Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2015 | Dec. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ABERCROMBIE & FITCH CO /DE/ | |
Entity Central Index Key | 1,018,840 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 67,204,664 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 878,572 | $ 911,453 | $ 2,405,750 | $ 2,624,486 |
Cost of goods sold | 318,785 | 344,383 | 924,552 | 992,801 |
Gross profit | 559,787 | 567,070 | 1,481,198 | 1,631,685 |
Stores and distribution expense | 392,942 | 413,551 | 1,173,773 | 1,257,422 |
Marketing, general and administrative expense | 117,698 | 104,981 | 345,077 | 339,595 |
Restructuring (benefit) charge | 0 | 0 | (1,598) | 6,053 |
Asset impairment | 12,076 | 16,706 | 18,209 | 16,706 |
Other operating income, net | (3,919) | (1,534) | (7,018) | (9,444) |
Operating income (loss) | 40,990 | 33,366 | (47,245) | 21,353 |
Interest expense, net | 4,586 | 5,572 | 13,792 | 9,589 |
Income (loss) before taxes | 36,404 | 27,794 | (61,037) | 11,764 |
Income tax (benefit) expense | (5,881) | 9,567 | (40,688) | 4,331 |
Net income (loss) | 42,285 | 18,227 | (20,349) | 7,433 |
Less: Net income attributable to noncontrolling interests | 394 | 0 | 1,816 | 0 |
Net income (loss) attributable to Abercrombie & Fitch Co. | $ 41,891 | $ 18,227 | $ (22,165) | $ 7,433 |
Net income (loss) per share attributable to Abercrombie & Fitch Co. | ||||
Basic (in dollars per share) | $ 0.61 | $ 0.26 | $ (0.32) | $ 0.10 |
Diluted (in dollars per share) | $ 0.60 | $ 0.25 | $ (0.32) | $ 0.10 |
Weighted-average shares outstanding | ||||
Basic (in shares) | 68,866 | 70,814 | 69,363 | 72,577 |
Diluted (in shares) | 69,265 | 72,128 | 69,363 | 73,870 |
Dividends declared per share | $ 0.20 | $ 0.20 | $ 0.60 | $ 0.60 |
Other comprehensive loss | ||||
Foreign currency translation | $ (1,491) | $ (39,119) | $ (11,362) | $ (35,545) |
Derivative financial instruments, net of tax | (2,952) | 9,071 | (11,288) | 11,345 |
Other comprehensive loss | (4,443) | (30,048) | (22,650) | (24,200) |
Comprehensive income (loss) | 37,842 | (11,821) | (42,999) | (16,767) |
Less: Comprehensive income attributable to noncontrolling interests | 394 | 0 | 1,816 | 0 |
Comprehensive income (loss) attributable to Abercrombie & Fitch Co. | $ 37,448 | $ (11,821) | $ (44,815) | $ (16,767) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Current assets: | ||
Cash and equivalents | $ 405,611 | $ 520,708 |
Receivables | 62,132 | 52,910 |
Inventories, net | 601,541 | 460,794 |
Deferred income taxes, net | 34,344 | 13,986 |
Other current assets | 109,527 | 116,574 |
Total current assets | 1,213,155 | 1,164,972 |
Property and equipment, net | 918,926 | 967,001 |
Other assets | 380,663 | 373,194 |
Total assets | 2,512,744 | 2,505,167 |
Current liabilities: | ||
Accounts payable | 303,992 | 141,685 |
Accrued expenses | 309,209 | 282,736 |
Short-term portion of deferred lease credits | 25,031 | 26,629 |
Income taxes payable | 4,665 | 32,804 |
Short-term portion of borrowings, net | 1,513 | 2,102 |
Total current liabilities | 644,410 | 485,956 |
Long-term liabilities: | ||
Long-term portion of deferred lease credits | 96,993 | 106,393 |
Long-term portion of borrowings, net | 288,091 | 291,310 |
Leasehold financing obligations | 48,370 | 50,521 |
Other liabilities | 166,002 | 181,286 |
Total long-term liabilities | 599,456 | 629,510 |
Stockholders' equity | ||
Class A Common Stock - $0.01 par value: 150,000 shares authorized and 103,300 shares issued at each of October 31, 2015 and January 31, 2015 | 1,033 | 1,033 |
Paid-in capital | 428,651 | 434,137 |
Retained earnings | 2,485,878 | 2,550,673 |
Accumulated other comprehensive loss, net of tax | (106,230) | (83,580) |
Treasury stock, at average cost: 36,147 and 33,948 shares at October 31, 2015 and January 31, 2015, respectively | (1,544,168) | (1,512,562) |
Total Abercrombie & Fitch Co. stockholders' equity | 1,265,164 | 1,389,701 |
Noncontrolling interests | 3,714 | 0 |
Total stockholders' equity | 1,268,878 | 1,389,701 |
Total liabilities and stockholders' equity | $ 2,512,744 | $ 2,505,167 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Oct. 31, 2015 | Jan. 31, 2015 |
Stockholders' equity | ||
Treasury Stock, at Average Cost (in shares) | 36,147,000 | 33,948,000 |
Class A Common Stock | ||
Stockholders' equity | ||
Class A Common Stock, par value | $ 0.01 | $ 0.01 |
Class A Common Stock, shares authorized | 150,000,000 | 150,000,000 |
Class A Common Stock, shares issued | 103,300,000 | 103,300,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Operating activities | ||
Net (loss) income | $ (20,349) | $ 7,433 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||
Depreciation and amortization | 160,364 | 174,966 |
Asset impairment | 18,209 | 16,706 |
Loss on disposal | 6,312 | 3,580 |
Amortization of deferred lease credits | (21,482) | (29,525) |
Benefit from deferred income taxes | (36,747) | (1,408) |
Share-based compensation | 21,681 | 17,396 |
Changes in assets and liabilities | ||
Inventories, net | (141,725) | (90,485) |
Accounts payable and accrued expenses | 148,832 | 3,049 |
Lessor construction allowances | 4,743 | 11,669 |
Income taxes | (34,249) | (55,239) |
Other assets | (9,268) | (15,739) |
Other liabilities | (29,781) | (12,939) |
Net cash provided by operating activities | 66,540 | 29,464 |
Investing activities | ||
Purchases of property and equipment | (105,216) | (132,183) |
Proceeds from sale of property and equipment | 11,109 | 0 |
Other investing activities | (9,544) | 0 |
Net cash used for investing activities | (84,563) | (132,183) |
Financing activities | ||
Purchase of treasury stock | (50,033) | (285,038) |
Repayments of borrowings | (2,250) | (195,000) |
Proceeds from borrowings | 0 | 357,000 |
Other financing activities | 147 | 579 |
Dividends paid | (41,704) | (43,494) |
Net cash used for financing activities | (93,840) | (165,953) |
Effect of exchange rates on cash | (3,234) | (10,880) |
Net decrease in cash and equivalents | (115,097) | (279,552) |
Cash and equivalents, beginning of period | 520,708 | 600,116 |
Cash and equivalents, end of period | 405,611 | 320,564 |
Significant non-cash investing activities | ||
Change in accrual for construction in progress | 22,882 | 1,054 |
Supplemental information | ||
Cash paid for interest | 12,220 | 12,554 |
