☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 31-1469076 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
6301 Fitch Path, | New Albany, | Ohio | 43054 | |||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: | (614) | 283-6500 |
Not Applicable | ||
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Class A Common Stock, $0.01 Par Value | ANF | New York Stock Exchange |
Large accelerated filer | Accelerated filer | ||||||||||
Non-accelerated filer | Smaller reporting company | ☐ | |||||||||
Emerging growth company | ☐ |
Class A Common Stock | Shares outstanding as of December | |||||||
$ |
Item 1. | ||||||||||
Item 2. | ||||||||||
Item 3. | ||||||||||
Item 4. | ||||||||||
Item 1. | ||||||||||
Item 1A. | ||||||||||
Item 2. | ||||||||||
Item 6. | ||||||||||
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||||||||||
Net sales | $ | 819,653 | $ | 863,472 | $ | 2,003,340 | $ | 2,438,522 | |||||||||||||||
Cost of sales, exclusive of depreciation and amortization | 295,220 | 344,541 | 791,154 | 976,868 | |||||||||||||||||||
Gross profit | 524,433 | 518,931 | 1,212,186 | 1,461,654 | |||||||||||||||||||
Stores and distribution expense | 346,263 | 377,697 | 978,757 | 1,110,656 | |||||||||||||||||||
Marketing, general and administrative expense | 121,000 | 114,075 | 326,509 | 341,716 | |||||||||||||||||||
Flagship store exit (benefits) charges | (8,063) | 285 | (12,490) | 47,023 | |||||||||||||||||||
Asset impairment, exclusive of flagship store exit charges | 6,329 | 12,610 | 57,340 | 14,987 | |||||||||||||||||||
Other operating loss (income), net | 288 | (215) | (1,562) | (465) | |||||||||||||||||||
Operating income (loss) | 58,616 | 14,479 | (136,368) | (52,263) | |||||||||||||||||||
Interest expense, net | 8,808 | 2,922 | 19,277 | 4,908 | |||||||||||||||||||
Income (loss) before income taxes | 49,808 | 11,557 | (155,645) | (57,171) | |||||||||||||||||||
Income tax expense (benefit) | 5,779 | 3,987 | 38,565 | (16,931) | |||||||||||||||||||
Net income (loss) | 44,029 | 7,570 | (194,210) | (40,240) | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 1,758 | 1,047 | 2,203 | 3,534 | |||||||||||||||||||
Net income (loss) attributable to A&F | $ | 42,271 | $ | 6,523 | $ | (196,413) | $ | (43,774) | |||||||||||||||
Net income (loss) per share attributable to A&F | |||||||||||||||||||||||
Basic | $ | 0.68 | $ | 0.10 | $ | (3.14) | $ | (0.67) | |||||||||||||||
Diluted | $ | 0.66 | $ | 0.10 | $ | (3.14) | $ | (0.67) | |||||||||||||||
Weighted-average shares outstanding | |||||||||||||||||||||||
Basic | 62,558 | 63,099 | 62,541 | 64,932 | |||||||||||||||||||
Diluted | 63,877 | 63,911 | 62,541 | 64,932 | |||||||||||||||||||
Other comprehensive (loss) income | |||||||||||||||||||||||
Foreign currency translation, net of tax | $ | 2,142 | $ | 1,355 | $ | 5,477 | $ | (5,219) | |||||||||||||||
Derivative financial instruments, net of tax | (5,234) | (3,654) | 1,224 | (574) | |||||||||||||||||||
Other comprehensive (loss) income | (3,092) | (2,299) | 6,701 | (5,793) | |||||||||||||||||||
Comprehensive income (loss) | 40,937 | 5,271 | (187,509) | (46,033) | |||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | 1,758 | 1,047 | 2,203 | 3,534 | |||||||||||||||||||
Comprehensive income (loss) attributable to A&F | $ | 39,179 | $ | 4,224 | $ | (189,712) | $ | (49,567) |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||
Net sales | $ | 863,472 | $ | 861,194 | $ | 2,438,522 | $ | 2,434,507 | |||||||
Cost of sales, exclusive of depreciation and amortization | 344,541 | 333,375 | 976,868 | 957,448 | |||||||||||
Gross profit | 518,931 | 527,819 | 1,461,654 | 1,477,059 | |||||||||||
Stores and distribution expense | 377,697 | 371,859 | 1,110,656 | 1,103,758 | |||||||||||
Marketing, general and administrative expense | 114,075 | 117,181 | 341,716 | 365,961 | |||||||||||
Flagship store exit charges | 285 | — | 47,023 | 3,808 | |||||||||||
Asset impairment, exclusive of flagship store exit charges | 12,610 | 656 | 14,987 | 10,383 | |||||||||||
Other operating income, net | (215 | ) | (1,557 | ) | (465 | ) | (4,551 | ) | |||||||
Operating income (loss) | 14,479 | 39,680 | (52,263 | ) | (2,300 | ) | |||||||||
Interest expense, net | 2,922 | 2,857 | 4,908 | 8,898 | |||||||||||
Income (loss) before income taxes | 11,557 | 36,823 | (57,171 | ) | (11,198 | ) | |||||||||
Income tax expense (benefit) | 3,987 | 12,047 | (16,931 | ) | 8,358 | ||||||||||
Net income (loss) | 7,570 | 24,776 | (40,240 | ) | (19,556 | ) | |||||||||
Less: Net income attributable to noncontrolling interests | 1,047 | 857 | 3,534 | 2,839 | |||||||||||
Net income (loss) attributable to A&F | $ | 6,523 | $ | 23,919 | $ | (43,774 | ) | $ | (22,395 | ) | |||||
Net income (loss) per share attributable to A&F | |||||||||||||||
Basic | $ | 0.10 | $ | 0.36 | $ | (0.67 | ) | $ | (0.33 | ) | |||||
Diluted | $ | 0.10 | $ | 0.35 | $ | (0.67 | ) | $ | (0.33 | ) | |||||
Weighted-average shares outstanding | |||||||||||||||
Basic | 63,099 | 66,818 | 64,932 | 67,775 | |||||||||||
Diluted | 63,911 | 68,308 | 64,932 | 67,775 | |||||||||||
Other comprehensive loss | |||||||||||||||
Foreign currency translation, net of tax | $ | 1,355 | $ | (3,095 | ) | $ | (5,219 | ) | $ | (22,640 | ) | ||||
Derivative financial instruments, net of tax | (3,654 | ) | (681 | ) | (574 | ) | 19,026 | ||||||||
Other comprehensive loss | (2,299 | ) | (3,776 | ) | (5,793 | ) | (3,614 | ) | |||||||
Comprehensive income (loss) | 5,271 | 21,000 | (46,033 | ) | (23,170 | ) | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | 1,047 | 857 | 3,534 | 2,839 | |||||||||||
Comprehensive income (loss) attributable to A&F | $ | 4,224 | $ | 20,143 | $ | (49,567 | ) | $ | (26,009 | ) |
October 31, 2020 | February 1, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 812,881 | $ | 671,267 | |||||||
Receivables | 89,074 | 80,251 | |||||||||
Inventories | 545,548 | 434,326 | |||||||||
Other current assets | 73,776 | 78,905 | |||||||||
Total current assets | 1,521,279 | 1,264,749 | |||||||||
Property and equipment, net | 593,932 | 665,290 | |||||||||
Operating lease right-of-use assets | 955,781 | 1,230,954 | |||||||||
Other assets | 205,970 | 388,672 | |||||||||
Total assets | $ | 3,276,962 | $ | 3,549,665 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 334,775 | $ | 219,919 | |||||||
Accrued expenses | 356,370 | 302,214 | |||||||||
Short-term portion of operating lease liabilities | 255,775 | 282,829 | |||||||||
Income taxes payable | 6,663 | 10,392 | |||||||||
Total current liabilities | 953,583 | 815,354 | |||||||||
Long-term liabilities: | |||||||||||
Long-term portion of operating lease liabilities | 1,010,051 | 1,252,634 | |||||||||
Long-term borrowings, net | 343,559 | 231,963 | |||||||||
Other liabilities | 110,965 | 178,536 | |||||||||
Total long-term liabilities | 1,464,575 | 1,663,133 | |||||||||
Stockholders’ equity | |||||||||||
Class A Common Stock - $0.01 par value: 150,000 shares authorized and 103,300 shares issued for all periods presented | 1,033 | 1,033 | |||||||||
Paid-in capital | 396,505 | 404,983 | |||||||||
Retained earnings | 2,067,521 | 2,313,745 | |||||||||
Accumulated other comprehensive loss, net of tax (“AOCL”) | (102,185) | (108,886) | |||||||||
Treasury stock, at average cost: 40,916 and 40,514 shares as of October 31, 2020 and February 1, 2020, respectively | (1,513,495) | (1,552,065) | |||||||||
Total Abercrombie & Fitch Co. stockholders’ equity | 849,379 | 1,058,810 | |||||||||
Noncontrolling interests | 9,425 | 12,368 | |||||||||
Total stockholders’ equity | 858,804 | 1,071,178 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,276,962 | $ | 3,549,665 |
November 2, 2019 | February 2, 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and equivalents | $ | 410,775 | $ | 723,135 | |||
Receivables | 92,736 | 73,112 | |||||
Inventories | 590,883 | 437,879 | |||||
Other current assets | 86,275 | 101,824 | |||||
Total current assets | 1,180,669 | 1,335,950 | |||||
Property and equipment, net | 665,862 | 694,855 | |||||
Operating lease right-of-use assets | 1,223,512 | — | |||||
Other assets | 415,962 | 354,788 | |||||
Total assets | $ | 3,486,005 | $ | 2,385,593 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 269,578 | $ | 226,878 | |||
Accrued expenses | 269,334 | 293,579 | |||||
Short-term portion of operating lease liabilities | 284,694 | — | |||||
Income taxes payable | 13,728 | 18,902 | |||||
Short-term portion of deferred lease credits | — | 19,558 | |||||
Total current liabilities | 837,334 | 558,917 | |||||
Long-term liabilities: | |||||||
Long-term portion of operating lease liabilities | 1,234,502 | — | |||||
Long-term portion of borrowings, net | 241,343 | 250,439 | |||||
Long-term portion of deferred lease credits | — | 76,134 | |||||
Leasehold financing obligations | — | 46,337 | |||||
Other liabilities | 178,460 | 235,145 | |||||
Total long-term liabilities | 1,654,305 | 608,055 | |||||
Stockholders’ equity | |||||||
Class A Common Stock - $0.01 par value: 150,000 shares authorized and 103,300 shares issued for all periods presented | 1,033 | 1,033 | |||||
Paid-in capital | 399,981 | 405,379 | |||||
Retained earnings | 2,244,150 | 2,418,544 | |||||
Accumulated other comprehensive loss, net of tax | (108,245 | ) | (102,452 | ) | |||
Treasury stock, at average cost: 40,543 and 37,073 shares as of November 2, 2019 and February 2, 2019, respectively | (1,553,407 | ) | (1,513,604 | ) | |||
Total Abercrombie & Fitch Co. stockholders’ equity | 983,512 | 1,208,900 | |||||
Noncontrolling interests | 10,854 | 9,721 | |||||
Total stockholders’ equity | 994,366 | 1,218,621 | |||||
Total liabilities and stockholders’ equity | $ | 3,486,005 | $ | 2,385,593 |
Thirteen Weeks Ended October 31, 2020 | |||||||||||||||||||||||||||||
Common Stock | Paid-in capital | Non-controlling interests | Retained earnings | AOCL | Treasury stock | Total stockholders’ equity | |||||||||||||||||||||||
Shares outstanding | Par value | Shares | At average cost | ||||||||||||||||||||||||||
Balance, August 1, 2020 | 62,365 | $ | 1,033 | $ | 392,272 | $ | 7,929 | $ | 2,025,911 | $ | (99,093) | 40,935 | $ | (1,514,442) | $ | 813,610 | |||||||||||||
Net income | — | — | — | 1,758 | 42,271 | — | — | — | 44,029 | ||||||||||||||||||||
Share-based compensation issuances and exercises | 19 | — | (436) | — | (661) | — | (19) | 947 | (150) | ||||||||||||||||||||
Share-based compensation expense | — | — | 4,669 | — | — | — | — | — | 4,669 | ||||||||||||||||||||
Derivative financial instruments, net of tax | — | — | — | — | — | (5,234) | — | — | (5,234) | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | 2,142 | — | — | 2,142 | ||||||||||||||||||||
Distributions to noncontrolling interests, net | — | — | — | (262) | — | — | — | — | (262) | ||||||||||||||||||||
Ending balance at October 31, 2020 | 62,384 | $ | 1,033 | $ | 396,505 | $ | 9,425 | $ | 2,067,521 | $ | (102,185) | 40,916 | $ | (1,513,495) | $ | 858,804 | |||||||||||||
Thirteen Weeks Ended November 2, 2019 | |||||||||||||||||||||||||||||
Common Stock | Paid-in capital | Non-controlling interests | Retained earnings | AOCL | Treasury stock | Total stockholders’ equity | |||||||||||||||||||||||
Shares outstanding | Par value | Shares | At average cost | ||||||||||||||||||||||||||
Balance, August 3, 2019 | 63,146 | $ | 1,033 | $ | 394,694 | $ | 11,318 | $ | 2,251,032 | $ | (105,946) | 40,154 | $ | (1,548,836) | $ | 1,003,295 | |||||||||||||
Net income | — | — | — | 1,047 | 6,523 | — | — | — | 7,570 | ||||||||||||||||||||
Purchase of Common Stock | (412) | — | — | — | — | — | 412 | (5,730) | (5,730) | ||||||||||||||||||||
Dividends ($0.20 per share) | — | — | — | — | (12,574) | — | — | — | (12,574) | ||||||||||||||||||||
