Abercrombie & Fitch (ANF) 8-K Abercrombie & Fitch Reports Record Sales and Strong Earnings Growth

Abercrombie & Fitch Co.
Restated Financial Information
(Unaudited)
(in thousands, except per share data and store data)
										Fiscal 2011												Fiscal 2012
	2008 (1)			2009 (1)			2010			Q1			Q2		Q3			Q4		YTD		Q1			Q2			Q3			Q4			YTD
Net Sales	$	3,484,058		$	2,928,626		$	3,468,777		$	836,674		$	916,763	$	1,075,856		$	1,328,766	$	4,158,058	$	921,218		$	951,407		$	1,169,649		$	1,468,531		$	4,510,805
Cost of Goods Sold (2)	1,152,963			1,045,028			1,251,348			311,138			338,298		419,602			538,796		1,607,834		380,126			358,956			417,135			537,879			1,694,096
Gross Profit (2)	2,331,095			1,883,598			2,217,429			525,536			578,465		656,254			789,970		2,550,224		541,092			592,451			752,514			930,652			2,816,709
Total Stores and Distribution Expense	1,436,363			1,425,950			1,589,501			399,101			425,325		461,683			602,140		1,888,248		455,732			458,085			496,942			577,167			1,987,926
Total Marketing, General and Administrative Expense	405,248			353,269			400,804			107,651			109,999		107,844			111,627		437,120		116,889			111,293			123,381			122,321			473,883
Other Operating (Income) Expense, Net	(8,778		)	(13,533		)	(10,056		)	(1,836		)	544		(2,855		)	7,619		3,472		(2,584		)	(1,933		)	(1,154		)	(13,663		)	(19,333		)
Operating Income (2)	498,262			117,912			237,180			20,620			42,597		89,582			68,584		221,384		(28,945		)	25,006			133,345			244,827			374,233
Interest (Income) Expense, Net	(11,382		)	(1,598		)	3,362			950			985		533			1,108		3,577		1,089			1,546			1,584			3,069			7,288
Income from Continuing Operations Before Taxes	509,644			119,510			233,818			19,670			41,612		89,049			67,476		217,807		(30,034		)	23,460			131,761			241,758			366,945
Tax Expense for Continuing Operations (2)	201,475			40,557			78,109			7,468			13,493		32,057			21,651		74,669		(8,729		)	6,409			47,725			84,529			129,934
Net Income from Continuing Operations (2)	308,169			78,953			155,709			12,202			28,119		56,992			45,825		143,138		(21,305		)	17,051			84,036			157,229			237,011
Net Income (Loss) from Discontinued Operations (Net of Taxes)	(35,914		)	(78,699		)	—			796			—		—			—		796		—			—			—			—			—
Net Income (2)	272,255			254			155,709			12,998			28,119		56,992			45,825		143,934		(21,305		)	17,051			84,036			157,229			237,011
Net Income Per Share from Continuing Operations: (2)
Basic	$	3.55		$	0.90		$	1.77		$	0.14		$	0.32	$	0.66		$	0.53	$	1.65	$	(0.25	)	$	0.21		$	1.03		$	1.99		$	2.89
Diluted	$	3.45		$	0.89		$	1.73		$	0.13		$	0.31	$	0.64		$	0.52	$	1.60	$	(0.25	)	$	0.20		$	1.02		$	1.95		$	2.85

Net (Loss) Income Per Share from Discontinued Operations:
Basic	$	(0.41	)	$	(0.90	)	$	—		$	0.01		$	—		$	—		$	—		$	0.01		$	—		$	—		$	—		$	—		$	—
Diluted	$	(0.40	)	$	(0.89	)	$	—		$	0.01		$	—		$	—		$	—		$	0.01		$	—		$	—		$	—		$	—		$	—
Net Income Per Share: (2)
Basic	$	3.14		$	—		$	1.77		$	0.15		$	0.32		$	0.66		$	0.53		$	1.66		$	(0.25	)	$	0.21		$	1.03		$	1.99		$	2.89
Diluted	$	3.05		$	—		$	1.73		$	0.14		$	0.31		$	0.64		$	0.52		$	1.61		$	(0.25	)	$	0.20		$	1.02		$	1.95		$	2.85
Weighted-Average Shares Outstanding:
Basic	86,816			87,874			88,061			87,282			87,267			86,962			85,881			86,848			84,593			82,555			81,669			78,944			81,940
Diluted	89,291			88,609			89,851			90,441			90,353			89,707			87,648			89,537			86,184			83,441			82,522			80,554			83,175
Comparable Sales (3)																									1		%	(6		)%	0		%	(1		)%	(1		)%
Comparable Store Sales	(13		)%	(23		)%	7		%	10		%	9		%	7		%	0		%	5		%	(5		)%	(10		)%	(3		)%	(4		)%	(5		)%
Actual Shares Outstanding	87,055			87,985			87,246			87,377			86,966			87,158			85,638			85,638			82,542			82,567			79,557			78,445			78,445
Number of Stores - End of Period	1,097			1,096			1,069			1,071			1,073			1,092			1,045			1,045			1,049			1,055			1,067			1,051			1,051
Gross Square Feet - End of Period	7,760			7,848			7,756			7,738			7,801			7,967			7,778			7,778			7,840			7,900			8,041			7,958			7,958

⁽¹⁾ Reported results for periods prior to Fiscal 2010 have not been restated to reflect the change in accounting principle. The change is not determinable because the information necessary to determine the weighted-average cost using the cost method prior to that year is not available.

⁽²⁾ For Fiscal 2010, 2011 and 2012 along with the quarterly periods during Fiscal 2011 and Fiscal 2012 (through Q3), the reported amounts have been restated to reflect reporting under the cost method.

⁽³⁾ Beginning with the fourth quarter of 2012, the Company is reporting comparable sales including both stores and direct to consumer. The Company has provided comparable sales beginning with the first quarter of 2012.