Cash paid for income taxes, net of refunds | $ 45,100 | $ 68,357 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Nature of Business Abercrombie & Fitch Co. (“A&F”), through its subsidiaries (collectively, A&F and its subsidiaries are referred to as “Abercrombie & Fitch” or the “Company”), is a specialty retailer of branded apparel and accessories. The Company operates stores in North America, Europe, Asia and the Middle East and direct-to-consumer operations in North America, Europe and Asia that serve its customers throughout the world. Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include historical financial statements of, and transactions applicable to, the Company and reflect its assets, liabilities, results of operations and cash flows. The Company has interests in a United Arab Emirates business venture and in a Kuwait business venture with Majid al Futtaim Fashion L.L.C. ("MAF"), each of which meets the definition of a variable interest entity (“VIE”). The Company is deemed to be the primary beneficiary of these VIEs; therefore, the Company has consolidated the operating results, assets and liabilities of these VIEs, with MAF's portion of net income presented as net income attributable to noncontrolling interests ("NCI") in the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and MAF's portion of equity presented as NCI in the Condensed Consolidated Balance Sheets. The Company began presenting income attributable to NCI in the second quarter of Fiscal 2015. Income attributable to NCI of $1.8 million for the thirty-nine weeks ended October 31, 2015 included $0.8 million related to Fiscal 2014. Fiscal Year The Company’s fiscal year ends on the Saturday closest to January 31. All references herein to “Fiscal 2015” and “Fiscal 2014” represent the 52-week fiscal years ending on January 30, 2016 and January 31, 2015, respectively. Interim Financial Statements The Condensed Consolidated Financial Statements as of October 31, 2015 , and for the thirteen and thirty-nine week periods ended October 31, 2015 and November 1, 2014 , are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto contained in A&F’s Annual Report on Form 10-K for Fiscal 2014 filed with the SEC on March 30, 2015. The January 31, 2015 consolidated balance sheet data were derived from audited consolidated financial statements, but do not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments (which are of a normal recurring nature) necessary to state fairly, in all material respects, the financial position and results of operations and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for Fiscal 2015. Net income attributable to A&F for the thirteen and thirty-nine weeks ended October 31, 2015 included a benefit of $1.2 million and a charge of $0.1 million , respectively, related to the correction of certain errors from prior periods. Net income attributable to A&F for the thirteen and thirty-nine weeks ended November 1, 2014 included a charge of $0.8 million and $2.4 million , respectively, related to the correction of certain errors from prior periods. The Company does not believe these corrections were material to any current or prior interim or annual periods that were affected. The Condensed Consolidated Financial Statements as of October 31, 2015 and for the thirteen and thirty-nine week periods ended October 31, 2015 and November 1, 2014 included herein have been reviewed by PricewaterhouseCoopers LLP, an independent registered public accounting firm, and the report of such firm follows the Notes to Condensed Consolidated Financial Statements. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 (the “Act”) for their report on the Condensed Consolidated Financial Statements because their report is not a “report” or a “part” of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could affect the Company's financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Standard adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs This standard amends ASC 835, Interest—Imputation of Interest. The amendment provides guidance on the financial statement presentation of debt issuance costs as a direct reduction of a liability when associated with a liability. February 1, 2015 The adoption of this guidance impacted the Company's consolidated financial statements by approximately $0.6M. ASU 2015-15, Simplifying the Presentation of Debt Issuance Costs This standard amends ASC 835, Interest—Imputation of Interest. The amendment provides guidance on the financial statement presentation of debt issuance costs associated with line-of-credit arrangements as an asset regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. August 2, 2015 The adoption of this guidance did not have any impact on the Company's consolidated financial statements. Standards not yet adopted ASU 2014-09, Revenue from Contracts with Customers This standard supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)." The new ASC guidance requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. February 4, 2018 The Company is currently evaluating the potential impact of this standard. ASU 2015-11, Simplifying the Measurement of Inventory This standard amends ASC 330, Inventory . This amendment applies to inventory measured using first-in, first-out (FIFO) or average cost. Under this amendment, inventory should be measured at the lower of cost and net realizable value, which is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. January 29, 2017* The adoption of this amendment is not expected to have a material impact on the Company's consolidated financial statements. ASU 2015-17 , Income Taxes: Balance Sheet Classification of Deferred Taxes This standard requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. January 29, 2017* The adoption of this standard will result in the reclassification of all current deferred tax assets and liabilities to noncurrent in the Company's consolidated balance sheets. * Early adoption is permitted. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Net income (loss) per basic and diluted share is computed based on the weighted-average number of outstanding shares of common stock. The following table presents weighted-average shares outstanding and anti-dilutive shares: Thirteen Weeks Ended Thirty-nine Weeks Ended (in thousands) October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Shares of common stock issued 103,300 103,300 103,300 103,300 Weighted-average treasury shares (34,434 ) (32,486 ) (33,937 ) (30,723 ) Weighted-average — basic shares 68,866 70,814 69,363 72,577 Dilutive effect of share-based compensation awards 399 1,314 — 1,293 Weighted-average — diluted shares 69,265 72,128 69,363 73,870 Anti-dilutive shares (1) 10,205 5,566 12,154 5,621 (1) Reflects the total number of shares related to outstanding share-based compensation awards that have been excluded from the computation of net income (loss) per diluted share because the impact would have been anti-dilutive. During the third quarter of Fiscal 2015, A&F repurchased approximately 2.5 million additional shares of A&F's Common Stock in the open market at a market value of approximately $50 million . |