Share-based compensation issuances and exercises | 23 | — | (509) | — | (831) | — | (23) | 1,159 | (181) | ||||||||||||||||||||
Share-based compensation expense | — | — | 5,796 | — | — | — | — | — | 5,796 | ||||||||||||||||||||
Derivative financial instruments, net of tax | — | — | — | — | — | (3,654) | — | — | (3,654) | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | 1,355 | — | — | 1,355 | ||||||||||||||||||||
Distributions to noncontrolling interests, net | — | — | — | (1,511) | — | — | — | — | (1,511) | ||||||||||||||||||||
Ending balance at November 2, 2019 | 62,757 | $ | 1,033 | $ | 399,981 | $ | 10,854 | $ | 2,244,150 | $ | (108,245) | 40,543 | $ | (1,553,407) | $ | 994,366 |
Thirteen Weeks Ended November 2, 2019 | |||||||||||||||||||||||||
Common Stock | Paid-in capital | Non-controlling interests | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total stockholders’ equity | |||||||||||||||||||
Shares outstanding | Par value | Shares | At average cost | ||||||||||||||||||||||
Beginning balance at August 3, 2019 | 63,146 | $ | 1,033 | $ | 394,694 | $ | 11,318 | $ | 2,251,032 | $ | (105,946 | ) | 40,154 | $ | (1,548,836 | ) | $ | 1,003,295 | |||||||
Net income | — | — | — | 1,047 | 6,523 | — | — | — | 7,570 | ||||||||||||||||
Purchase of common stock | (412 | ) | — | — | — | — | — | 412 | (5,730 | ) | (5,730 | ) | |||||||||||||
Dividends ($0.20 per share) | — | — | — | — | (12,574 | ) | — | — | — | (12,574 | ) | ||||||||||||||
Share-based compensation issuances and exercises | 23 | — | (509 | ) | — | (831 | ) | — | (23 | ) | 1,159 | (181 | ) | ||||||||||||
Share-based compensation expense | — | — | 5,796 | — | — | — | — | — | 5,796 | ||||||||||||||||
Derivative financial instruments, net of tax | — | — | — | — | — | (3,654 | ) | — | — | (3,654 | ) | ||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | 1,355 | — | — | 1,355 | ||||||||||||||||
Distributions to noncontrolling interests, net | — | — | — | (1,511 | ) | — | — | — | — | (1,511 | ) | ||||||||||||||
Ending balance at November 2, 2019 | 62,757 | $ | 1,033 | $ | 399,981 | $ | 10,854 | $ | 2,244,150 | $ | (108,245 | ) | 40,543 | $ | (1,553,407 | ) | $ | 994,366 | |||||||
Thirteen Weeks Ended November 3, 2018 | |||||||||||||||||||||||||
Common Stock | Paid-in capital | Non-controlling interests | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total stockholders’ equity | |||||||||||||||||||
Shares outstanding | Par value | Shares | At average cost | ||||||||||||||||||||||
Beginning balance at August 4, 2018 | 66,975 | $ | 1,033 | $ | 401,483 | $ | 10,074 | $ | 2,337,100 | $ | (94,892 | ) | 36,325 | $ | (1,507,414 | ) | $ | 1,147,384 | |||||||
Net income | — | — | — | 857 | 23,919 | — | — | — | 24,776 | ||||||||||||||||
Purchase of common stock | (1,184 | ) | — | — | — | — | — | 1,184 | (25,000 | ) | (25,000 | ) | |||||||||||||
Dividends ($0.20 per share) | — | — | — | — | (13,354 | ) | — | — | — | (13,354 | ) | ||||||||||||||
Share-based compensation issuances and exercises | 52 | — | (1,271 | ) | — | (1,955 | ) | — | (52 | ) | 2,640 | (586 | ) | ||||||||||||
Share-based compensation expense | — | — | 5,957 | — | — | — | — | — | 5,957 | ||||||||||||||||
Derivative financial instruments, net of tax | — | — | — | — | — | (681 | ) | — | — | (681 | ) | ||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | (3,095 | ) | — | — | (3,095 | ) | ||||||||||||||
Distributions to noncontrolling interests, net | — | — | — | (1,111 | ) | — | — | — | — | (1,111 | ) | ||||||||||||||
Ending balance at November 3, 2018 | 65,843 | $ | 1,033 | $ | 406,169 | $ | 9,820 | $ | 2,345,710 | $ | (98,668 | ) | 37,457 | $ | (1,529,774 | ) | $ | 1,134,290 |
Thirty-nine Weeks Ended October 31, 2020 | |||||||||||||||||||||||||||||
Common Stock | Paid-in capital | Non-controlling interests | Retained earnings | AOCL | Treasury stock | Total stockholders’ equity | |||||||||||||||||||||||
Shares outstanding | Par value | Shares | At average cost | ||||||||||||||||||||||||||
Balance, February 1, 2020 | 62,786 | $ | 1,033 | $ | 404,983 | $ | 12,368 | $ | 2,313,745 | $ | (108,886) | 40,514 | $ | (1,552,065) | $ | 1,071,178 | |||||||||||||
Net loss | — | — | — | 2,203 | (196,413) | — | — | — | (194,210) | ||||||||||||||||||||
Purchase of Common Stock | (1,397) | — | — | — | — | — | 1,397 | (15,172) | (15,172) | ||||||||||||||||||||
Dividends ($0.20 per share) | — | — | — | — | (12,556) | — | — | — | (12,556) | ||||||||||||||||||||
Share-based compensation issuances and exercises | 995 | — | (22,053) | — | (37,255) | — | (995) | 53,742 | (5,566) | ||||||||||||||||||||
Share-based compensation expense | — | — | 13,575 | — | — | — | — | — | 13,575 | ||||||||||||||||||||
Derivative financial instruments, net of tax | — | — | — | — | — | 1,224 | — | — | 1,224 | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | 5,477 | — | — | 5,477 | ||||||||||||||||||||
Distributions to noncontrolling interests, net | — | — | — | (5,146) | — | — | — | — | (5,146) | ||||||||||||||||||||
Ending balance at October 31, 2020 | 62,384 | $ | 1,033 | $ | 396,505 | $ | 9,425 | $ | 2,067,521 | $ | (102,185) | 40,916 | $ | (1,513,495) | $ | 858,804 | |||||||||||||
Thirty-nine Weeks Ended November 2, 2019 | |||||||||||||||||||||||||||||
Common Stock | Paid-in capital | Non-controlling interests | Retained earnings | AOCL | Treasury stock | Total stockholders’ equity | |||||||||||||||||||||||
Shares outstanding | Par value | Shares | At average cost | ||||||||||||||||||||||||||
Balance, February 2, 2019 | 66,227 | $ | 1,033 | $ | 405,379 | $ | 9,721 | $ | 2,418,544 | $ | (102,452) | 37,073 | $ | (1,513,604) | $ | 1,218,621 | |||||||||||||
Impact from adoption of the new lease accounting standard | — | — | — | — | (75,165) | — | — | — | (75,165) | ||||||||||||||||||||
Net loss | — | — | — | 3,534 | (43,774) | — | — | — | (40,240) | ||||||||||||||||||||
Purchase of Common Stock | (3,957) | — | — | — | — | — | 3,957 | (63,542) | (63,542) | ||||||||||||||||||||
Dividends ($0.60 per share) | — | — | — | — | (38,959) | — | — | — | (38,959) | ||||||||||||||||||||
Share-based compensation issuances and exercises | 487 | — | (13,862) | — | (16,496) | — | (487) | 23,739 | (6,619) | ||||||||||||||||||||
Share-based compensation expense | — | — | 8,464 | — | — | — | — | — | 8,464 | ||||||||||||||||||||
Derivative financial instruments, net of tax | — | — | — | — | — | (574) | — | — | (574) | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | (5,219) | — | — | (5,219) | ||||||||||||||||||||
Distributions to noncontrolling interests, net | — | — | — | (2,401) | — | — | — | — | (2,401) | ||||||||||||||||||||
Ending balance at November 2, 2019 | 62,757 | $ | 1,033 | $ | 399,981 | $ | 10,854 | $ | 2,244,150 | $ | (108,245) | 40,543 | $ | (1,553,407) | $ | 994,366 |
Thirty-nine Weeks Ended November 2, 2019 | |||||||||||||||||||||||||
Common Stock | Paid-in capital | Non-controlling interests | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total stockholders’ equity | |||||||||||||||||||
Shares outstanding | Par value | Shares | At average cost | ||||||||||||||||||||||
Beginning balance at February 2, 2019 | 66,227 | $ | 1,033 | $ | 405,379 | $ | 9,721 | $ | 2,418,544 | $ | (102,452 | ) | 37,073 | $ | (1,513,604 | ) | $ | 1,218,621 | |||||||
Impact from adoption of the new lease accounting standard (Refer to Note 2, “Summary of Significant Accounting Policies”) | — | — | — | — | (75,165 | ) | — | — | — | (75,165 | ) | ||||||||||||||
Net loss | — | — | — | 3,534 | (43,774 | ) | — | — | — | (40,240 | ) | ||||||||||||||
Purchase of common stock | (3,957 | ) | — | — | — | — | — | 3,957 | (63,542 | ) | (63,542 | ) | |||||||||||||
Dividends ($0.60 per share) | — | — | — | — | (38,959 | ) | — | — | — | (38,959 | ) | ||||||||||||||
Share-based compensation issuances and exercises | 487 | — | (13,862 | ) | — | (16,496 | ) | — | (487 | ) | 23,739 | (6,619 | ) | ||||||||||||
Share-based compensation expense | — | — | 8,464 | — | — | — | — | — | 8,464 | ||||||||||||||||
Derivative financial instruments, net of tax | — | — | — | — | — | (574 | ) | — | — | (574 | ) | ||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | (5,219 | ) | — | — | (5,219 | ) | ||||||||||||||
Distributions to noncontrolling interests, net | — | — | — | (2,401 | ) | — | — | — | — | (2,401 | ) | ||||||||||||||
Ending balance at November 2, 2019 | 62,757 | $ | 1,033 | $ | 399,981 | $ | 10,854 | $ | 2,244,150 | $ | (108,245 | ) | 40,543 | $ | (1,553,407 | ) | $ | 994,366 | |||||||
Thirty-nine Weeks Ended November 3, 2018 | |||||||||||||||||||||||||
Common Stock | Paid-in capital | Non-controlling interests | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total stockholders’ equity | |||||||||||||||||||
Shares outstanding | Par value | Shares | At average cost | ||||||||||||||||||||||
Beginning balance at February 3, 2018 | 68,195 | $ | 1,033 | $ | 406,351 | $ | 10,092 | $ | 2,420,552 | $ | (95,054 | ) | 35,105 | $ | (1,490,503 | ) | $ | 1,252,471 | |||||||
Impact from adoption of the new revenue recognition accounting standard | — | — | — | — | 6,944 | — | — | — | 6,944 | ||||||||||||||||
Net loss | — | — | — | 2,839 | (22,395 | ) | — | — | — | (19,556 | ) | ||||||||||||||
Purchase of common stock | (2,931 | ) | — | — | — | — | — | 2,931 | (68,670 | ) | (68,670 | ) | |||||||||||||
Dividends ($0.60 per share) | — | — | — | — | (40,550 | ) | — | — | — | (40,550 | ) | ||||||||||||||
Share-based compensation issuances and exercises | 579 | — | (17,078 | ) | — | (18,841 | ) | — | (579 | ) | 29,399 | (6,520 | ) | ||||||||||||
Share-based compensation expense | — | — | 16,896 | — | — | — | — | — | 16,896 | ||||||||||||||||
Derivative financial instruments, net of tax | — | — | — | — | — | 19,026 | — | — | 19,026 | ||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | (22,640 | ) | — | — | (22,640 | ) | ||||||||||||||
Distributions to noncontrolling interests, net | — | — | — | (3,111 | ) | — | — | — | — | (3,111 | ) | ||||||||||||||
Ending balance at November 3, 2018 | 65,843 | $ | 1,033 | $ | 406,169 | $ | 9,820 | $ | 2,345,710 | $ | (98,668 | ) | 37,457 | $ | (1,529,774 | ) | $ | 1,134,290 |
Thirty-nine Weeks Ended | |||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (194,210) | $ | (40,240) | |||||||
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | |||||||||||
Depreciation and amortization | 127,248 | 124,910 | |||||||||
Asset impairment | 57,340 | 18,216 | |||||||||
Loss on disposal | 7,586 | 5,326 | |||||||||
Provision for (benefit from) deferred income taxes | 27,432 | (20,631) | |||||||||
Share-based compensation | 13,575 | 8,464 | |||||||||
Changes in assets and liabilities: | |||||||||||
Inventories | (109,665) | (154,791) | |||||||||
Accounts payable and accrued expenses | 186,806 | 34,752 | |||||||||
Operating lease right-of-use assets and liabilities | (41,976) | 42,990 | |||||||||
Income taxes | (7,168) | (2,264) | |||||||||
Other assets | 30,403 | (47,138) | |||||||||
Withdrawal of funds from Rabbi Trust assets | 50,000 | 0 | |||||||||
Other liabilities | 11,523 | (3,433) | |||||||||
Net cash provided by (used for) operating activities | 158,894 | (33,839) | |||||||||
Investing activities | |||||||||||
Purchases of property and equipment | (91,748) | (154,373) | |||||||||
Net cash used for investing activities | (91,748) | (154,373) | |||||||||
Financing activities | |||||||||||
Proceeds from issuance of senior secured notes | 350,000 | 0 | |||||||||
Proceeds from borrowings under the senior secured asset-based revolving credit facility | 210,000 | 0 | |||||||||
Repayment of borrowings under the term loan facility | (233,250) | (10,000) | |||||||||
Repayment of borrowings under the senior secured asset-based revolving credit facility | (210,000) | 0 | |||||||||
