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Abercrombie CEO compensation nearly doubles in 2007

COLUMBUS, Ohio (Map, News) - The top executive of Abercrombie & Fitch, who has built the retailer into a chain of about 1,000 stores, received compensation that the company valued at $9.9 million in 2007, an 82 percent increase from the previous year, according to a regulatory filing Friday.

Almost all of the increase was in stock options and awards that were valued at $4.8 million when granted in 2007 for Michael Jeffries, Abercrombie's chairman and chief executive. He received no options and awards in 2006 when his compensation totaled $5.4 million.

Jeffries also received a salary of $1.5 million, incentives of $1.94 million and other compensation totaling $1.4 million, including $656,545 for personal use of aircraft use and $546,033 in contributions to his savings and retirement plans, according to the filing with the Securities and Exchange Commission.

The AP's total pay calculations include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

Abercrombie, powered by its growing Hollister Co. chain that caters to teens, earned $475.7 million, or $5.20 per share, for its last fiscal year, up from $422.2 million, or $3.75 per share, the previous year. Sales rose 13 percent to $3.75 billion for the year.

Sales at stores open at least a year, considered a key indicator of a retailer's strength, fell 1 percent for the year.

At the end of the quarter, Abercrombie operated 447 Hollister Co. stores compared with 390 stores the year before and 201 abercrombie stores for children compared with 177 stores the year before.

Abercrombie, based in the Columbus suburb of New Albany, also had 355 Abercrombie & Fitch stores, 22 Ruehl stores and three Gilly Hicks stores. It has six stores in Canada and an Abercrombie store in London.

"Although the company has existed for more than 100 years, Mr. Jeffries' vision has transformed the company into one of the most profitable, fastest growing retailers in the country," the company said in the filing. "His role is more akin to founder or lead creative talent than a typical CEO."

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On the Net: http://www.abercrombie.com

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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