Fair Value
Fair Value | 9 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs to measure fair value are as follows: • Level 1—inputs are unadjusted quoted prices for identical assets or liabilities that are available in active markets that the Company can access at the measurement date. • Level 2—inputs are other than quoted market prices included within Level 1 that are observable for assets or liabilities, directly or indirectly. • Level 3—inputs to the valuation methodology are unobservable. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. The three levels of the hierarchy and the distribution within it of the Company’s assets and liabilities, measured at fair value on a recurring basis, were as follows: Assets and Liabilities at Fair Value as of October 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 79,212 $ — $ — $ 79,212 Derivative financial instruments — 1,769 — 1,769 Total assets measured at fair value $ 79,212 $ 1,769 $ — $ 80,981 Liabilities: Derivative financial instruments — 396 — 396 Total liabilities measured at fair value $ — $ 396 $ — $ 396 Assets and Liabilities at Fair Value as of January 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 122,047 $ — $ — $ 122,047 Derivative financial instruments — 10,293 — 10,293 Total assets measured at fair value $ 122,047 $ 10,293 $ — $ 132,340 Liabilities: Derivative financial instruments — — — — Total liabilities measured at fair value $ — $ — $ — $ — The level 2 assets and liabilities consist of derivative financial instruments, primarily forward foreign currency exchange contracts. The fair value of forward foreign currency exchange contracts is determined by using quoted market prices of the same or similar instruments, adjusted for counterparty risk. Disclosures of Fair Value of Other Assets and Liabilities: The Company’s borrowings under the Company's credit facilities are carried at historical cost in the accompanying Condensed Consolidated Balance Sheets. For disclosure purposes, the Company estimated the fair value of borrowings outstanding using a discounted cash flow analysis based on market rates obtained from independent third parties for similar types of debt. The inputs used to value the borrowings outstanding are considered to be Level 2 instruments. The carrying amount and fair value of the Company's term loan facility were as follows: (in thousands) October 31, 2015 January 31, 2015 Gross borrowings outstanding, carrying amount $ 297,000 $ 299,250 Gross borrowings outstanding, fair value $ 289,575 $ 295,135 No borrowings were outstanding under the Company's senior secured revolving credit facility as of October 31, 2015 or January 31, 2015 . |
Inventories, Net
Inventories, Net | 9 Months Ended |
Oct. 31, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, NET | INVENTORIES, NET Inventories, net consisted of: (in thousands) October 31, 2015 January 31, 2015 Inventories $ 635,967 $ 484,865 Less: Lower of cost or market reserve (29,303 ) (12,707 ) Less: Shrink reserve (5,123 ) (11,364 ) Inventories, net $ 601,541 $ 460,794 Inventories are valued at the lower of cost or market on a weighted-average cost basis. The Company reduces the carrying value of inventory through a lower of cost or market adjustment, the impact of which is reflected in cost of goods sold on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The lower of cost or market reserve is based on an analysis of historical experience, composition and aging of the inventory and management's judgment regarding future demand and market conditions. Additionally, as part of inventory valuation, inventory shrinkage estimates based on historical trends from actual physical inventories are made each period that reduce the inventory value for lost or stolen items. The Company performs physical inventories on a periodic basis and adjusts the shrink reserve accordingly. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of: (in thousands) October 31, 2015 January 31, 2015 Property and equipment, at cost $ 2,830,013 $ 2,797,250 Less: Accumulated depreciation and amortization (1,911,087 ) (1,830,249 ) Property and equipment, net $ 918,926 $ 967,001 Long-lived assets, primarily comprised of property and equipment, are tested for impairment periodically or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Factors used in the evaluation include, but are not limited to, management’s plans for future operations, recent operating results, and undiscounted projected cash flows. Fair value of the Company's store-related assets is determined at the individual store level, primarily using a discounted cash flow model that utilizes Level 3 inputs. The estimation of future cash flows from operating activities requires significant estimates of factors that include future sales, gross margin performance and operating expenses. In instances where the discounted cash flow analysis indicates a negative value at the store level, the market exit price based on historical experience, and other comparable market data where applicable, is used to determine the fair value by asset type. Store-related assets are considered level 3 assets in the fair value hierarchy and the fair values were determined at the individual store level, primarily using a discounted cash flow model. The estimation of future cash flows from operating activities requires significant estimates of factors that include future sales, gross margin performance and operating expenses. In instances where the discounted cash flow analysis indicated an impairment at the store level, the market exit