Payment of debt issuance costs and fees | (7,151) | 0 | |||||||||
Purchases of Common Stock | (15,172) | (63,542) | |||||||||
Dividends paid | (12,556) | (38,959) | |||||||||
Other financing activities | (11,742) | (10,407) | |||||||||
Net cash provided by (used for) financing activities | 70,129 | (122,908) | |||||||||
Effect of foreign currency exchange rates on cash | 2,269 | (2,686) | |||||||||
Net increase (decrease) in cash and equivalents, and restricted cash and equivalents | 139,544 | (313,806) | |||||||||
Cash and equivalents, and restricted cash and equivalents, beginning of period | 692,264 | 745,829 | |||||||||
Cash and equivalents, and restricted cash and equivalents, end of period | $ | 831,808 | $ | 432,023 | |||||||
Supplemental information related to non-cash activities | |||||||||||
Purchases of property and equipment not yet paid at end of period | $ | 26,554 | $ | 36,951 | |||||||
Operating lease right-of-use assets additions, net of terminations, impairments and other reductions | $ | (41,305) | $ | 293,281 | |||||||
Supplemental information related to cash activities | |||||||||||
Cash paid for interest | $ | 9,182 | $ | 12,022 | |||||||
Cash paid for income taxes | $ | 10,412 | $ | 18,697 | |||||||
Cash received from income tax refunds | $ | 4,001 | $ | 8,570 | |||||||
Cash paid for amounts included in measurement of operating lease liabilities | $ | 224,827 | $ | 311,275 |
Thirty-nine Weeks Ended | |||||||
November 2, 2019 | November 3, 2018 | ||||||
Operating activities | |||||||
Net loss | $ | (40,240 | ) | $ | (19,556 | ) | |
Adjustments to reconcile net loss to net cash (used for) provided by operating activities: | |||||||
Depreciation and amortization | 124,910 | 136,263 | |||||
Amortization of deferred lease credits prior to adoption of new lease accounting standard | — | (16,129 | ) | ||||
Asset impairment | 18,216 | 10,383 | |||||
Loss on disposal | 5,326 | 3,191 | |||||
Benefit from deferred income taxes | (20,631 | ) | (1,509 | ) | |||
Share-based compensation | 8,464 | 16,896 | |||||
Changes in assets and liabilities: | |||||||
Inventories | (154,791 | ) | (159,421 | ) | |||
Accounts payable and accrued expenses | 34,752 | 105,452 | |||||
Operating lease right-of-use assets and liabilities | 42,990 | — | |||||
Income taxes | (2,264 | ) | (3,171 | ) | |||
Other assets | (47,138 | ) | 6,274 | ||||
Other liabilities | (3,433 | ) | (1,428 | ) | |||
Net cash (used for) provided by operating activities | (33,839 | ) | 77,245 | ||||
Investing activities | |||||||
Purchases of property and equipment | (154,373 | ) | (98,768 | ) | |||
Net cash used for investing activities | (154,373 | ) | (98,768 | ) | |||
Financing activities | |||||||
Purchases of common stock | (63,542 | ) | (68,670 | ) | |||
Dividends paid | (38,959 | ) | (40,550 | ) | |||
Repayment of term loan facility borrowings | (10,000 | ) | — | ||||
Other financing activities | (10,407 | ) | (8,761 | ) | |||
Net cash used for financing activities | (122,908 | ) | (117,981 | ) | |||
Effect of foreign currency exchange rates on cash | (2,686 | ) | (16,068 | ) | |||
Net decrease in cash and equivalents, and restricted cash and equivalents | (313,806 | ) | (155,572 | ) | |||
Cash and equivalents, and restricted cash and equivalents, beginning of period | 745,829 | 697,955 | |||||
Cash and equivalents, and restricted cash and equivalents, end of period | $ | 432,023 | $ | 542,383 | |||
Supplemental information related to non-cash activities | |||||||
Purchases of property and equipment not yet paid at end of period | $ | 36,951 | $ | 22,091 | |||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 293,281 | $ | — | |||
Supplemental information related to cash activities | |||||||
Cash paid for interest | $ | 12,022 | $ | 10,428 | |||
Cash paid for income taxes | $ | 18,697 | $ | 17,712 | |||
Cash received from income tax refunds | $ | 8,570 | $ | 7,477 | |||
Cash paid for operating lease liabilities | $ | 311,275 | $ | — |
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Fiscal year | Number of weeks | |||||||||||||
Fiscal 2019 | February 1, 2020 | 52 | ||||||||||||
Fiscal 2020 | January 30, 2021 | 52 |
(in thousands) | Location | October 31, 2020 | February 1, 2020 | November 2, 2019 | February 2, 2019 | ||||||||||||||||||||||||
Cash and equivalents | Cash and equivalents | $ | 812,881 | $ | 671,267 | $ | 410,775 | $ | 723,135 | ||||||||||||||||||||
Long-term restricted cash and equivalents | Other assets | 14,633 | 18,696 | 18,698 | 22,694 | ||||||||||||||||||||||||
Short-term restricted cash and equivalents | Other current assets | 4,294 | 2,301 | 2,550 | 0 | ||||||||||||||||||||||||
Cash and equivalents and restricted cash and equivalents | $ | 831,808 | $ | 692,264 | $ | 432,023 | $ | 745,829 |
(in thousands) | October 31, 2020 | February 1, 2020 | November 2, 2019 | February 2, 2019 | |||||||||||||||||||
Gift card liability | $ | 22,910 | $ | 28,844 | $ | 19,855 | $ | 26,062 | |||||||||||||||
Loyalty program liability | $ | 19,640 | $ | 23,051 | $ | 21,396 | $ | 19,904 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Revenue associated with gift card redemptions and gift card breakage | $ | 11,717 | $ | 12,653 | $ | 32,792 | $ | 40,729 | |||||||||||||||
Revenue associated with reward redemptions and breakage related to the Company’s loyalty programs | $ | 9,686 | $ | 9,249 | $ | 23,377 | $ | 23,795 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Shares of Common Stock issued | 103,300 | 103,300 | 103,300 | 103,300 | |||||||||||||||||||
Weighted-average treasury shares | (40,742) | (40,201) | (40,759) | (38,368) | |||||||||||||||||||
Weighted-average — basic shares | 62,558 | 63,099 | 62,541 | 64,932 | |||||||||||||||||||
Dilutive effect of share-based compensation awards | 1,319 | 812 | 0 | 0 | |||||||||||||||||||
Weighted-average — diluted shares | 63,877 | 63,911 | 62,541 | 64,932 | |||||||||||||||||||
Anti-dilutive shares (1) | 1,828 | 2,912 | 1,988 | 1,572 |
Assets at Fair Value as of October 31, 2020 | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents (1) | $ | 68,271 | $ | 43,596 | $ | 0 | $ | 111,867 | |||||||||||||||
Derivative instruments (2) | 0 | 461 | 0 | 461 | |||||||||||||||||||
Rabbi Trust assets (3) | 1 | 60,418 | 0 | 60,419 | |||||||||||||||||||
Restricted cash equivalents (4) | 6,670 | 7,918 | 0 | 14,588 | |||||||||||||||||||
Total assets | $ | 74,942 | $ | 112,393 | $ | 0 | $ | 187,335 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative instruments (2) | $ | 0 | $ | 367 | $ | 0 | $ | 367 | |||||||||||||||
Total liabilities | $ | 0 | $ | 367 | $ | 0 | $ | 367 |
Assets and Liabilities at Fair Value as of February 1, 2020 | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents (1) | $ | 225 | $ | 58,447 | $ | 0 | $ | 58,672 | |||||||||||||||
Derivative instruments (2) | 0 | 1,969 | 0 | 1,969 | |||||||||||||||||||
Rabbi Trust assets (3) | 1 | 109,048 | 0 | 109,049 | |||||||||||||||||||
Restricted cash equivalents (4) | 9,765 | 4,601 | 0 | 14,366 | |||||||||||||||||||
Total assets | $ | 9,991 | $ | 174,065 | $ | 0 | $ | 184,056 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative instruments (2) | $ | 0 | $ | 1,460 | $ | 0 | $ | 1,460 | |||||||||||||||
Total liabilities | $ | 0 | $ | 1,460 | $ | 0 | $ | 1,460 |
(in thousands) | October 31, 2020 | February 1, 2020 | |||||||||
Gross borrowings outstanding, carrying amount | $ | 350,000 | $ | 233,250 | |||||||
Gross borrowings outstanding, fair value | $ | 374,063 | $ | 233,979 |
(in thousands) | October 31, 2020 | February 1, 2020 | |||||||||
Property and equipment, at cost | $ | 2,741,167 | $ | 2,744,967 | |||||||
Less: Accumulated depreciation and amortization | (2,147,235) | (2,079,677) | |||||||||
Property and equipment, net | $ | 593,932 | $ | 665,290 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Single lease cost (1) | $ | 83,743 | $ | 104,726 | $ | 264,932 | $ | 318,270 | |||||||||||||||
Variable lease cost (2) | 14,428 | 25,990 | 61,763 | 129,073 | |||||||||||||||||||
Operating lease right-of-use asset impairment (3) | 3,979 | 9,047 | 44,397 | 12,636 | |||||||||||||||||||
Total operating lease cost | $ | 102,150 | $ | 139,763 | $ | 371,092 | $ | 459,979 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Operating lease right-of-use asset impairment (1) | $ | 3,979 | $ | 9,047 | $ | 44,397 | $ | 12,636 | |||||||||||||||
Property and equipment asset impairment | 2,350 | 3,563 | 12,943 | 5,580 | |||||||||||||||||||
Total asset impairment | $ | 6,329 | $ | 12,610 | $ | 57,340 | $ | 18,216 |
(in thousands) | October 31, 2020 | February 1, 2020 | |||||||||
Trust-owned life insurance policies (at cash surrender value) | $ | 60,418 | $ | 109,048 | |||||||
Money market funds | 1 | 1 | |||||||||
Rabbi Trust assets | $ | 60,419 | $ | 109,049 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Realized gains related to Rabbi Trust assets | $ | 391 | $ | 805 | $ | 1,369 | $ | 2,394 |
(in thousands) | October 31, 2020 | February 1, 2020 | |||||||||
Long-term portion of borrowings, gross at carrying amount | $ | 350,000 | $ | 233,250 | |||||||
Unamortized fees | (6,441) | (932) | |||||||||
Unamortized discount | 0 | (355) | |||||||||
Long-term borrowings, net | $ | 343,559 | $ | 231,963 |
(in thousands) | February 2, 2019 (as reported under previous lease accounting standard) | Impact from adoption of new lease accounting standard | Upon adoption on February 3, 2019 (under new lease accounting standard) (1) | ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 723,135 | $ | — | $ | 723,135 | |||||
Receivables | 73,112 | — | 73,112 | ||||||||
Inventories | 437,879 | — | 437,879 | ||||||||
Other current assets (2) | 101,824 | (31,310 | ) | 70,514 | |||||||
Total current assets | 1,335,950 | (31,310 | ) | 1,304,640 | |||||||
Property and equipment, net (3) | 694,855 | (46,624 | ) | 648,231 | |||||||
Operating lease right-of-use assets (2) | — | 1,234,515 | 1,234,515 | ||||||||
Other assets (2) (5) | 354,788 | 15,553 | 370,341 | ||||||||
Total assets | $ | 2,385,593 | $ | 1,172,134 | $ | 3,557,727 | |||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 226,878 | $ | — | $ | 226,878 | |||||
Accrued expenses (2) | 293,579 | (13,508 | ) | 280,071 | |||||||
Short-term portion of operating lease liabilities (4) | — | 280,108 | 280,108 | ||||||||
Short-term portion of deferred lease credits (2) | 19,558 | (19,558 | ) | — | |||||||
Income taxes payable | 18,902 | — | 18,902 | ||||||||
Total current liabilities | 558,917 | 247,042 | 805,959 | ||||||||
Long-term liabilities: | |||||||||||
Long-term portion of operating lease liabilities (4) | — | 1,193,946 | 1,193,946 | ||||||||
Long-term portion of borrowings, net | 250,439 | — | 250,439 | ||||||||
Long-term portion of deferred lease credits (2) | 76,134 | (76,134 | ) | — | |||||||
Leasehold financing obligations (3) | 46,337 | (46,337 | ) | — | |||||||
Other liabilities (2) (5) | 235,145 | (71,218 | ) | 163,927 | |||||||
Total long-term liabilities | 608,055 | 1,000,257 | 1,608,312 | ||||||||
Stockholders’ equity | |||||||||||
Class A Common Stock | 1,033 | — | 1,033 | ||||||||
Paid-in capital | 405,379 | — | 405,379 | ||||||||
Retained earnings (6) | 2,418,544 | (75,165 | ) | 2,343,379 | |||||||
Accumulated other comprehensive loss, net of tax | (102,452 | ) | — | (102,452 | ) | ||||||
Treasury stock, at average cost | (1,513,604 | ) | — | (1,513,604 | ) | ||||||
Total Abercrombie & Fitch Co. stockholders’ equity | 1,208,900 | (75,165 | ) | 1,133,735 | |||||||
Noncontrolling interests | 9,721 | — | 9,721 | ||||||||
Total stockholders’ equity | 1,218,621 | (75,165 | ) | 1,143,456 | |||||||
Total liabilities and stockholders’ equity | $ | 2,385,593 | $ | 1,172,134 | $ | 3,557,727 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Share-based compensation expense | $ | 4,669 | $ | 5,796 | $ | 13,575 | $ | 8,464 | |||||||||||||||
