Abercrombie & Fitch (ANF) 8-K Abercrombie & Fitch Reports First Quarter Results

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data and store data)
									Fiscal 2012															Fiscal 2013
	2009 (1)			2010			2011		Q1			Q2			Q3			Q4			YTD			Q1
Net Sales	$	2,928,626		$	3,468,777		$	4,158,058	$	921,218		$	951,407		$	1,169,649		$	1,468,531		$	4,510,805		$	838,769
Cost of Goods Sold	1,045,028			1,251,348			1,607,834		380,126			358,956			417,135			537,879			1,694,096			285,603
Gross Profit	1,883,598			2,217,429			2,550,224		541,092			592,451			752,514			930,652			2,816,709			553,166
Total Stores and Distribution Expense	1,425,950			1,589,501			1,888,248		455,732			458,085			496,942			577,167			1,987,926			449,125
Total Marketing, General and Administrative Expense	353,269			400,804			437,120		116,889			111,293			123,381			122,321			473,883			118,780
Other Operating (Income) Expense, Net	(13,533		)	(10,056		)	3,472		(2,584		)	(1,933		)	(1,154		)	(13,663		)	(19,333		)	(818		)
Operating Income (Loss)	117,912			237,180			221,384		(28,945		)	25,006			133,345			244,827			374,233			(13,921		)
Interest (Income) Expense, Net	(1,598		)	3,362			3,577		1,089			1,546			1,584			3,069			7,288			1,628
Income (Loss) from Continuing Operations Before Taxes	119,510			233,818			217,807		(30,034		)	23,460			131,761			241,758			366,945			(15,549		)
Tax Expense (Benefit) for Continuing Operations	40,557			78,109			74,669		(8,729		)	6,409			47,725			84,529			129,934			(8,346		)
Net Income (Loss) from Continuing Operations	78,953			155,709			143,138		(21,305		)	17,051			84,036			157,229			237,011			(7,203		)
Net (Loss) Income from Discontinued Operations (Net of Taxes)	(78,699		)	—			796		—			—			—			—			—			—
Net Income (Loss)	254			155,709			143,934		(21,305		)	17,051			84,036			157,229			237,011			(7,203		)
Net Income (Loss) Per Share from Continuing Operations:
Basic	$	0.90		$	1.77		$	1.65	$	(0.25	)	$	0.21		$	1.03		$	1.99		$	2.89		$	(0.09	)
Diluted	$	0.89		$	1.73		$	1.60	$	(0.25	)	$	0.20		$	1.02		$	1.95		$	2.85		$	(0.09	)

Net (Loss) Income Per Share from Discontinued Operations:
Basic	$	(0.90	)	$	—		$	0.01		$	—		$	—		$	—		$	—		$	—		$	—
Diluted	$	(0.89	)	$	—		$	0.01		$	—		$	—		$	—		$	—		$	—		$	—
Net Income (Loss) Per Share:
Basic	$	—		$	1.77		$	1.66		$	(0.25	)	$	0.21		$	1.03		$	1.99		$	2.89		$	(0.09	)
Diluted	$	—		$	1.73		$	1.61		$	(0.25	)	$	0.20		$	1.02		$	1.95		$	2.85		$	(0.09	)
Weighted-Average Shares Outstanding:
Basic	87,874			88,061			86,848			84,593			82,555			81,669			78,944			81,940			78,324
Diluted	88,609			89,851			89,537			84,593			83,441			82,522			80,554			83,175			78,324
Comparable Sales (2)										1		%	(6		)%	0		%	(1		)%	(1		)%	(15		)%
Comparable Store Sales	(23		)%	7		%	5		%	(5		)%	(10		)%	(3		)%	(4		)%	(5		)%	(17		)%
Actual Shares Outstanding	87,985			87,246			85,638			82,542			82,567			79,557			78,445			78,445			78,306
Number of Stores - End of Period	1,096			1,069			1,045			1,049			1,055			1,067			1,051			1,051			1,053
Gross Square Feet - End of Period	7,848			7,756			7,778			7,840			7,900			8,041			7,958			7,958			7,970

⁽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⁾ Includes comparable store and direct-to-consumer sales.