price based on historical experience was used to determine the fair value by asset type. In the third quarter of 2015, the Company incurred non-cash asset impairment charges of $12.1 million as it was determined that the carrying value of certain assets would not be recoverable and exceeded fair value. The asset impairment charges primarily related to the Company's Abercrombie & Fitch flagship store in Hong Kong. The Company incurred $18.2 million in asset impairment charges for the thirty-nine weeks ended October 31, 2015. In the third quarter of Fiscal 2014, the Company incurred non-cash asset impairment charges of $16.7 million , as it was determined that the carrying value of certain store-related assets would not be recoverable and exceeded fair value. The asset impairment charges primarily related to the Company's Abercrombie & Fitch flagship store in Tokyo, Japan, as well as three other Abercrombie & Fitch stores, five Hollister stores and nine abercrombie kids stores. In certain lease arrangements, the Company is involved in the construction of a building and is deemed to be the owner of the construction project. In those instances, the Company records an asset for the amount of the total project costs, including the portion funded by the landlord, and an amount related to the value of the pre-existing leased building in property and equipment, net, and a corresponding financing obligation in leasehold financing obligations, on the Condensed Consolidated Balance Sheets. Once construction is complete, if it is determined that the asset does not qualify for sale-leaseback accounting treatment, the amounts remain on the Company's Condensed Consolidated Balance Sheets and the Company continues to amortize the obligation over the lease term and depreciates the asset over its useful life. The Company had $38.2 million and $40.1 million of construction project assets in property and equipment, net at October 31, 2015 and January 31, 2015 , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company's quarterly tax provision and quarterly estimate of the annual effective tax rate are subject to significant variation due to several factors. These include variability in the pre-tax jurisdictional mix of earnings, changes in how the Company does business such as entering into new businesses or geographies, changes in foreign currency exchange rates, changes in laws, regulations, and administrative practices, relative changes in expenses or losses for which tax benefits are not recognized, and the impact of discrete items. The impact of these items on the effective tax rate will be greater at lower levels of pre-tax income (loss). The effective tax rates for the thirteen and thirty-nine weeks ended October 31, 2015 reflect benefits related to a change in the estimated annual effective tax rate and discrete benefits of $9.7 million and $8.6 million , respectively. The discrete benefits include the release of $5.9 million of valuation allowance established on certain net operating losses, as the Company believes it is more likely than not these deferred tax assets will be utilized due to the expectation of future taxable income in the related jurisdiction. A provision for U.S. income tax has not been recorded on undistributed profits generated through the third quarter of Fiscal 2015 of non-U.S. subsidiaries that the Company has determined to be indefinitely reinvested outside the U.S. Determination of the amount of unrecognized deferred U.S. income tax liability on these unremitted earnings is not practicable because of the complexities associated with this hypothetical calculation. Unremitted earnings from foreign subsidiaries generated after October 31, 2015 are not considered to be invested indefinitely, and the Company plans to recognize deferred U.S. income taxes on these earnings. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The Company issues stock appreciation rights and restricted stock units, including those with service, performance and market vesting conditions. The Company recognized share-based compensation expense of $7.6 million and $21.7 million for the thirteen and thirty-nine weeks ended October 31, 2015 , respectively, and $6.0 million and $17.4 million for the thirteen and thirty-nine weeks ended November 1, 2014 , respectively. The Company also recognized tax benefits related to share-based compensation of $2.6 million and $7.4 million for the thirteen and thirty-nine weeks ended October 31, 2015 , respectively, and $2.3 million and $6.6 million for the thirteen and thirty-nine weeks ended November 1, 2014 , respectively. Stock Options The following table summarizes stock option activity for the thirty-nine weeks ended October 31, 2015 : Number of Underlying Shares Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted-Average Remaining Contractual Life Outstanding at January 31, 2015 328,100 $ 64.64 Granted — — Exercised — — Forfeited or expired (34,300 ) 69.71 Outstanding at October 31, 2015 293,800 $ 64.05 $ — 1.9 Stock options exercisable at October 31, 2015 293,800 $ 64.05 $ — 1.9 The Company did not grant any stock options during the thirty-nine weeks ended October 31, 2015 or November 1, 2014 . No stock options were exercised during the thirty-nine weeks ended October 31, 2015 . The intrinsic value of stock options exercised was insignificant during the thirty-nine weeks ended November 1, 2014 . As of October 31, 2015 , there was no unrecognized compensation cost related to currently outstanding stock options. Stock Appreciation Rights The following table summarizes stock appreciation rights activity for the thirty-nine weeks ended October 31, 2015 : Number of Underlying Shares Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted-Average Remaining Contractual Life Outstanding at January 31, 2015 8,953,675 $ 40.28 Granted 709,758 21.90 Exercised — — Forfeited or expired (165,150 ) 39.70 Outstanding at October 31, 2015 9,498,283 $ 38.92 $ — 2.3 Stock appreciation rights exercisable at October 31, 2015 8,326,609 $ 40.31 $ — 1.4 Stock appreciation rights expected to become exercisable in the future as of October 31, 2015 1,039,928 $ 29.31 $ — 8.9 The Company estimates the fair value of stock appreciation rights using the Black-Scholes option-pricing model. The weighted-average assumptions used in the Black-Scholes option-pricing model for stock appreciation rights granted during the thirty-nine weeks ended October 31, 2015 and November 1, 2014 , were as follows: Executive Officers All Other Associates October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Grant date market price $ 22.46 $ 37.85 $ 21.99 $ 38.58 Exercise price $ 22.46 $ 38.44 $ 21.99 $ 38.79 Fair value $ 9.11 $ 14.04 $ 7.84 $ 13.56 Assumptions: Price volatility 49 % 50 % 49 % 50 % Expected term (years) 6.1 4.9 4.4 4.1 Risk-free interest rate 1.5 % 1.6 % 1.3 % 1.4 % Dividend yield 1.7 % 2.0 % 1.7 % 1.9 % Compensation expense for stock appreciation rights is recognized on a straight-line basis over the awards’ requisite service period, net of forfeitures. As of October 31, 2015 , there was $8.8 million of total unrecognized compensation cost, net of estimated forfeitures, related to stock appreciation rights. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 17 months . No stock appreciation rights were exercised during the thirty-nine weeks ended October 31, 2015 . The total intrinsic value of stock appreciation rights exercised during the thirty-nine weeks ended November 1, 2014 was $1.5 million . The grant date fair value of stock appreciation rights that vested during the thirty-nine weeks ended October 31, 2015 and November 1, 2014 was $4.5 million and $7.3 million , respectively. Restricted Stock Units The following table summarizes activity for restricted stock units for the thirty-nine weeks ended October 31, 2015 : Service-based Restricted Stock Units Performance-based Restricted Stock Units Market-based Restricted Stock Units Number of Underlying Shares Weighted- Average Grant Date Fair Value Number of Underlying Shares Weighted- Average Grant Date Fair Value Number of Underlying Shares Weighted- Average Grant Date Fair Value Unvested at January 31, 2015 1,566,272 $ 37.81 205,420 $ 32.05 36,374 $ 40.13 Granted (1) 1,060,293 20.49 113,331 20.10 113,337 19.04 Adjustments for performance achievement — — (28,250 ) 36.14 — — Vested (437,946 ) 41.00 (48,668 ) 38.24 — — Forfeited (181,378 ) 35.62 (30,208 ) 36.19 (7,000 ) 28.31 Unvested at October 31, 2015 2,007,241 $ 28.16 211,625 $ 23.09 142,711 $ 23.96 (1) Includes 226,668 shares granted at 100% of their target vesting amount related to restricted stock units with performance vesting conditions. Fair value of both service-based and performance-based restricted stock units is calculated using the market price of the underlying common stock on the date of grant reduced for anticipated dividend payments on unvested shares. In determining fair value, the Company does not take into account performance-based vesting requirements. Performance-based vesting requirements are taken into account in determining the number of awards expected to vest. For market-based restricted stock units, fair value is calculated using a Monte Carlo simulation with the number of shares that ultimately vest dependent on the Company's total stockholder return measured against the total stockholder return of a select group of peer companies over a three-year period. For an award with performance-based or market-based vesting requirements, the number of shares that ultimately vest can vary from 0% to 200% of target depending on the level of achievement of performance criteria. Service-based restricted stock units are expensed on a straight-line basis over the total requisite service period, net of forfeitures. Performance-based restricted stock units subject to graded vesting are expensed on an accelerated attribution basis, net of forfeitures. Market-based restricted stock units without graded vesting features are expensed on a straight-line basis over the requisite service period, net of forfeitures. As of October 31, 2015 , there was $31.6 million , $1.9 million and $2.2 million of total unrecognized compensation cost, net of estimated forfeitures, related to service-based, performance-based and market-based restricted stock units, respectively. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 15 months , 14 months and 13 months for service-based, performance-based and market-based restricted stock units, respectively. Additional information pertaining to restricted stock units for the thirty-nine weeks ended October 31, 2015 and November 1, 2014 follows: (in thousands) October 31, 2015 November 1, 2014 Service-based restricted stock units: Total grant date fair value of awards granted $ 21,725 $ 20,847 Total grant date fair value of awards vested 17,956 16,470 Performance-based restricted stock units: Total grant date fair value of awards granted $ 2,278 $ 4,470 Total grant date fair value of awards vested 1,861 515 Market-based restricted stock units: Total grant date fair value of awards granted $ 2,158 $ 3,576 Total grant date fair value of awards vested — — The weighted-average assumptions used for market-based restricted stock units used in the Monte Carlo simulation during the thirty-nine weeks ended October 31, 2015 and November 1, 2014 were as follows: October 31, 2015 November 1, 2014 Grant date market price $ 22.46 $ 38.50 Fair value $ 19.04 $ 46.86 Assumptions: Price volatility 45 % 50 % Expected term (years) 2.8 2.8 Risk-free interest rate 0.9 % 0.8 % Dividend yield 3.5 % 2.1 % Average volatility of peer companies 34.0 % 37.3 % Average correlation coefficient of peer companies 0.3288 0.3786 |
Derivatives
Derivatives | 9 Months Ended |