Income tax benefit associated with share-based compensation expense recognized (1) | $ | 0 | $ | 1,211 | $ | 0 | $ | 1,566 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Income tax discrete benefits realized for tax deductions related to the issuance of shares (1) | $ | 0 | $ | 6 | $ | 0 | $ | 1,175 | |||||||||||||||
Income tax discrete charges realized upon cancellation of stock appreciation rights (1) | 0 | (447) | 0 | (611) | |||||||||||||||||||
Total income tax discrete (charges) benefits related to share-based compensation awards | $ | 0 | $ | (441) | $ | 0 | $ | 564 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Employee tax withheld upon issuance of shares (1) | $ | 150 | $ | 181 | $ | 5,566 | $ | 6,619 |
Service-based Restricted Stock Units | Performance-based Restricted Stock Units | Market-based Restricted Stock Units | |||||||||||||||||||||||||||||||||
Number of Underlying Shares (1) | Weighted- Average Grant Date Fair Value | Number of Underlying Shares | Weighted- Average Grant Date Fair Value | Number of Underlying Shares | Weighted- Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Unvested at February 1, 2020 | 1,676,831 | $ | 18.68 | 747,056 | $ | 15.11 | 421,784 | $ | 23.05 | ||||||||||||||||||||||||||
Granted | 2,280,194 | 8.57 | 0 | 0 | 519,905 | 16.24 | |||||||||||||||||||||||||||||
Adjustments for performance achievement | 0 | 0 | 38,381 | 11.37 | 134,122 | 11.79 | |||||||||||||||||||||||||||||
Vested | (790,429) | 17.42 | (481,304) | 9.63 | (350,447) | 11.79 | |||||||||||||||||||||||||||||
Forfeited | (107,795) | 13.83 | (6,917) | 22.80 | (3,485) | 35.61 | |||||||||||||||||||||||||||||
Unvested at October 31, 2020 (2) | 3,058,801 | $ | 11.63 | 297,216 | $ | 22.43 | 721,879 | $ | 21.46 |
(in thousands) | Service-based Restricted Stock Units | Performance-based Restricted Stock Units | Market-based Restricted Stock Units | ||||||||||||||
Unrecognized compensation cost | $ | 27,879 | $ | 0 | $ | 9,939 | |||||||||||
Remaining weighted-average period cost is expected to be recognized (years) | 1.3 | 0.0 | 1.1 |
(in thousands) | October 31, 2020 | November 2, 2019 | |||||||||
Service-based restricted stock units: | |||||||||||
Total grant date fair value of awards granted | $ | 19,541 | $ | 16,175 | |||||||
Total grant date fair value of awards vested | $ | 13,769 | $ | 13,087 | |||||||
Performance-based restricted stock units: | |||||||||||
Total grant date fair value of awards granted | $ | 0 | $ | 5,379 | |||||||
Total grant date fair value of awards vested | $ | 4,635 | $ | 0 | |||||||
Market-based restricted stock units: | |||||||||||
Total grant date fair value of awards granted | $ | 8,443 | $ | 4,176 | |||||||
Total grant date fair value of awards vested | $ | 4,132 | $ | 511 |
October 31, 2020 | November 2, 2019 | ||||||||||
Grant date market price | $ | 12.31 | $ | 25.34 | |||||||
Fair value | $ | 16.24 | $ | 36.24 | |||||||
Assumptions: | |||||||||||
Price volatility | 67 | % | 57 | % | |||||||
Expected term (years) | 2.4 | 2.9 | |||||||||
Risk-free interest rate | 0.2 | % | 2.2 | % | |||||||
Dividend yield | 0 | % | 3.2 | % | |||||||
Average volatility of peer companies | 66.0 | % | 40.0 | % | |||||||
Average correlation coefficient of peer companies | 0.4967 | 0.2407 |
Number of Underlying Shares | Weighted-Average Exercise Price | Aggregate Intrinsic Value | Weighted-Average Remaining Contractual Life (years) | ||||||||||||||||||||
Outstanding at February 1, 2020 | 796,725 | $ | 40.06 | ||||||||||||||||||||
Granted | 0 | 0 | |||||||||||||||||||||
Exercised | 0 | 0 | |||||||||||||||||||||
Forfeited or expired | (382,225) | 47.87 | |||||||||||||||||||||
Outstanding at August 1, 2020 | 414,500 | $ | 32.86 | $ | 0 | 3.2 | |||||||||||||||||
Stock appreciation rights exercisable at October 31, 2020 | 414,500 | $ | 32.86 | $ | 0 | 3.2 | |||||||||||||||||
Stock appreciation rights expected to become exercisable in the future as of October 31, 2020 | 0 | $ | 0 | $ | 0 | 0.0 |
(in thousands) | November 2, 2019 | ||||
Total grant date fair value of awards exercised | $ | 620 |
(in thousands) | Location | November 2, 2019 | February 2, 2019 | November 3, 2018 | February 3, 2018 | ||||||||||||
Cash and equivalents | Cash and equivalents | $ | 410,775 | $ | 723,135 | $ | 520,523 | $ | 675,558 | ||||||||
Long-term restricted cash and equivalents | Other assets | 18,698 | 22,694 | 21,860 | 22,397 | ||||||||||||
Short-term restricted cash and equivalents | Other current assets | $ | 2,550 | $ | — | $ | — | $ | — | ||||||||
Cash and equivalents and restricted cash and equivalents | $ | 432,023 | $ | 745,829 | $ | 542,383 | $ | 697,955 |
(in thousands) | November 2, 2019 | February 2, 2019 | November 3, 2018 | February 3, 2018 | |||||||||||
Unearned revenue liabilities related to the Company’s gift card program | $ | 19,855 | $ | 26,062 | $ | 17,351 | $ | 28,939 | |||||||
Unearned revenue liabilities related to the Company’s loyalty programs | $ | 21,396 | $ | 19,904 | $ | 24,287 | $ | 15,965 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||
Recognized revenue associated with gift card redemptions and gift card breakage | $ | 12,653 | $ | 11,163 | $ | 40,729 | $ | 37,001 | |||||||
Recognized revenue associated with reward redemptions and breakage related to the Company’s loyalty programs | $ | 9,249 | $ | 8,725 | $ | 23,795 | $ | 24,150 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||
Shares of Common Stock issued | 103,300 | 103,300 | 103,300 | 103,300 | |||||||
Weighted-average treasury shares | (40,201 | ) | (36,482 | ) | (38,368 | ) | (35,525 | ) | |||
Weighted-average — basic shares | 63,099 | 66,818 | 64,932 | 67,775 | |||||||
Dilutive effect of share-based compensation awards | 812 | 1,490 | — | — | |||||||
Weighted-average — diluted shares | 63,911 | 68,308 | 64,932 | 67,775 | |||||||
Anti-dilutive shares (1) | 2,912 | 1,925 | 1,572 | 3,827 |
Assets and Liabilities at Fair Value as of November 2, 2019 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents (1) | $ | 222 | $ | 25,920 | $ | — | $ | 26,142 | |||||||
Derivative instruments (2) | — | 2,478 | — | 2,478 | |||||||||||
Rabbi Trust assets (3) | 1 | 108,271 | — | 108,272 | |||||||||||
Restricted cash equivalents (4) | 9,812 | 5,511 | — | 15,323 | |||||||||||
Total assets | $ | 10,035 | $ | 142,180 | $ | — | $ | 152,215 | |||||||
Liabilities: | |||||||||||||||
Derivative instruments (2) | $ | — | $ | 1,767 | $ | — | $ | 1,767 | |||||||
Total liabilities | $ | — | $ | 1,767 | $ | — | $ | 1,767 |
Assets and Liabilities at Fair Value as of February 2, 2019 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents (1) | $ | 55,558 | $ | 34,440 | $ | — | $ | 89,998 | |||||||
Derivative instruments (2) | — | 2,162 | — | 2,162 | |||||||||||
Rabbi Trust assets (3) | 5 | 105,877 | — | 105,882 | |||||||||||
Restricted cash equivalents (4) | 10,910 | 4,588 | — | 15,498 | |||||||||||
Total assets | $ | 66,473 | $ | 147,067 | $ | — | $ | 213,540 | |||||||
Liabilities: | |||||||||||||||
Derivative instruments (2) | $ | — | $ | 332 | $ | — | $ | 332 | |||||||
Total liabilities | $ | — | $ | 332 | $ | — | $ | 332 |
(in thousands) | November 2, 2019 | February 2, 2019 | |||||
Gross borrowings outstanding, carrying amount | $ | 243,250 | $ | 253,250 | |||
Gross borrowings outstanding, fair value | $ | 243,706 | $ | 252,933 |
(in thousands) | November 2, 2019 | February 2, 2019 | |||||
Property and equipment, at cost | $ | 2,773,862 | $ | 2,829,250 | |||
Less: Accumulated depreciation and amortization | (2,108,000 | ) | (2,134,395 | ) | |||
Property and equipment, net | $ | 665,862 | $ | 694,855 |
(in thousands) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||
Single lease cost (1) | $ | 104,726 | $ | 318,270 | |||
Variable lease cost (2) | 25,990 | 129,073 | |||||
Operating lease right-of-use asset impairment (3) | 9,047 | 12,636 | |||||
Total operating lease cost | $ | 139,763 | $ | 459,979 |
(in thousands) | |||
Fiscal 2019 (excluding the thirty-nine weeks ended November 2, 2019) | $ | 76,951 | |
Fiscal 2020 | 371,357 | ||
Fiscal 2021 | 311,061 | ||
Fiscal 2022 | 262,530 | ||
Fiscal 2023 | 219,723 | ||
Fiscal 2024 and thereafter | 560,067 | ||
Total undiscounted operating lease payments | $ | 1,801,689 | |
Less: Imputed interest | (282,493 | ) | |
Present value of operating lease liabilities | $ | 1,519,196 |
(in thousands) | |||
Fiscal 2019 | $ | 367,622 | |
Fiscal 2020 | 304,270 | ||
Fiscal 2021 | 205,542 | ||
Fiscal 2022 | 159,617 | ||
Fiscal 2023 | 128,626 | ||
Fiscal 2024 and thereafter | 310,003 | ||
Total | $ | 1,475,680 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||
Operating lease right-of-use asset impairment (1) | $ | 9,047 | $ | — | $ | 12,636 | $ | — | |||||||
Property and equipment asset impairment | 3,563 | 656 | 5,580 | 10,383 | |||||||||||
Total asset impairment | $ | 12,610 | $ | 656 | $ | 18,216 | $ | 10,383 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||
Share-based compensation expense | $ | 5,796 | $ | 5,957 | $ | 8,464 | $ | 16,896 | |||||||
Income tax benefit associated with share-based compensation expense recognized during the period | $ | 1,211 | $ | 1,252 | $ | 1,566 | $ | 3,426 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||
Income tax discrete benefits realized for tax deductions related to the issuance of shares during the period | $ | 6 | $ | 106 | $ | 1,175 | $ | 1,131 | |||||||
Income tax discrete charges realized upon cancellation of stock appreciation rights during the period | (447 | ) | (1,942 | ) | (611 | ) | (10,883 | ) | |||||||
Total income tax discrete benefits (charges) related to share-based compensation awards | $ | (441 | ) | $ | (1,836 | ) | $ | 564 | $ | (9,752 | ) |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||
Employee tax withheld upon issuance of shares (1) | $ | 181 | $ | 586 | $ | 6,619 | $ | 6,520 |
Service-based Restricted Stock Units | Performance-based Restricted Stock Units | Market-based Restricted Stock Units | ||||||||||||||||||
Number of Underlying Shares (1) | Weighted- Average Grant Date Fair Value | Number of Underlying Shares | Weighted- Average Grant Date Fair Value | Number of Underlying Shares | Weighted- Average Grant Date Fair Value | |||||||||||||||
Unvested at February 2, 2019 | 2,020,030 | $ | 16.76 | 801,527 | $ | 13.65 | 435,970 | $ | 21.24 | |||||||||||
Granted | 731,886 | 22.10 | 234,984 | 22.89 | 115,238 | 36.24 | ||||||||||||||
Adjustments for performance achievement | — | — | (90,616 | ) | 24.06 | (72,497 | ) | 28.20 | ||||||||||||
Vested | (736,858 | ) | 17.76 | — | — | (18,125 | ) | 28.20 | ||||||||||||
Forfeited | (288,194 | ) | 16.62 | (198,022 | ) | 13.08 | (38,802 | ) | 29.90 | |||||||||||
Unvested at November 2, 2019 | 1,726,864 | $ | 18.62 | 747,873 | $ | 15.41 | 421,784 | $ | 23.05 |
(in thousands) | Service-based Restricted Stock Units | Performance-based Restricted Stock Units | Market-based Restricted Stock Units | |||||
Unrecognized compensation cost | 23,655 | 2,684 | 4,667 | |||||
Remaining weighted-average period cost is expected to be recognized (years) | 1.3 | 1.1 | 1.0 |
(in thousands) | November 2, 2019 | November 3, 2018 | |||||
Service-based restricted stock units: | |||||||
Total grant date fair value of awards granted | $ | 16,175 | $ | 16,652 | |||
Total grant date fair value of awards vested | $ | 13,087 | $ | 15,873 | |||
Performance-based restricted stock units: | |||||||
Total grant date fair value of awards granted | $ | 5,379 | $ | 4,310 | |||
Total grant date fair value of awards vested | $ | — | $ | — | |||
Market-based restricted stock units: | |||||||
Total grant date fair value of awards granted | $ | 4,176 | $ | 4,784 | |||
