Abercrombie & Fitch (ANF) 8-K Abercrombie & Fitch Reports Fourth Quarter and Full Year 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			Q2			Q3			Q4			YTD
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		$	945,698		$	1,033,293		$	1,299,137		$	4,116,897
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			341,576			382,253			532,030			1,541,462
Gross Profit	1,883,598			2,217,429			2,550,224		541,092			592,451			752,514			930,652			2,816,709			553,166			604,122			651,040			767,107			2,575,435
Total Stores and Distribution Expense	1,392,732			1,538,870			1,820,226		455,732			458,085			496,942			569,760			1,980,510			449,125			471,722			481,233			505,607			1,907,687
Total Marketing, General and Administrative Expense	353,269			400,804			437,120		116,889			111,293			123,381			122,321			473,883			118,780			117,646			126,750			118,608			481,784
Restructuring Charges	—			—			—		—			—			—			—			—			—			—			44,708			36,792			81,500
Asset Impairment Charges	33,218			50,631			68,022		—			—			—			7,407			7,407			—			—			43,571			3,144			46,715
Other Operating (Income) Expense, Net	(13,533		)	(10,056		)	3,472		(2,584		)	(1,933		)	(1,154		)	(13,663		)	(19,333		)	(818		)	(4,411		)	(9,851		)	(7,994		)	(23,074		)
Operating Income (Loss)	117,912			237,180			221,384		(28,945		)	25,006			133,345			244,827			374,233			(13,921		)	19,165			(35,370		)	110,950			80,823
Interest (Income) Expense, Net	(1,598		)	3,362			3,577		1,089			1,546			1,584			3,069			7,288			1,628			1,750			1,655			2,513			7,546
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		)	17,415			(37,025		)	108,437			73,277
Tax Expense (Benefit) for Continuing Operations	40,557			78,109			74,669		(8,729		)	6,409			47,725			84,529			129,934			(8,346		)	6,045			(21,381		)	42,331			18,649
Net Income (Loss) from Continuing Operations	78,953			155,709			143,138		(21,305		)	17,051			84,036			157,229			237,011			(7,203		)	11,370			(15,644		)	66,106			54,628
Net (Loss) Income from Discontinued Operations (Net of Taxes)	(78,699		)	—			796		—			—			—			—			—			—			—			—			—			—

										Fiscal 2012															Fiscal 2013
	2009 (1)			2010			2011			Q1			Q2			Q3			Q4			YTD			Q1			Q2			Q3			Q4			YTD
Net Income (Loss)	254			155,709			143,934			(21,305		)	17,051			84,036			157,229			237,011			(7,203		)	11,370			(15,644		)	66,106			54,628
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	)	$	0.15		$	(0.20	)	$	0.86		$	0.71
Diluted	$	0.89		$	1.73		$	1.60		$	(0.25	)	$	0.20		$	1.02		$	1.95		$	2.85		$	(0.09	)	$	0.14		$	(0.20	)	$	0.85		$	0.69
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	)	$	0.15		$	(0.20	)	$	0.86		$	0.71
Diluted	$	—		$	1.73		$	1.61		$	(0.25	)	$	0.20		$	1.02		$	1.95		$	2.85		$	(0.09	)	$	0.14		$	(0.20	)	$	0.85		$	0.69
Weighted-Average Shares Outstanding:
Basic	87,874			88,061			86,848			84,593			82,555			81,669			78,944			81,940			78,324			77,382			76,456			76,467			77,157
Diluted	88,609			89,851			89,537			84,593			83,441			82,522			80,554			83,175			78,324			79,267			76,456			77,568			78,666
Comparable Store Sales	(23		)%	7		%	5		%	(5		)%	(10		)%	(3		)%	(4		)%	(5		)%	(17		)%	(14		)%	(18		)%	(16		)%	(16		)%
Comparable Direct-to-Consumer Sales										41		%	26		%	19		%	17		%	24		%	(6		)%	14		%	11		%	24		%	13		%
Comparable Sales (2)										1		%	(6		)%	0		%	(1		)%	(1		)%	(15		)%	(10		)%	(14		)%	(8		)%	(11		)%
Actual Shares Outstanding	87,985			87,246			85,638			82,542			82,567			79,557			78,445			78,445			78,306			76,384			76,395			76,402			76,402
Number of Stores - End of Period (3)	1,096			1,069			1,045			1,048			1,054			1,057			1,041			1,041			1,042			1,044			1,049			1,006			1,006
Gross Square Feet - End of Period	7,848			7,756			7,778			7,840			7,900			8,041			7,958			7,958			7,970			8,006			8,069			7,736			7,736

⁽¹⁾ Reported results for periods prior to Fiscal 2010 have not been restated to reflect the change in accounting principle from the retail method to the cost method of inventory accounting. 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.

⁽³⁾ Prior period store counts have been restated to count multi-brand outlet stores as a single store.