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

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data and store data)
									Fiscal 2014															Fiscal 2015
	2011		2012			2013			Q1			Q2			Q3			Q4			2014			Q1			Q2			YTD
NET SALES	$	4,158,058	$	4,510,805		$	4,116,897		$	822,428		$	890,605		$	911,453		$	1,119,544		$	3,744,030		$	709,422		$	817,756		$	1,527,178
Cost of goods sold	1,607,834		1,694,096			1,541,462			310,769			337,649			344,383			437,659			1,430,460			297,873			307,894			605,767
GROSS PROFIT	2,550,224		2,816,709			2,575,435			511,659			552,956			567,070			681,885			2,313,570			411,549			509,862			921,411
Stores and distribution expense	1,820,226		1,980,519			1,907,687			417,571			426,301			413,551			445,629			1,703,051			391,638			389,193			780,831
Marketing, general and administrative expense	437,120		473,883			481,784			123,581			111,033			104,981			119,225			458,820			107,533			119,846			227,379
Restructuring (benefit) charge	—		—			81,500			5,633			419			—			2,378			8,431			(1,598		)	—			(1,598		)
Asset impairment	68,022		7,407			46,715			—			—			16,706			28,282			44,988			6,133			—			6,133
Other operating (income) expense, net	3,472		(19,333		)	(23,074		)	(3,620		)	(4,290		)	(1,534		)	(5,795		)	(15,239		)	(1,960		)	(1,139		)	(3,099		)
OPERATING INCOME (LOSS)	221,384		374,233			80,823			(31,506		)	19,493			33,366			92,166			113,519			(90,197		)	1,962			(88,235		)
Interest expense, net	3,577		7,288			7,546			1,997			2,020			5,572			4,776			14,365			4,639			4,567			9,206
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES	217,807		366,945			73,277			(33,503		)	17,473			27,794			87,390			99,154			(94,836		)	(2,605		)	(97,441		)
Tax expense (benefit) for continuing operations	74,669		129,934			18,649			(9,832		)	4,596			9,567			43,002			47,333			(31,590		)	(3,217		)	(34,807		)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	143,138		237,011			54,628			(23,671		)	12,877			18,227			44,388			51,821			(63,246		)	612			(62,634		)
Net income (loss) from discontinued operations (net of taxes)	796		—			—			—			—			—			—			—			—			—			—
Less: Net income attributable to non-controlling interest	—		—			—			—			—			—			—			—			—			1,422			1,422
NET INCOME (LOSS) ATTRIBUTABLE TO ABERCROMBIE & FITCH CO.	$	143,934	$	237,011		$	54,628		$	(23,671	)	$	12,877		$	18,227		$	44,388		$	51,821		$	(63,246	)	$	(810	)	$	(64,056	)

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							Fiscal 2014											Fiscal 2015
	2011		2012		2013		Q1			Q2		Q3		Q4		2014		Q1			Q2			YTD
Net Income (Loss) Per Share from Continuing Operations attributable to Abercrombie & Fitch Co.:
Basic	$	1.65	$	2.89	$	0.71	$	(0.32	)	$	0.18	$	0.26	$	0.64	$	0.72	$	(0.91	)	$	(0.01	)	$	(0.92	)
Diluted	$	1.60	$	2.85	$	0.69	$	(0.32	)	$	0.17	$	0.25	$	0.63	$	0.71	$	(0.91	)	$	(0.01	)	$	(0.92	)
Net Income Per Share from Discontinued Operations attributable to Abercrombie & Fitch Co.:
Basic	$	0.01	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—		$	—		$	—
Diluted	$	0.01	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—		$	—		$	—
Net Income (Loss) Per Share attributable to Abercrombie & Fitch Co.:
Basic	$	1.66	$	2.89	$	0.71	$	(0.32	)	$	0.18	$	0.26	$	0.64	$	0.72	$	(0.91	)	$	(0.01	)	$	(0.92	)
Diluted	$	1.61	$	2.85	$	0.69	$	(0.32	)	$	0.17	$	0.25	$	0.63	$	0.71	$	(0.91	)	$	(0.01	)	$	(0.92	)
Weighted-Average Shares Outstanding:
Basic	86,848		81,940		77,157		74,483			72,436		70,814		69,409		71,785		69,510			69,713			69,612
Diluted	89,537		83,175		78,666		74,483			73,756		72,128		70,136		72,937		69,510			69,713			69,612
Abercrombie Comparable Sales (1)							(2)%			(2)%		(7)%		(8)%		(5)%		(9)%			(7)%			(8)%
Hollister Comparable Sales	8%		(1)%		(14)%		(7)%			(10)%		(12)%		(11)%		(10)%		(6)%			(1)%			(4)%
Comparable Sales (2)			(1)%		(11)%		(4)%			(7)%		(10)%		(10)%		(8)%		(8)%			(4)%			(6)%
Shares Outstanding	85,638		78,445		76,402		72,775			71,363		69,336		69,352		69,352		69,557			69,600			69,600
Number of Stores - End of Period (3)	1,045		1,041		1,006		999			997		1,000		969		969		962			954			954
Gross Square Feet - End of Period	7,778		7,958		7,736		7,682			7,683		7,715		7,517		7,517		7,456			7,434			7,434
(1) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.
(2) Comparable sales are calculated on a constant currency basis and exclude Gilly Hicks beginning in Q4 of fiscal 2014.
(3) Prior period store counts have been restated to count multi-brand outlet stores as a single store.

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