Total grant date fair value of awards vested | $ | 511 | $ | 137 |
November 2, 2019 | November 3, 2018 | ||||||
Grant date market price | $ | 25.34 | $ | 23.59 | |||
Fair value | $ | 36.24 | $ | 33.69 | |||
Assumptions: | |||||||
Price volatility | 57 | % | 54 | % | |||
Expected term (years) | 2.9 | 2.9 | |||||
Risk-free interest rate | 2.2 | % | 2.4 | % | |||
Dividend yield | 3.2 | % | 3.4 | % | |||
Average volatility of peer companies | 40.0 | % | 37.4 | % | |||
Average correlation coefficient of peer companies | 0.2407 | 0.2709 |
Number of Underlying Shares | Weighted-Average Exercise Price | Aggregate Intrinsic Value | Weighted-Average Remaining Contractual Life (years) | |||||||||
Outstanding at February 2, 2019 | 1,041,867 | $ | 37.81 | |||||||||
Granted | — | — | ||||||||||
Exercised | (43,463 | ) | 22.41 | |||||||||
Forfeited or expired | (201,679 | ) | 32.27 | |||||||||
Outstanding at November 2, 2019 | 796,725 | $ | 40.06 | $ | — | 2.6 | ||||||
Stock appreciation rights exercisable at November 2, 2019 | 796,100 | $ | 40.08 | $ | — | 2.6 | ||||||
Stock appreciation rights expected to become exercisable in the future as of November 2, 2019 | 607 | $ | 22.55 | $ | — | 6.2 |
(in thousands) | November 2, 2019 | November 3, 2018 | |||||
Total grant date fair value of awards exercised | $ | 620 | $ | 1,279 |
(in thousands) | Notional Amount (1) | ||
Euro | $ | 183,360 | |
British pound | $ | 86,097 | |
Canadian dollar | $ | 29,673 | |
Japanese yen | $ | 17,336 |
(in thousands) | Notional Amount (1) |
(in thousands) | Notional Amount (1) | ||
Chinese yuan | $ | 21,230 | |
Euro | $ | 17,347 | |
British pound | $ | 3,884 |
Euro | $ | 65,537 | |||
29,603 | |||||
Canadian dollar | $ | 11,239 |
(in thousands) | Location | October 31, 2020 | February 1, 2020 | Location | October 31, 2020 | February 1, 2020 | |||||||||||||||||||||||||||||
Derivatives designated as cash flow hedging instruments | Other current assets | $ | 461 | $ | 1,869 | Accrued expenses | $ | 367 | $ | 1,377 | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Other current assets | 0 | 100 | Accrued expenses | 0 | 83 | |||||||||||||||||||||||||||||
Total | $ | 461 | $ | 1,969 | $ | 367 | $ | 1,460 |
(in thousands) | Location | November 2, 2019 | February 2, 2019 | Location | November 2, 2019 | February 2, 2019 | |||||||||||||
Derivatives designated as cash flow hedging instruments | Other current assets | $ | 2,476 | $ | 2,162 | Accrued expenses | $ | 1,613 | $ | 15 | |||||||||
Derivatives not designated as hedging instruments | Other current assets | 2 | — | Accrued expenses | 154 | 317 | |||||||||||||
Total | $ | 2,478 | $ | 2,162 | $ | 1,767 | $ | 332 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Gain (loss) recognized in AOCL (1) | $ | 93 | $ | (1,136) | $ | 12,328 | $ | 5,918 | |||||||||||||||
Gain reclassified from AOCL into cost of sales, exclusive of depreciation and amortization (2) | $ | 5,327 | $ | 2,541 | $ | 11,104 | $ | 6,845 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||
(Loss) gain recognized in AOCL (1) | $ | (1,136 | ) | $ | 2,051 | $ | 5,918 | $ | 18,716 | ||||||
Gain (loss) reclassified from AOCL into cost of sales, exclusive of depreciation and amortization (2) | $ | 2,541 | $ | 2,814 | $ | 6,845 | $ | (2,408 | ) |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
(Loss) gain recognized in other operating (income) loss, net | $ | 0 | $ | (1,023) | $ | 742 | $ | 157 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||
(Loss) gain recognized in other operating income, net | $ | (1,023 | ) | $ | (1,912 | ) | $ | 157 | $ | 2,684 |
Thirteen Weeks Ended October 31, 2020 | |||||||||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Financial Instruments | Total | ||||||||||||||
Beginning balance at August 1, 2020 | $ | (106,632) | $ | 7,539 | $ | (99,093) | |||||||||||
Other comprehensive income before reclassifications | 2,142 | 93 | 2,235 | ||||||||||||||
Reclassified gain from accumulated other comprehensive loss (1) | 0 | (5,327) | (5,327) | ||||||||||||||
Other comprehensive income (loss) after reclassifications (2) | 2,142 | (5,234) | (3,092) | ||||||||||||||
Ending balance at October 31, 2020 | $ | (104,490) | $ | 2,305 | $ | (102,185) | |||||||||||
Thirty-nine Weeks Ended October 31, 2020 | |||||||||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Financial Instruments | Total | ||||||||||||||
Beginning balance at February 1, 2020 | $ | (109,967) | $ | 1,081 | $ | (108,886) | |||||||||||
Other comprehensive income before reclassifications | 5,477 | 12,328 | 17,805 | ||||||||||||||
Reclassified gain from accumulated other comprehensive loss (1) | 0 | (11,104) | (11,104) | ||||||||||||||
Other comprehensive income after reclassifications (2) | 5,477 | 1,224 | 6,701 | ||||||||||||||
Ending balance at October 31, 2020 | $ | (104,490) | $ | 2,305 | $ | (102,185) |
Thirteen Weeks Ended November 2, 2019 | |||||||||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Financial Instruments | Total | ||||||||||||||
Beginning balance at August 3, 2019 | $ | (111,461) | $ | 5,515 | $ | (105,946) | |||||||||||
Other comprehensive (loss) income before reclassifications | 1,355 | (1,136) | 219 | ||||||||||||||
Reclassified gain from accumulated other comprehensive loss (1) | 0 | (2,541) | (2,541) | ||||||||||||||
Tax effect | 0 | 23 | 23 | ||||||||||||||
Other comprehensive income (loss) after reclassifications | 1,355 | (3,654) | (2,299) | ||||||||||||||
Ending balance at November 2, 2019 | $ | (110,106) | $ | 1,861 | $ | (108,245) | |||||||||||
Thirty-nine Weeks Ended November 2, 2019 | |||||||||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Financial Instruments | Total | ||||||||||||||
Beginning balance at February 2, 2019 | $ | (104,887) | $ | 2,435 | $ | (102,452) | |||||||||||
Other comprehensive (loss) income before reclassifications | (5,219) | 5,918 | 699 | ||||||||||||||
Reclassified gain from accumulated other comprehensive loss (1) | 0 | (6,845) | (6,845) | ||||||||||||||
Tax effect | 0 | 353 | 353 | ||||||||||||||
Other comprehensive (loss) income after reclassifications | (5,219) | (574) | (5,793) | ||||||||||||||
Ending balance at November 2, 2019 | $ | (110,106) | $ | 1,861 | $ | (108,245) |
Thirteen Weeks Ended November 2, 2019 | |||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Financial Instruments | Total | ||||||||
Beginning balance at August 3, 2019 | $ | (111,461 | ) | $ | 5,515 | $ | (105,946 | ) | |||
Other comprehensive income (loss) before reclassifications | 1,355 | (1,136 | ) | 219 | |||||||
Reclassified gain from accumulated other comprehensive loss (1) | — | (2,541 | ) | (2,541 | ) | ||||||
Tax effect | — | 23 | 23 | ||||||||
Other comprehensive income (loss) after reclassifications | 1,355 | (3,654 | ) | (2,299 | ) | ||||||
Ending balance at November 2, 2019 | $ | (110,106 | ) | $ | 1,861 | $ | (108,245 | ) | |||
Thirty-nine Weeks Ended November 2, 2019 | |||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Financial Instruments | Total | ||||||||
Beginning balance at February 2, 2019 | $ | (104,887 | ) | $ | 2,435 | $ | (102,452 | ) | |||
Other comprehensive (loss) income before reclassifications | (5,219 | ) | 5,918 | 699 | |||||||
Reclassified gain from accumulated other comprehensive loss (1) | — | (6,845 | ) | (6,845 | ) | ||||||
Tax effect | — | 353 | 353 | ||||||||
Other comprehensive loss after reclassifications | (5,219 | ) | (574 | ) | (5,793 | ) | |||||
Ending balance at November 2, 2019 | $ | (110,106 | ) | $ | 1,861 | $ | (108,245 | ) |
Thirteen Weeks Ended November 3, 2018 | |||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Financial Instruments | Total | ||||||||
Beginning balance at August 4, 2018 | $ | (104,492 | ) | $ | 9,600 | $ | (94,892 | ) | |||
Other comprehensive (loss) income before reclassifications | (3,111 | ) | 2,051 | (1,060 | ) | ||||||
Reclassified gain from accumulated other comprehensive loss (1) | — | (2,814 | ) | (2,814 | ) | ||||||
Tax effect | 16 | 82 | 98 | ||||||||
Other comprehensive loss after reclassifications | (3,095 | ) | (681 | ) | (3,776 | ) | |||||
Ending balance at November 3, 2018 | $ | (107,587 | ) | $ | 8,919 | $ | (98,668 | ) | |||
Thirty-nine Weeks Ended November 3, 2018 | |||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Derivative Financial Instruments | Total | ||||||||
Beginning balance at February 3, 2018 | $ | (84,947 | ) | $ | (10,107 | ) | $ | (95,054 | ) | ||
Other comprehensive (loss) income before reclassifications | (22,656 | ) | 18,716 | (3,940 | ) | ||||||
Reclassified loss from accumulated other comprehensive loss (1) | — | 2,408 | 2,408 | ||||||||
Tax effect | 16 | (2,098 | ) | (2,082 | ) | ||||||
Other comprehensive (loss) income after reclassifications | (22,640 | ) | 19,026 | (3,614 | ) | ||||||
Ending balance at November 3, 2018 | $ | (107,587 | ) | $ | 8,919 | $ | (98,668 | ) |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Hollister | $ | 476,665 | $ | 514,772 | $ | 1,178,925 | $ | 1,447,975 | |||||||||||||||
Abercrombie | 342,988 | 348,700 | 824,415 | 990,547 | |||||||||||||||||||
Total | $ | 819,653 | $ | 863,472 | $ | 2,003,340 | $ | 2,438,522 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||
Hollister | $ | 514,772 | $ | 515,125 | $ | 1,447,975 | $ | 1,439,589 | |||||||
Abercrombie | 348,700 | 346,069 | 990,547 | 994,918 | |||||||||||
Total | $ | 863,472 | $ | 861,194 | $ | 2,438,522 | $ | 2,434,507 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
U.S. | $ | 557,814 | $ | 583,593 | $ | 1,339,347 | $ | 1,596,723 | |||||||||||||||
EMEA | 190,214 | 191,977 | 474,165 | 566,563 | |||||||||||||||||||
APAC | 43,618 | 55,910 | 117,768 | 188,836 | |||||||||||||||||||
Other | 28,007 | 31,992 | 72,060 | 86,400 | |||||||||||||||||||
International | $ | 261,839 | $ | 279,879 | $ | 663,993 | $ | 841,799 | |||||||||||||||
Total | $ | 819,653 | $ | 863,472 | $ | 2,003,340 | $ | 2,438,522 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||
United States | $ | 583,593 | $ | 562,590 | $ | 1,596,723 | $ | 1,543,162 | |||||||
Europe | 177,844 | 187,516 | 518,905 | 549,530 | |||||||||||
Other | 102,035 | 111,088 | 322,894 | 341,815 | |||||||||||
Total | $ | 863,472 | $ | 861,194 | $ | 2,438,522 | $ | 2,434,507 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
(in thousands) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||
Single lease cost (1) | $ | — | $ | — | $ | 23,269 | $ | — | |||||||
Variable lease cost (2) | — | — | 20,218 | — | |||||||||||
Operating lease right-of-use asset impairment | — | — | 3,229 | — | |||||||||||
Operating lease cost | — | — | 46,716 | — | |||||||||||
Lease termination fees (3) | — | — | — | 3,688 | |||||||||||
Asset disposals and other store-closure costs (4) | — | — | (1,687 | ) | — | ||||||||||
Employee severance and other employee transition costs | 285 | — | 1,994 | 120 | |||||||||||
Total flagship store exit charges | $ | 285 | $ | — | $ | 47,023 | $ | 3,808 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Operating lease cost | (1,729) | 0 | (6,959) | 46,716 | |||||||||||||||||||
Gain on lease assignment | (5,237) | 0 | (5,237) | 0 | |||||||||||||||||||
Asset disposals and other store-closure costs (1) | (405) | 0 | (3,610) | (1,687) | |||||||||||||||||||
Employee severance and other employee transition costs | (692) | 285 | 3,316 | 1,994 | |||||||||||||||||||
Total flagship store exit (benefits) charges | $ | (8,063) | $ | 285 | $ | (12,490) | $ | 47,023 |