Oct. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company is exposed to risks associated with changes in foreign currency exchange rates and uses derivative instruments, primarily forward contracts, to manage the financial impacts of these exposures. The Company does not use forward contracts to engage in currency speculation and does not enter into derivative financial instruments for trading purposes. In order to qualify for hedge accounting treatment, a derivative instrument must be considered highly effective at offsetting changes in either the hedged item’s cash flows or fair value. Additionally, the hedge relationship must be documented to include the risk management objective and strategy, the hedging instrument, the hedged item, the risk exposure, and how hedge effectiveness will be assessed prospectively and retrospectively. The extent to which a hedging instrument has been, and is expected to continue to be, effective at offsetting changes in fair value or cash flows is assessed and documented at least quarterly. Any hedge ineffectiveness is reported in current period earnings and hedge accounting is discontinued if it is determined that the derivative instrument is not highly effective. For derivative instruments that either do not qualify for hedge accounting or are not designated as hedges, all changes in the fair value of the derivative instrument are recognized in earnings. For qualifying cash flow hedges, the effective portion of the change in the fair value of the derivative instrument is recorded as a component of Other comprehensive income (loss) (“OCI”) and recognized in earnings when the hedged cash flows affect earnings. The ineffective portion of the derivative instrument gain or loss, as well as changes in the fair value of the derivative’s time value is recognized in current period earnings. The effectiveness of the hedge is assessed based on changes in the fair value attributable to changes in spot prices. The changes in the fair value of the derivative instrument related to the changes in the difference between the spot price and the forward price are excluded from the assessment of hedge effectiveness and are also recognized in current period earnings. If the cash flow hedge relationship is terminated, the derivative instrument gains or losses that are deferred in OCI will be recognized in earnings when the hedged cash flows occur. However, for cash flow hedges that are terminated because the forecasted transaction is not expected to occur in the original specified time period, or a two -month period thereafter, the derivative instrument gains or losses are immediately recognized in earnings. The Company uses derivative instruments, primarily forward contracts designated as cash flow hedges, to hedge the foreign currency exposure associated with forecasted foreign-currency-denominated inter-company inventory sales to foreign subsidiaries and the related settlement of the foreign-currency-denominated inter-company receivables. Fluctuations in exchange rates will either increase or decrease the Company’s inter-company equivalent cash flows and affect the Company’s U.S. Dollar earnings. Gains or losses on the foreign currency exchange forward contracts that are used to hedge these exposures are expected to partially offset this variability. Foreign currency exchange forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon settlement date. These forward contracts typically have a maximum term of twelve months . The sale of the inventory to the Company’s customers will result in the reclassification of related derivative gains and losses that are reported in accumulated other comprehensive loss ("AOCL"). Substantially all of the unrealized gains or losses related to designated cash flow hedges as of October 31, 2015 will be recognized in cost of goods sold over the next twelve months . The Company presents its derivative assets and derivative liabilities at their gross fair values on the Condensed Consolidated Balance Sheets. However, our master netting and other similar arrangements allow net settlements under certain conditions. As of October 31, 2015 , the Company had outstanding the following foreign currency exchange forward contracts that were entered into to hedge either a portion, or all, of forecasted foreign-currency-denominated intercompany inventory sales, the resulting settlement of the foreign-currency-denominated intercompany accounts receivable, or both: (in thousands) Notional Amount (1) Euro $ 68,803 British pound $ 22,992 Canadian dollar $ 11,027 (1) Amounts are reported in U.S. Dollar equivalent as of October 31, 2015 . The Company also uses foreign currency exchange forward contracts to hedge certain foreign-currency-denominated net monetary assets/liabilities. Examples of monetary assets/liabilities include cash balances, receivables and payables. Fluctuations in exchange rates result in transaction gains/(losses) being recorded in earnings as U.S. GAAP requires that monetary assets/liabilities be remeasured at the spot exchange rate at quarter-end or upon settlement. The Company has chosen not to apply hedge accounting to these instruments because there are no differences in the timing of gain or loss recognition on the hedging instrument and the hedged item. As of October 31, 2015 , the Company had outstanding the following foreign currency forward contracts that were entered into to hedge foreign currency denominated net monetary assets/liabilities: (in thousands) Notional Amount (1) Euro $ 18,772 Japanese yen $ 13,232 British pound $ 6,887 Singapore dollar $ 6,449 Hong Kong dollar $ 1,936 (1) Amounts are reported in U.S. Dollar equivalent as of October 31, 2015 . The location and amounts of derivative fair values on the Condensed Consolidated Balance Sheets as of October 31, 2015 and January 31, 2015 were as follows: Asset Derivatives Liability Derivatives (in thousands) Location October 31, January 31, Location October 31, January 31, Derivatives designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 1,688 $ 10,283 Accrued expenses $ 305 $ — Derivatives not designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 81 $ 10 Accrued expenses $ 91 $ — Total Other current assets $ 1,769 $ 10,293 Accrued expenses $ 396 $ — Refer to Note 3, “ FAIR VALUE, ” for further discussion of the determination of the fair value of derivative instruments. The location and amounts of derivative gains and losses for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 (in thousands) Location Gain/(Loss) Gain/(Loss) Gain/(Loss) Gain/(Loss) Derivatives not designated as hedging instruments: Foreign currency exchange forward contracts Other operating income, net $ 10 $ 793 $ 434 $ 564 Effective Portion Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain (Loss) Recognized in OCI on Derivative Contracts (a) Location of Gain (Loss) Reclassified from AOCL into Earnings Amount of Gain (Loss) Reclassified from AOCL into Earnings (b) Location of Gain Recognized in Earnings on Derivative Contracts Amount of Gain Recognized in Earnings on Derivative Contracts (c) Thirteen Weeks Ended (in thousands) October 31, November 1, October 31, November 1, October 31, November 1, Derivatives in cash flow hedging relationships: Foreign currency exchange forward contracts $ 933 $ 9,265 Cost of goods sold $ 2,886 $ (856 ) Other operating income, net $ 58 $ 78 Thirty-nine Weeks Ended (in thousands) October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Derivatives in cash flow hedging relationships: Foreign currency exchange forward contracts $ 3,318 $ 8,128 Cost of goods sold $ 13,761 $ (4,212 ) Other operating income, net $ 297 $ 248 (a) The amount represents the change in fair value of derivative contracts due to changes in spot rates. (b) The amount represents the reclassification from AOCL into earnings when the hedged item affects earnings, which is when merchandise is sold to the Company’s customers. (c) The amount represents the change in fair value of derivative contracts due to changes in the difference between the spot price and forward price that is excluded from the assessment of hedge effectiveness and, therefore, recognized in earnings. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Oct. 31, 2015 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The activity in accumulated other comprehensive loss for the thirteen and thirty-nine weeks ended October 31, 2015 was as follows: Thirteen Weeks Ended October 31, 2015 (in thousands) Unrealized Gain (Loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Total Beginning balance at August 1, 2015 $ 4,764 $ (106,551 ) $ (101,787 ) Other comprehensive income (loss) before reclassifications (123 ) (1,384 ) (1,507 ) Reclassified from accumulated other comprehensive income (loss) (1) (2,886 ) — (2,886 ) Tax effect on other comprehensive income (loss) 57 (107 ) (50 ) Other comprehensive loss (2,952 ) (1,491 ) (4,443 ) Ending balance at October 31, 2015 $ 1,812 $ (108,042 ) $ (106,230 ) Thirty-nine Weeks Ended October 31, 2015 (in thousands) Unrealized Gain (Loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Total Beginning balance at January 31, 2015 $ 13,100 $ (96,680 ) $ (83,580 ) Other comprehensive income (loss) before reclassifications 2,263 (11,255 ) (8,992 ) Reclassified from accumulated other comprehensive income (loss) (1) (13,761 ) — (13,761 ) Tax effect on other comprehensive income (loss) 210 (107 ) 103 Other comprehensive loss (11,288 ) (11,362 ) (22,650 ) Ending balance at October 31, 2015 $ 1,812 $ (108,042 ) $ (106,230 ) (1) For the thirteen and thirty-nine weeks ended October 31, 2015 , a gain was reclassified from other comprehensive income (loss) to the cost of goods sold line item on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). The activity in accumulated other comprehensive loss for the thirteen and thirty-nine weeks ended November 1, 2014 was as follows: Thirteen Weeks Ended November 1, 2014 (in thousands) Unrealized Gain (Loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Total Beginning balance at August 2, 2014 $ 108 $ (15,177 ) $ (15,069 ) Other comprehensive income (loss) before reclassifications 9,265 (39,119 ) (29,854 ) Reclassified from accumulated other comprehensive income (loss) (2) 856 — 856 Tax effect on other comprehensive income (loss) (1,050 ) — (1,050 ) Other comprehensive income (loss) 9,071 (39,119 ) (30,048 ) Ending balance at November 1, 2014 $ 9,179 $ (54,296 ) $ (45,117 ) Thirty-nine Weeks Ended November 1, 2014 (in thousands) Unrealized Gain (Loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Total Beginning balance at February 1, 2014 $ (2,166 ) $ (18,751 ) $ (20,917 ) Other comprehensive income (loss) before reclassifications 8,128 (35,545 ) (27,417 ) Reclassified from accumulated other comprehensive income (loss) (2) 4,212 — 4,212 Tax effect on other comprehensive income (loss) (995 ) — (995 ) Other comprehensive income (loss) 11,345 (35,545 ) (24,200 ) Ending balance at November 1, 2014 $ 9,179 $ (54,296 ) $ (45,117 ) (2) For the thirteen and thirty-nine weeks ended November 1, 2014 , a loss was reclassified from other comprehensive income (loss) to cost of goods sold on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). |
Gilly Hicks Restructuring
Gilly Hicks Restructuring | 9 Months Ended |
Oct. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
GILLY HICKS RESTRUCTURING | GILLY HICKS RESTRUCTURING On November 1, 2013, A&F’s Board of Directors approved the closure of the Company’s 24 stand-alone Gilly Hicks stores. The Company substantially completed the store closures as planned by the end of the first quarter of Fiscal 2014. As a result of exiting the Gilly Hicks branded stores, approximately $88.3 million of cumulative pre-tax charges have been incurred to date, including a benefit of $1.6 million for the thirty-nine weeks ended October 31, 2015 , primarily related to better than expected lease exit terms. During Fiscal 2015, the Company's liability related to the Gilly Hicks restructuring decreased from approximately $6.0 million to approximately $2.6 million as of October 31, 2015 as a result of lease termination benefits and cash payments applied against the liability. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING During the first quarter of Fiscal 2015 , the Company substantially completed its transition to a branded organizational structure. In conjunction with the change, the Company determined its brand-based operating segments to be Abercrombie, which includes the Company's Abercrombie & Fitch and abercrombie kids brands, and Hollister. These operating segments have similar economic characteristics, class of consumers, products, and production and distribution methods, and have been aggregated into one reportable segment. The following table provides the Company's net sales by operating segment for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 . Thirteen Weeks Ended Thirty-nine Weeks Ended (in thousands) October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Abercrombie $ 411,259 $ 439,702 $ 1,131,626 $ 1,246,486 Hollister 467,313 468,118 1,274,040 1,354,330 Other (1) — 3,633 84 23,670 Total $ 878,572 $ 911,453 $ 2,405,750 $ 2,624,486 (1) Represents net sales from the Company's Gilly Hicks operations. See Note 10, "GILLY HICKS RESTRUCTURING," for additional information on the Company's exit from Gilly Hicks branded stores. The following table provides the Company’s net sales by geographic area for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 . Thirteen Weeks Ended Thirty-nine Weeks Ended (in thousands) October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 United States $ 572,736 $ 594,713 $ 1,536,151 $ 1,645,354 Europe 206,538 222,631 572,772 706,641 Other 99,298 94,109 296,827 272,491 Total $ 878,572 $ 911,453 $ 2,405,750 $ 2,624,486 |
