Like many other companies, Abercrombie and Fitch announced that it would be raising its prices to offset rising manufacturing costs.
Nordstrom credits its $232 million worth of fourth quarter earnings to tighter inventory controls and a rebound in full-price sales, according to the news source. This showed an increase over last year's profit of $172 million.
In addition, revenue from Nordstrom locations that have been open at least one year increased by 6.7 percent.