•Overview. This section provides a general description of the Company’s business and certain segment information. •Current Trends and Outlook.This section provides a discussion related to COVID-19’s impact on the Company’s business and other certain risks and challenges, as well as a summary of the Company’s performance for the thirteen and thirty-nine weeks ended October 31, 2020 and November 2, 2019. •Results of Operations.This section provides an analysis of certain components of the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)for the thirteen and thirty-nine weeks ended October 31, 2020 and November 2, 2019. •Liquidity and Capital Resources.This section provides a discussion of the Company’s financial condition, changes in financial condition and liquidity as of October 31, 2020, which includes (i) an analysis of changes in cash flows for the thirty-nine weeks ended October 31, 2020 as compared to the |
Fiscal year | Number of weeks | |||||||||||||
Fiscal 2018 | February 2, 2019 | 52 | ||||||||||||
Fiscal 2019 | February 1, 2020 | 52 | ||||||||||||
Fiscal 2020 | January 30, 2021 | 52 | ||||||||||||
GAAP | Non-GAAP (1) | |||||||||||||||
(in thousands, except change in net sales, comparable sales, gross profit rate, operating margin and per share amounts) | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||
Thirteen Weeks Ended | ||||||||||||||||
Net sales | $ | 863,472 | $ | 861,194 | ||||||||||||
Change in net sales | 0.3 | % | 0.2 | % | ||||||||||||
Comparable sales (2) | 0 | % | 3 | % | ||||||||||||
Gross profit rate | 60.1 | % | 61.3 | % | ||||||||||||
Operating income | $ | 14,479 | $ | 39,680 | $ | 24,947 | $ | 36,675 | ||||||||
Operating income margin | 1.7 | % | 4.6 | % | 2.9 | % | 4.3 | % | ||||||||
Net income attributable to A&F | $ | 6,523 | $ | 23,919 | $ | 14,506 | $ | 22,383 | ||||||||
Net income per diluted share attributable to A&F | $ | 0.10 | $ | 0.35 | $ | 0.23 | $ | 0.33 | ||||||||
Thirty-nine Weeks Ended | ||||||||||||||||
Net sales | $ | 2,438,522 | $ | 2,434,507 | ||||||||||||
Change in net sales | 0.2 | % | 5.9 | % | ||||||||||||
Comparable sales (2) | 0 | % | 3 | % | ||||||||||||
Gross profit rate | 59.9 | % | 60.7 | % | ||||||||||||
Operating (loss) income (3) | $ | (52,263 | ) | $ | (2,300 | ) | $ | (41,795 | ) | $ | 8,966 | |||||
Operating (loss) income margin | (2.1 | )% | (0.1 | )% | (1.7 | )% | 0.4 | % | ||||||||
Net loss attributable to A&F | $ | (43,774 | ) | $ | (22,395 | ) | $ | (35,791 | ) | $ | (11,848 | ) | ||||
Net loss per diluted share attributable to A&F | $ | (0.67 | ) | $ | (0.33 | ) | $ | (0.55 | ) | $ | (0.17 | ) |
(in thousands) | November 2, 2019 | February 2, 2019 | ||||||
Cash and equivalents | $ | 410,775 | $ | 723,135 | ||||
Long-term portion of borrowings, gross at carrying amount | $ | 243,250 | $ | 253,250 | ||||
Inventories | $ | 590,883 | $ | 437,879 |
November 2, 2019 | November 3, 2018 | |||||||
Net cash (used for) provided by operating activities | $ | (33,839 | ) | $ | 77,245 | |||
Purchases of property and equipment | $ | (154,373 | ) | $ | (98,768 | ) | ||
Purchases of common stock | $ | (63,542 | ) | $ | (68,670 | ) | ||
Dividends paid | $ | (38,959 | ) | $ | (40,550 | ) | ||
Repayment of term loan facility borrowings | $ | (10,000 | ) | $ | — |
Brand(1) | ||||||||||||||||
Abercrombie & Fitch | Pedder Street, Hong Kong Special Administrative Region, China | |||||||||||||||
Abercrombie & Fitch | Copenhagen, Denmark | |||||||||||||||
Hollister | SoHo, New York City, | |||||||||||||||
Abercrombie | Milan, Italy | |||||||||||||||
Fourth quarter of Fiscal 2019 | ||||||||||||||||
Abercrombie | Dusseldorf, Germany | Third quarter of Fiscal 2020 | ||||||||||||||
Hollister (1) | Abercrombie (2) | Total Company | |||||||||||||||||||||||||||||||||||||||
U.S. | International | U.S. | International | U.S. | International | Total | |||||||||||||||||||||||||||||||||||
Number of stores: | |||||||||||||||||||||||||||||||||||||||||
February 1, 2020 | 391 | 155 | 256 | 52 | 647 | 207 | 854 | ||||||||||||||||||||||||||||||||||
New | 2 | 2 | 4 | 4 | 6 | 6 | 12 | ||||||||||||||||||||||||||||||||||
Permanently closed | (7) | (3) | (5) | (2) | (12) | (5) | (17) | ||||||||||||||||||||||||||||||||||
October 31, 2020 | 386 | 154 | 255 | 54 | 641 | 208 | 849 | ||||||||||||||||||||||||||||||||||
Gross square footage (in thousands): | |||||||||||||||||||||||||||||||||||||||||
October 31, 2020 | 2,568 | 1,257 | 1,817 | 575 | 4,385 | 1,832 | 6,217 |
GAAP | Non-GAAP (1) | |||||||||||||||||||||||||
(in thousands, except change in net sales, gross profit rate, operating margin and per share amounts) | October 31, 2020(2) | November 2, 2019(3) | October 31, 2020(2) | November 2, 2019(3) | ||||||||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||||||||||||
Net sales | $ | 819,653 | $ | 863,472 | ||||||||||||||||||||||
Change in net sales | (5.1) | % | 0.3 | % | ||||||||||||||||||||||
Gross profit rate | 64.0 | % | 60.1 | % | ||||||||||||||||||||||
Operating income | $ | 58,616 | $ | 14,479 | $ | 64,945 | $ | 24,947 | ||||||||||||||||||
Operating income margin | 7.2 | % | 1.7 | % | 7.9 | % | 2.9 | % | ||||||||||||||||||
Net income attributable to A&F | $ | 42,271 | $ | 6,523 | $ | 48,231 | $ | 14,506 | ||||||||||||||||||
Net income per diluted share attributable to A&F | $ | 0.66 | $ | 0.10 | $ | 0.76 | $ | 0.23 | ||||||||||||||||||
Thirty-nine Weeks Ended | ||||||||||||||||||||||||||
Net sales | $ | 2,003,340 | $ | 2,438,522 | ||||||||||||||||||||||
Change in net sales | (17.8) | % | 0.2 | % | ||||||||||||||||||||||
Gross profit rate | 60.5 | % | 59.9 | % | ||||||||||||||||||||||
Operating loss | $ | (136,368) | $ | (52,263) | $ | (79,028) | $ | (41,795) | ||||||||||||||||||
Operating loss margin | (6.8) | % | (2.1) | % | (3.9) | % | (1.7) | % | ||||||||||||||||||
Net loss attributable to A&F | $ | (196,413) | $ | (43,774) | $ | (142,708) | $ | (35,791) | ||||||||||||||||||
Net loss per diluted share attributable to A&F | $ | (3.14) | $ | (0.67) | $ | (2.28) | $ | (0.55) |
(in thousands) | October 31, 2020 | February 1, 2020 | ||||||||||||
Cash and equivalents | $ | 812,881 | $ | 671,267 | ||||||||||
Gross long-term borrowings outstanding, carrying amount | $ | 350,000 | $ | 233,250 | ||||||||||
Inventories | $ | 545,548 | $ | 434,326 |
(in thousands) | October 31, 2020 | November 2, 2019 | ||||||||||||
Net cash provided by (used for) operating activities | $ | 158,894 | $ | (33,839) | ||||||||||
Net cash used for investing activities | $ | (91,748) | $ | (154,373) | ||||||||||
Net cash provided by (used for) financing activities | $ | 70,129 | $ | (122,908) |
Thirty-nine weeks ended November 2, 2019 | ||||||||||||||||||||
Hollister (1) | Abercrombie (2) | Total Company | ||||||||||||||||||
United States | International | United States | International | United States | International | Total | ||||||||||||||
Number of stores: | ||||||||||||||||||||
February 2, 2019 | 393 | 149 | 270 | 49 | 663 | 198 | 861 | |||||||||||||
New | 10 | 5 | 10 | 2 | 20 | 7 | 27 | |||||||||||||
Closed | (3 | ) | — | (3 | ) | (1 | ) | (6 | ) | (1 | ) | (7 | ) | |||||||
November 2, 2019 | 400 | 154 | 277 | 50 | 677 | 204 | 881 | |||||||||||||
Gross square footage: | ||||||||||||||||||||
November 2, 2019 (in thousands) | 2,659 | 1,261 | 2,001 | 635 | 4,660 | 1,896 | 6,556 | |||||||||||||
Thirty-nine weeks ended November 3, 2018 | ||||||||||||||||||||
Hollister (1) | Abercrombie (2) | Total Company | ||||||||||||||||||
United States | International | United States | International | United States | International | Total | ||||||||||||||
Number of stores: | ||||||||||||||||||||
February 3, 2018 | 394 | 144 | 285 | 45 | 679 | 189 | 868 | |||||||||||||
New | 6 | 3 | 4 | 3 | 10 | 6 | 16 | |||||||||||||
Closed | — | — | (5 | ) | — | (5 | ) | — | (5 | ) | ||||||||||
November 3, 2018 | 400 | 147 | 284 | 48 | 684 | 195 | 879 | |||||||||||||
Gross square footage: | ||||||||||||||||||||
November 3, 2018 (in thousands) | 2,705 | 1,219 | 2,156 | 639 | 4,861 | 1,858 | 6,719 |
Thirteen Weeks Ended | |||||||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||||||
(in thousands) | Net Sales | Net Sales | $ Change | % Change | Comparable Sales (1) | ||||||||||
Hollister | $ | 514,772 | $ | 515,125 | $ | (353 | ) | 0% | (2)% | ||||||
Abercrombie (2) | 348,700 | 346,069 | 2,631 | 1% | 3% | ||||||||||
Total company | $ | 863,472 | $ | 861,194 | $ | 2,278 | 0% | 0% | |||||||
United States | $ | 583,593 | $ | 562,590 | $ | 21,003 | 4% | 3% | |||||||
International | 279,879 | 298,604 | (18,725 | ) | (6)% | (8)% | |||||||||
Total company | $ | 863,472 | $ | 861,194 | $ | 2,278 | 0% | 0% | |||||||
Thirty-nine Weeks Ended | |||||||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||||||
(in thousands) | Net Sales | Net Sales | $ Change | % Change | Comparable Sales (1) | ||||||||||
Hollister | $ | 1,447,975 | $ | 1,439,589 | $ | 8,386 | 1% | 0% | |||||||
Abercrombie (2) | 990,547 | 994,918 | (4,371 | ) | 0% | 1% | |||||||||
Total net sales | $ | 2,438,522 | $ | 2,434,507 | $ | 4,015 | 0% | 0% | |||||||
United States | $ | 1,596,723 | $ | 1,543,162 | $ | 53,561 | 3% | 3% | |||||||
International | 841,799 | 891,345 | (49,546 | ) | (6)% | (5)% | |||||||||
Total net sales | $ | 2,438,522 | $ | 2,434,507 | $ | 4,015 | 0% | 0% |
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | $ Change | % Change | |||||||||||||||||||||||||
Hollister | $ | 476,665 | $ | 514,772 | $ | (38,107) | (7)% | ||||||||||||||||||||||
Abercrombie (1) | 342,988 | 348,700 | (5,712) | (2)% | |||||||||||||||||||||||||
Total | $ | 819,653 | $ | 863,472 | $ | (43,819) | (5)% | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
(in thousands) | October 31, 2020 | November 2, 2019 | $ Change | % Change | |||||||||||||||||||||||||
Hollister | $ | 1,178,925 | $ | 1,447,975 | $ | (269,050) | (19)% | ||||||||||||||||||||||
Abercrombie (1) | 824,415 | 990,547 | (166,132) | (17)% | |||||||||||||||||||||||||
Total | $ | 2,003,340 | $ | 2,438,522 | $ | (435,182) | (18)% | ||||||||||||||||||||||
(1) Includes Abercrombie & Fitch and abercrombie kids brands. Net sales by geographic area are presented by attributing revenues to an individual country on the basis of the country in which the merchandise was sold for in-store purchases and the shipping location provided by customers for digital orders. The Company’s net sales by geographic area for the thirteen and thirty-nine weeks ended October 31, 2020 and November 2, 2019 were as follows:
|
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Cost of sales, exclusive of depreciation and amortization | $ | 295,220 | 36.0% | $ | 344,541 | 39.9% | (390) | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Cost of sales, exclusive of depreciation and amortization | $ | 791,154 | 39.5% | $ | 976,868 | 40.1% | (60) | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Cost of sales, exclusive of depreciation and amortization | $ | 344,541 | 39.9% | $ | 333,375 | 38.7% | |||||
Gross profit | $ | 518,931 | 60.1% | $ | 527,819 | 61.3% | |||||
Gross profit on a non-GAAP constant currency basis (1) | $ | 518,931 | 60.1% | $ | 519,288 | 60.9% | |||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Cost of sales, exclusive of depreciation and amortization | $ | 976,868 | 40.1% | $ | 957,448 | 39.3% | |||||
Gross profit | $ | 1,461,654 | 59.9% | $ | 1,477,059 | 60.7% | |||||
Gross profit on a non-GAAP constant currency basis (1) | $ | 1,461,654 | 59.9% | $ | 1,452,058 | 60.5% |
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Gross profit, exclusive of depreciation and amortization | $ | 524,433 | 64.0% | $ | 518,931 | 60.1% | 390 | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Gross profit, exclusive of depreciation and amortization | $ | 1,212,186 | 60.5% | $ | 1,461,654 | 59.9% | 60 | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Stores and distribution expense | $ | 346,263 | 42.2% | $ | 377,697 | 43.7% | (150) | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Stores and distribution expense | $ | 978,757 | 48.9% | $ | 1,110,656 | 45.5% | 340 | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Stores and distribution expense | $ | 377,697 | 43.7% | $ | 371,859 | 43.2% | |||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Stores and distribution expense | $ | 1,110,656 | 45.5% | $ | 1,103,758 | 45.3% |
