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 2013															Fiscal 2014
	2010			2011		2012			Q1			Q2			Q3			Q4			2013			Q1
Net Sales	$	3,468,777		$	4,158,058	$	4,510,805		$	838,769		$	945,698		$	1,033,293		$	1,299,137		$	4,116,897		$	822,428
Cost of Goods Sold	1,251,348			1,607,834		1,694,096			285,603			341,576			382,253			532,030			1,541,462			310,769
Gross Profit	2,217,429			2,550,224		2,816,709			553,166			604,122			651,040			767,107			2,575,435			511,659
Stores and Distribution Expense	1,538,870			1,820,226		1,980,510			449,125			471,722			481,233			505,607			1,907,687			417,571
Marketing, General and Administrative Expense	400,804			437,120		473,883			118,780			117,646			126,750			118,608			481,784			123,581
Restructuring Charges	—			—		—			—			—			44,708			36,792			81,500			5,633
Asset Impairment Charges	50,631			68,022		7,407			—			—			43,571			3,144			46,715			—
Other Operating (Income) Expense, Net	(10,056		)	3,472		(19,333		)	(818		)	(4,411		)	(9,851		)	(7,994		)	(23,074		)	(3,620		)
Operating Income (Loss)	237,180			221,384		374,233			(13,921		)	19,165			(35,370		)	110,950			80,823			(31,506		)
Interest (Income) Expense, Net	3,362			3,577		7,288			1,628			1,750			1,655			2,513			7,546			1,997
Income (Loss) from Continuing Operations Before Taxes	233,818			217,807		366,945			(15,549		)	17,415			(37,025		)	108,437			73,277			(33,503		)
Tax Expense (Benefit) for Continuing Operations	78,109			74,669		129,934			(8,346		)	6,045			(21,381		)	42,331			18,649			(9,832		)
Net Income (Loss) from Continuing Operations	155,709			143,138		237,011			(7,203		)	11,370			(15,644		)	66,106			54,628			(23,671		)
Net (Loss) Income from Discontinued Operations (Net of Taxes)	—			796		—			—			—			—			—			—			—
Net Income (Loss)	155,709			143,934		237,011			(7,203		)	11,370			(15,644		)	66,106			54,628			(23,671		)

											Fiscal 2013															Fiscal 2014
		2010			2011			2012			Q1			Q2			Q3			Q4			YTD			Q1
Basic		$	1.77		$	1.65		$	2.89		$	(0.09	)	$	0.15		$	(0.20	)	$	0.86		$	0.71		$	(0.32	)
Diluted		$	1.73		$	1.60		$	2.85		$	(0.09	)	$	0.14		$	(0.20	)	$	0.85		$	0.69		$	(0.32	)
Net (Loss) Income Per Share from Discontinued Operations:
Basic		$	—		$	0.01		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Diluted		$	—		$	0.01		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Income (Loss) Per Share:	��
Basic		$	1.77		$	1.66		$	2.89		$	(0.09	)	$	0.15		$	(0.20	)	$	0.86		$	0.71		$	(0.32	)
Diluted		$	1.73		$	1.61		$	2.85		$	(0.09	)	$	0.14		$	(0.20	)	$	0.85		$	0.69		$	(0.32	)
Weighted-Average Shares Outstanding:
Basic		88,061			86,848			81,940			78,324			77,382			76,456			76,467			77,157			74,483
Diluted		89,851			89,537			83,175			78,324			79,267			76,456			77,568			78,666			74,483
Comparable Store Sales		7		%	5		%	(5		)%	(17		)%	(14		)%	(18		)%	(16		)%	(16		)%	(11		)%
Comparable Direct-to-Consumer Sales								24		%	(6		)%	14		%	11		%	24		%	13		%	27		%
Comparable Sales (1)								(1		)%	(15		)%	(10		)%	(14		)%	(8		)%	(11		)%	(4		)%
Actual Shares Outstanding		87,246			85,638			78,445			78,306			76,384			76,395			76,402			76,402			72,775
Number of Stores - End of Period (2)		1,069			1,045			1,041			1,042			1,044			1,049			1,006			1,006			999
Gross Square Feet - End of Period		7,756			7,778			7,958			7,970			8,006			8,069			7,736			7,736			7,682

⁽¹⁾ Includes comparable store and direct-to-consumer sales.

⁽²⁾ Prior period store counts have been restated to count multi-brand outlet stores as a single store.