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Marketing, general and administrative expense | $ | 121,000 | 14.8% | $ | 114,075 | 13.2% | 160 | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Marketing, general and administrative expense | $ | 326,509 | 16.3% | $ | 341,716 | 14.0% | 230 | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Marketing, general and administrative expense | $ | 114,075 | 13.2% | $ | 117,181 | 13.6% | |||||
Deduct: | |||||||||||
Benefits related to certain legal matters (1) | — | 0.0% | 3,005 | 0.3% | |||||||
Adjusted non-GAAP marketing, general and administrative expense | $ | 114,075 | 13.2% | $ | 120,186 | 14.0% | |||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Marketing, general and administrative expense | $ | 341,716 | 14.0% | $ | 365,961 | 15.0% | |||||
Deduct: | |||||||||||
Net charges related to certain legal matters (1) | — | 0.0% | (2,595 | ) | (0.1)% | ||||||
Adjusted non-GAAP marketing, general and administrative expense | $ | 341,716 | 14.0% | $ | 363,366 | 14.9% |
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Flagship store exit charges | $ | 285 | 0.0% | $ | — | 0.0% | |||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Flagship store exit charges | $ | 47,023 | 1.9% | $ | 3,808 | 0.2% |
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Flagship store exit (benefits) charges | $ | (8,063) | (1.0)% | $ | 285 | —% | (100) | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Flagship store exit (benefits) charges | $ | (12,490) | (0.6)% | $ | 47,023 | 1.9% | (250) | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Asset impairment, exclusive of flagship store exit charges | $ | 12,610 | 1.5% | $ | 656 | 0.1% | |||||
Deduct: | |||||||||||
Flagship asset impairment charges (1) | (10,468 | ) | (1.2)% | — | 0.0% | ||||||
Adjusted non-GAAP asset impairment, exclusive of flagship store exit charges | $ | 2,142 | 0.2% | $ | 656 | 0.1% | |||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Asset impairment, exclusive of flagship store exit charges | $ | 14,987 | 0.6% | $ | 10,383 | 0.4% | |||||
Deduct: | |||||||||||
Certain flagship asset impairment charges (1) | (10,468 | ) | (0.4)% | (8,671 | ) | (0.4)% | |||||
Adjusted non-GAAP asset impairment, exclusive of flagship store exit charges | $ | 4,519 | 0.2% | $ | 1,712 | 0.1% |
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Asset impairment, exclusive of flagship store exit charges | $ | 6,329 | 0.8% | $ | 12,610 | 1.5% | (70) | ||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||
Asset impairment charges (2) | (6,329) | (0.8)% | (10,468) | (1.2)% | 40 | ||||||||||||||||||||||||
Adjusted non-GAAP asset impairment, exclusive of flagship store exit charges | $ | — | 0.0% | $ | 2,142 | 0.2% | (20) | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Asset impairment, exclusive of flagship store exit charges | $ | 57,340 | 2.9% | $ | 14,987 | 0.6% | 230 | ||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||
Asset impairment charges (2) | (57,340) | (2.9)% | (10,468) | (0.4)% | (250) | ||||||||||||||||||||||||
Adjusted non-GAAP asset impairment, exclusive of flagship store exit charges | $ | — | 0.0% | $ | 4,519 | 0.2% | (20) | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Other operating income, net | $ | 215 | 0.0% | $ | 1,557 | 0.2% | |||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Other operating income, net | $ | 465 | 0.0% | $ | 4,551 | 0.2% |
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Other operating (loss) income, net | $ | (288) | —% | $ | 215 | —% | — | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Other operating income, net | $ | 1,562 | 0.1% | $ | 465 | —% | 10 | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Operating income | $ | 58,616 | 7.2% | $ | 14,479 | 1.7% | 550 | ||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||
Asset impairment charges (2) | 6,329 | 0.8% | 10,468 | 1.2% | (40) | ||||||||||||||||||||||||
Adjusted non-GAAP operating income | $ | 64,945 | 7.9% | $ | 24,947 | 2.9% | 500 | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Operating loss | $ | (136,368) | (6.8)% | $ | (52,263) | (2.1)% | (470) | ||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||
Asset impairment charges (2) | 57,340 | 2.9% | 10,468 | 0.4% | 250 | ||||||||||||||||||||||||
Adjusted non-GAAP operating loss | $ | (79,028) | (3.9)% | $ | (41,795) | (1.7)% | (220) | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Operating income | $ | 14,479 | 1.7% | $ | 39,680 | 4.6% | |||||
Deduct: | |||||||||||
Flagship asset impairment charges (2) | 10,468 | 1.2% | — | 0.0% | |||||||
Benefit related to certain legal matters (3) | — | 0.0% | (3,005 | ) | (0.3)% | ||||||
Adjusted non-GAAP operating income | $ | 24,947 | 2.9% | $ | 36,675 | 4.3% | |||||
Adjusted non-GAAP operating income on a constant currency basis (1) | $ | 24,947 | 2.9% | $ | 31,269 | 3.7% | |||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Operating loss | $ | (52,263 | ) | (2.1)% | $ | (2,300 | ) | (0.1)% | |||
Deduct: | |||||||||||
Certain flagship asset impairment charges (2) | 10,468 | 0.4% | 8,671 | 0.4% | |||||||
Net charges related to certain legal matters (3) | — | 0.0% | 2,595 | 0.1% | |||||||
Adjusted non-GAAP operating (loss) income | $ | (41,795 | ) | (1.7)% | $ | 8,966 | 0.4% | ||||
Adjusted non-GAAP operating loss on a constant currency basis (1) | $ | (41,795 | ) | (1.7)% | $ | (3,070 | ) | (0.1)% |
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Interest expense | $ | 9,408 | 1.1% | $ | 5,500 | 0.6% | 50 | ||||||||||||||||||||||
Interest income | (600) | (0.1)% | (2,578) | (0.3)% | 20 | ||||||||||||||||||||||||
Interest expense, net | $ | 8,808 | 1.1% | $ | 2,922 | 0.3% | 80 | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Interest expense | $ | 22,242 | 1.1% | $ | 14,518 | 0.6% | 50 | ||||||||||||||||||||||
Interest income | (2,965) | (0.1)% | (9,610) | (0.4)% | 30 | ||||||||||||||||||||||||
Interest expense, net | $ | 19,277 | 1.0% | $ | 4,908 | 0.2% | 80 | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Interest expense | $ | 5,500 | 0.6% | $ | 5,643 | 0.7% | |||||
Interest income | (2,578 | ) | (0.3)% | (2,786 | ) | (0.3)% | |||||
Interest expense, net | $ | 2,922 | 0.3% | $ | 2,857 | 0.3% | |||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Interest expense | $ | 14,518 | 0.6% | $ | 17,000 | 0.7% | |||||
Interest income | (9,610 | ) | (0.4)% | (8,102 | ) | (0.3)% | |||||
Interest expense, net | $ | 4,908 | 0.2% | $ | 8,898 | 0.4% |
Thirteen Weeks Ended | |||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||
(in thousands, except ratios) | Effective Tax Rate | Effective Tax Rate | |||||||||||||||||||||
Income tax expense | $ | 5,779 | 11.6% | $ | 3,987 | 34.5% | |||||||||||||||||
Excluded items: | |||||||||||||||||||||||
Tax effect of pre-tax excluded items (1) | 369 | 2,485 | |||||||||||||||||||||
Adjusted non-GAAP income tax expense | $ | 6,148 | 11.0% | $ | 6,472 | 29.4% | |||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||
(in thousands, except ratios) | Effective Tax Rate | Effective Tax Rate | |||||||||||||||||||||
Income tax expense (benefit) | $ | 38,565 | (24.8)% | $ | (16,931) | 29.6% | |||||||||||||||||
Deduct: | |||||||||||||||||||||||
Tax effect of pre-tax excluded items (1) | 3,635 | 2,485 | |||||||||||||||||||||
Adjusted non-GAAP income tax expense (benefit) | $ | 42,200 | (42.9)% | $ | (14,446) | 30.9% | |||||||||||||||||
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands, except ratios) | Effective Tax Rate | Effective Tax Rate | |||||||||
Income tax expense | $ | 3,987 | 34.5% | $ | 12,047 | 32.7% | |||||
Deduct: | |||||||||||
Tax effect of pre-tax excluded items (1) | 2,485 | (1,064 | ) | ||||||||
Tax Cuts and Jobs Act of 2017 charges (2) | — | (405 | ) | ||||||||
Adjusted non-GAAP income tax expense | $ | 6,472 | 29.4% | $ | 10,578 | 31.3% | |||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands, except ratios) | Effective Tax Rate | Effective Tax Rate | |||||||||
Income tax (benefit) expense | $ | (16,931 | ) | 29.6% | $ | 8,358 | (74.6)% | ||||
Deduct: | |||||||||||
Tax effect of pre-tax excluded items (1) | 2,485 | 3,166 | |||||||||
Tax Cuts and Jobs Act of 2017 charges (2) | — | (2,447 | ) | ||||||||
Adjusted non-GAAP income tax (benefit) expense | $ | (14,446 | ) | 30.9% | $ | 9,077 | 13,348.5% |
Thirteen Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net sales | % of Net sales | BPS Change (1) | ||||||||||||||||||||||||||
Net income attributable to A&F | $ | 42,271 | 5.2% | $ | 6,523 | 0.8% | 440 | ||||||||||||||||||||||
Excluded items, net of tax (2) | 5,960 | 0.7% | 7,983 | 0.9% | (20) | ||||||||||||||||||||||||
Adjusted non-GAAP net income attributable to A&F | $ | 48,231 | 5.9% | $ | 14,506 | 1.7% | 420 | ||||||||||||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
October 31, 2020 (3) | November 2, 2019 | ||||||||||||||||||||||||||||
(in thousands) | % of Net Sales | % of Net Sales | BPS Change (1) | ||||||||||||||||||||||||||
Net loss attributable to A&F | $ | (196,413) | (9.8)% | $ | (43,774) | (1.8)% | (800) | ||||||||||||||||||||||
Excluded items, net of tax (2) | 53,705 | 2.7% | 7,983 | 0.3% | 240 | ||||||||||||||||||||||||
Adjusted non-GAAP net loss attributable to A&F | $ | (142,708) | (7.1)% | $ | (35,791) | (1.5)% | (560) | ||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
October 31, 2020 | November 2, 2019 | $ Change | |||||||||||||||
Net income per diluted share attributable to A&F | $ | 0.66 | $ | 0.10 | $0.56 | ||||||||||||
Excluded items, net of tax (1) | $ | 0.09 | $ | 0.12 | $(0.03) | ||||||||||||
Adjusted non-GAAP net income per diluted share attributable to A&F | $ | 0.76 | $ | 0.23 | $0.53 | ||||||||||||
Impact from changes in foreign currency exchange rates | $ | — | $ | 0.15 | $(0.15) | ||||||||||||
Adjusted non-GAAP net income per diluted share attributable to A&F on a constant currency basis | $ | 0.76 | $ | 0.37 | $0.39 | ||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||
October 31, 2020 (2) | November 2, 2019 | $ Change | |||||||||||||||
Net loss per diluted share attributable to A&F | $ | (3.14) | $ | (0.67) | $(2.47) | ||||||||||||
Excluded items, net of tax (1) | $ | 0.86 | $ | 0.12 | $0.74 | ||||||||||||
Adjusted non-GAAP net loss per diluted share attributable to A&F | $ | (2.28) | $ | (0.55) | $(1.73) | ||||||||||||
Impact from changes in foreign currency exchange rates | $ | — | $ | 0.12 | $(0.12) | ||||||||||||
Adjusted non-GAAP net loss per diluted share attributable to A&F on a constant currency basis | $ | (2.28) | $ | (0.43) | $(1.85) |
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Net income attributable to A&F | $ | 6,523 | 0.8% | $ | 23,919 | 2.8% | |||||
Adjusted non-GAAP net income attributable to A&F (1) | $ | 14,506 | 1.7% | $ | 22,383 | 2.6% | |||||
Net income per diluted share attributable to A&F | $ | 0.10 | $ | 0.35 | |||||||
Adjusted non-GAAP net income per diluted share attributable to A&F (1) | $ | 0.23 | $ | 0.33 | |||||||
Adjusted non-GAAP net income per diluted share attributable to A&F on a constant currency basis (2) | $ | 0.23 | $ | 0.27 | |||||||
Thirty-nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
(in thousands) | % of Net Sales | % of Net Sales | |||||||||
Net loss attributable to A&F | $ | (43,774 | ) | (1.8)% | $ | (22,395 | ) | (0.9)% | |||
Adjusted non-GAAP net loss attributable to A&F (1) | $ | (35,791 | ) | (1.5)% | $ | (11,848 | ) | (0.5)% | |||
Net loss per diluted share attributable to A&F | $ | (0.67 | ) | $ | (0.33 | ) | |||||
Adjusted non-GAAP net loss per diluted share attributable to A&F (1) | $ | (0.55 | ) | $ | (0.17 | ) | |||||
Adjusted non-GAAP net loss per diluted share attributable to A&F on a constant currency basis (2) | $ | (0.55 | ) | $ | (0.31 | ) |
(in thousands) | November 2, 2019 | February 2, 2019 | |||||
Long-term portion of borrowings, gross at carrying amount | $ | 243,250 | $ | 253,250 | |||
Unamortized discount | (525 | ) | (845 | ) | |||
Unamortized fees | (1,382 | ) | (1,966 | ) | |||
Long-term portion of borrowings, net | 241,343 | 250,439 | |||||
Less: short-term portion of borrowings, net | — | — | |||||
Long-term portion of borrowings, net | $ | 241,343 | $ | 250,439 |
Thirty-nine Weeks Ended | |||||||
November 2, 2019 | November 3, 2018 | ||||||
(in thousands) | |||||||
Cash and equivalents, and restricted cash and equivalents, beginning of period | $ | 745,829 | $ | 697,955 | |||
Net cash (used for) provided by operating activities | (33,839 | ) | $ | 77,245 | |||
Net cash used for investing activities | (154,373 | ) | (98,768 | ) | |||
Net cash used for financing activities | (122,908 | ) | (117,981 | ) | |||
Effects of foreign currency exchange rate changes on cash | (2,686 | ) | (16,068 | ) | |||
Net decrease in cash and equivalents, and restricted cash and equivalents | (313,806 | ) | (155,572 | ) | |||
Cash and equivalents, and restricted cash and equivalents, end of period | $ | 432,023 | $ | 542,383 |
(in thousands) | October 31, 2020 | ||||
Borrowing base | $ | 384,544 | |||
Less: Outstanding stand-by letters of credit | (847) | ||||
Borrowing capacity | 383,697 | ||||
Less: Minimum excess availability (1) | (38,454) | ||||
Actual incremental borrowing available | $ | 345,243 |
Thirty-nine Weeks Ended | |||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||
(in thousands) | |||||||||||
Cash and equivalents, and restricted cash and equivalents, beginning of period | $ | 692,264 | $ | 745,829 | |||||||
Net cash provided by (used for) operating activities | 158,894 | (33,839) | |||||||||
Net cash used for investing activities | (91,748) | (154,373) | |||||||||
Net cash provided by (used for) financing activities | 70,129 | (122,908) | |||||||||
Effect of foreign currency exchange rates on cash | 2,269 | (2,686) | |||||||||
Net increase (decrease) in cash and equivalents, and restricted cash and equivalents | 139,544 | (313,806) | |||||||||
Cash and equivalents, and restricted cash and equivalents, end of period | $ | 831,808 | $ | 432,023 |
(in thousands) | Total | Fiscal 2020 | Fiscal 2021-Fiscal 2023 | Fiscal 2024-Fiscal 2025 | Fiscal 2026 and thereafter | |||||||||||||||||||||||||||
Interest payments due by period | $ | 154,231 | $ | 16,418 | $ | 91,875 | $ | 45,938 | $ | — |
Policy | Effect if Actual Results Differ from Assumptions | |||||||
Long-lived assets, primarily operating lease right-of-use assets, leasehold improvements, furniture, fixtures and equipment, are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset group might not be recoverable. These include, but are not limited to, material declines in operational performance, a history of losses, an expectation of future losses, adverse market conditions and store closure or relocation decisions. On at least a quarterly basis, the Company reviews for indicators of impairment at the individual store level, the lowest level for which cash flows are identifiable. Stores that display an indicator of impairment are subjected to an impairment assessment. The Company’s impairment assessment requires management to make assumptions and judgments related, but not limited, to management’s expectations for future operations and projected cash flows. The key assumptions used in the Company’s undiscounted future store cash flow models include sales, gross profit and, to a lesser extent, operating expenses. An impairment loss may be recognized when these undiscounted future cash flows are less than the carrying amount of the asset group. In the circumstance of impairment, any loss would be measured as the excess of the carrying amount of the asset group over its fair value. | If actual results are not consistent with the estimates and assumptions used, there may be a material impact on the Company’s financial condition or results of operation. Store assets that were tested for impairment as of October 31, 2020 and not impaired, October 31, 2020. Store assets that were previously impaired as of | |||||||
Financial measures (1) | Excluded items | |||||||
Asset impairment, exclusive of flagship store exit charges | ||||||||
Operating income (loss) | ||||||||
Income tax expense (benefit) (2) | Tax effect of pre-tax excluded items | |||||||
Net income (loss) and net income (loss) per share attributable to A&F (2) |
(2) |
(in thousands, except change in net sales, gross profit rate, operating margin and per share data) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||||||
Net sales | October 31, 2020 | November 2, 2019 | % Change | October 31, 2020 | November 2, 2019 | % Change | |||||||||||||||||||||||||||||
GAAP | $ | 819,653 | $ | 863,472 | (5)% | $ | 2,003,340 | $ | 2,438,522 | (18)% | |||||||||||||||||||||||||
Impact from changes in foreign currency exchange rates | — | 11,896 | (1)% | — | 2,948 | —% | |||||||||||||||||||||||||||||
Non-GAAP on a constant currency basis | $ | 819,653 | $ | 875,368 | (6)% | $ | 2,003,340 | $ | 2,441,470 | (18)% | |||||||||||||||||||||||||
Gross profit, exclusive of depreciation and amortization expense | October 31, 2020 | November 2, 2019 | BPS Change (1) | October 31, 2020 | November 2, 2019 | BPS Change (1) | |||||||||||||||||||||||||||||
GAAP | $ | 524,433 | $ | 518,931 | 390 | $ | 1,212,186 | $ | 1,461,654 | 60 | |||||||||||||||||||||||||
Impact from changes in foreign currency exchange rates | — | 14,779 | (90) | — | 7,323 | (30) | |||||||||||||||||||||||||||||
Non-GAAP on a constant currency basis | $ | 524,433 | $ | 533,710 | 300 | $ | 1,212,186 | $ | 1,468,977 | 30 | |||||||||||||||||||||||||
Operating income (loss) | October 31, 2020 | November 2, 2019 | BPS Change (1) | October 31, 2020 | November 2, 2019 | BPS Change (1) | |||||||||||||||||||||||||||||
GAAP | $ | 58,616 | $ | 14,479 | 550 | $ | (136,368) | $ | (41,795) | (470) | |||||||||||||||||||||||||
Excluded items (2) | (6,329) | (10,468) | 50 | (57,340) | — | (250) | |||||||||||||||||||||||||||||
Adjusted non-GAAP | $ | 64,945 | $ | 24,947 | 500 | $ | (79,028) | $ | (41,795) | (220) | |||||||||||||||||||||||||
Impact from changes in foreign currency exchange rates | — | 7,410 | (80) | — | 5,221 | 20 | |||||||||||||||||||||||||||||
Adjusted non-GAAP on a constant currency basis | $ | 64,945 | $ | 32,357 | 420 | $ | (79,028) | $ | (36,574) | (240) | |||||||||||||||||||||||||
Net income (loss) per diluted share attributable to A&F (3) | October 31, 2020 | November 2, 2019 | $ Change | October 31, 2020 | November 2, 2019 | $ Change | |||||||||||||||||||||||||||||
GAAP | $ | 0.66 | $ | 0.10 | $0.56 | $ | (3.14) | $ | (0.67) | $(2.47) | |||||||||||||||||||||||||
Excluded items, net of tax (2) | (0.09) | (0.12) | 0.03 | (0.86) | (0.12) | (0.74) | |||||||||||||||||||||||||||||
Adjusted non-GAAP | $ | 0.76 | $ | 0.23 | $0.53 | $ | (2.28) | $ | (0.55) | $(1.73) | |||||||||||||||||||||||||
Impact from changes in foreign currency exchange rates | — | 0.15 | (0.15) | — | 0.12 | (0.12) | |||||||||||||||||||||||||||||
Adjusted non-GAAP on a constant currency basis | $ | 0.76 | $ | 0.37 | $0.39 | $ | (2.28) | $ | (0.43) | $(1.85) |
(in thousands, except change in net sales, gross profit rate, operating margin and per share data) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||
Net sales | November 2, 2019 | November 3, 2018 | % Change | November 2, 2019 | November 3, 2018 | % Change | |||||||||||||
GAAP | $ | 863,472 | $ | 861,194 | 0% | $ | 2,438,522 | $ | 2,434,507 | 0% | |||||||||
Impact from changes in foreign currency exchange rates | — | (8,302 | ) | 1% | — | (34,547 | ) | 1% | |||||||||||
Net sales on a constant currency basis | $ | 863,472 | $ | 852,892 | 1% | $ | 2,438,522 | $ | 2,399,960 | 2% | |||||||||
Gross profit (1) | November 2, 2019 | November 3, 2018 | BPS Change (2) | November 2, 2019 | November 3, 2018 | BPS Change (2) | |||||||||||||
GAAP | $ | 518,931 | $ | 527,819 | (120) | $ | 1,461,654 | $ | 1,477,059 | (80) | |||||||||
Impact from changes in foreign currency exchange rates | — | (8,531 | ) | 40 | — | (25,001 | ) | 20 | |||||||||||
Gross profit on a constant currency basis | $ | 518,931 | $ | 519,288 | (80) | $ | 1,461,654 | $ | 1,452,058 | (60) | |||||||||
Operating income (loss) | November 2, 2019 | November 3, 2018 | BPS Change (2) | November 2, 2019 | November 3, 2018 | BPS Change (2) | |||||||||||||
GAAP | $ | 14,479 | $ | 39,680 | (290) | $ | (52,263 | ) | $ | (2,300 | ) | (200) | |||||||
Excluded items (3) | (10,468 | ) | 3,005 | (150) | (10,468 | ) | (11,266 | ) | 10 | ||||||||||
Adjusted non-GAAP | $ | 24,947 | $ | 36,675 | (140) | $ | (41,795 | ) | $ | 8,966 | (210) | ||||||||
Impact from changes in foreign currency exchange rates | — | (5,406 | ) | 60 | — | (12,036 | ) | 50 | |||||||||||
Adjusted non-GAAP on a constant currency basis | $ | 24,947 | $ | 31,269 | (80) | $ | (41,795 | ) | $ | (3,070 | ) | (160) | |||||||
Net income (loss) per diluted share attributable to Abercrombie & Fitch Co. | November 2, 2019 | November 3, 2018 | $ Change | November 2, 2019 | November 3, 2018 | $ Change | |||||||||||||
GAAP | $ | 0.10 | $ | 0.35 | $(0.25) | $ | (0.67 | ) | $ | (0.33 | ) | $(0.34) | |||||||
Excluded items, net of tax (3) | (0.12 | ) | 0.02 | (0.14) | (0.12 | ) | (0.16 | ) | 0.04 | ||||||||||
Adjusted non-GAAP | $ | 0.23 | $ | 0.33 | $(0.10) | $ | (0.55 | ) | $ | (0.17 | ) | $(0.38) | |||||||
Impact from changes in foreign currency exchange rates | — | (0.06 | ) | 0.06 | — | (0.13 | ) | 0.13 | |||||||||||
Adjusted non-GAAP on a constant currency basis | $ | 0.23 | $ | 0.27 | $(0.04) | $ | (0.55 | ) | $ | (0.31 | ) | $(0.24) |
Period (fiscal month) | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (3) | |||||||||||||||||||
August 2, 2020 through August 29, 2020 | 1,569 | $ | 11.41 | — | 3,218,058 | ||||||||||||||||||
August 30, 2020 through October 3, 2020 | 5,324 | $ | 13.58 | — | 3,218,058 | ||||||||||||||||||
October 4, 2020 through October 31, 2020 | 3,594 | $ | 16.27 | — | 3,218,058 | ||||||||||||||||||
Total | 10,487 | $ | 14.18 | — | 3,218,058 |
Period (Fiscal Month) | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (3) | ||||||||
August 4, 2019 through August 31, 2019 | 1,967 | $ | 15.77 | — | 5,027,107 | |||||||
September 1, 2019 through October 5, 2019 | 284,915 | $ | 13.90 | 279,200 | 4,747,907 | |||||||
October 6, 2019 through November 2, 2019 | 136,745 | $ | 14.05 | 132,461 | 4,615,446 | |||||||
Total | 423,627 | $ | 13.96 | 411,661 | 4,615,446 |
Exhibit | Document | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its Inline XBRL tags are embedded within the Inline XBRL document.* | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document.* | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document.* | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.* | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document.* | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document.* | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101).* |
Abercrombie & Fitch Co. | ||||||||
Date: December | /s/ Scott Lipesky | |||||||
Scott Lipesky | ||||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer, Principal Accounting Officer and Authorized Officer) |