Contingencies (Notes)
Contingencies (Notes) | 9 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure [Text Block] | CONTINGENCIES The Company is a defendant in lawsuits and other adversary proceedings arising in the ordinary course of business. Legal costs incurred in connection with the resolution of claims and lawsuits are generally expensed as incurred, and the Company establishes reserves for the outcome of litigation where losses are deemed probable and reasonably estimable. The Company’s assessment of the current exposure could change in the event of the discovery of additional facts with respect to legal matters pending against the Company or determinations by judges, juries, administrative agencies or other finders of fact that are not in accordance with the Company’s evaluation of claims. Actual liabilities may exceed the amounts reserved, and there can be no assurance that final resolution of these matters will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of October 31, 2015, the Company had accrued charges of approximately $18 million for certain legal contingencies. In addition, there are certain claims and legal proceedings pending against the Company for which accruals have not been established. |
Basis of Presentation Nature of
Basis of Presentation Nature of Business (Policies) | 9 Months Ended |
Oct. 31, 2015 | |
Basis of Presentation [Abstract] | |
Nature of Operations [Text Block] | Nature of Business Abercrombie & Fitch Co. (“A&F”), through its subsidiaries (collectively, A&F and its subsidiaries are referred to as “Abercrombie & Fitch” or the “Company”), is a specialty retailer of branded apparel and accessories. The Company operates stores in North America, Europe, Asia and the Middle East and direct-to-consumer operations in North America, Europe and Asia that serve its customers throughout the world. |
Basis of Presentation Principle
Basis of Presentation Principles of Consolidation (Policies) | 9 Months Ended |
Oct. 31, 2015 | |
Basis of Presentation [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include historical financial statements of, and transactions applicable to, the Company and reflect its assets, liabilities, results of operations and cash flows. The Company has interests in a United Arab Emirates business venture and in a Kuwait business venture with Majid al Futtaim Fashion L.L.C. ("MAF"), each of which meets the definition of a variable interest entity (“VIE”). The Company is deemed to be the primary beneficiary of these VIEs; therefore, the Company has consolidated the operating results, assets and liabilities of these VIEs, with MAF's portion of net income presented as net income attributable to noncontrolling interests ("NCI") in the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and MAF's portion of equity presented as NCI in the Condensed Consolidated Balance Sheets. |
Basis of Presentation Fiscal Ye
Basis of Presentation Fiscal Years (Policies) | 9 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company’s fiscal year ends on the Saturday closest to January 31. All references herein to “Fiscal 2015” and “Fiscal 2014” represent the 52-week fiscal years ending on January 30, 2016 and January 31, 2015, respectively. |
Contingencies (Policies)
Contingencies (Policies) | 9 Months Ended |
Oct. 31, 2015 | |
Loss Contingencies [Line Items] | |
Contingent Liability Reserve Estimate, Policy [Policy Text Block] | The Company is a defendant in lawsuits and other adversary proceedings arising in the ordinary course of business. Legal costs incurred in connection with the resolution of claims and lawsuits are generally expensed as incurred, and the Company establishes reserves for the outcome of litigation where losses are deemed probable and reasonably estimable. The Company’s assessment of the current exposure could change in the event of the discovery of additional facts with respect to legal matters pending against the Company or determinations by judges, juries, administrative agencies or other finders of fact that are not in accordance with the Company’s evaluation of claims. Actual liabilities may exceed the amounts reserved, and there can be no assurance that final resolution of these matters will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Basis of Presentation Recent Ac
Basis of Presentation Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table provides a brief description of recent accounting pronouncements that could affect the Company's financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Standard adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs This standard amends ASC 835, Interest—Imputation of Interest. The amendment provides guidance on the financial statement presentation of debt issuance costs as a direct reduction of a liability when associated with a liability. February 1, 2015 The adoption of this guidance impacted the Company's consolidated financial statements by approximately $0.6M. ASU 2015-15, Simplifying the Presentation of Debt Issuance Costs This standard amends ASC 835, Interest—Imputation of Interest. The amendment provides guidance on the financial statement presentation of debt issuance costs associated with line-of-credit arrangements as an asset regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. August 2, 2015 The adoption of this guidance did not have any impact on the Company's consolidated financial statements. Standards not yet adopted ASU 2014-09, Revenue from Contracts with Customers This standard supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)." The new ASC guidance requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. February 4, 2018 The Company is currently evaluating the potential impact of this standard. ASU 2015-11, Simplifying the Measurement of Inventory This standard amends ASC 330, Inventory . This amendment applies to inventory measured using first-in, first-out (FIFO) or average cost. Under this amendment, inventory should be measured at the lower of cost and net realizable value, which is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. January 29, 2017* The adoption of this amendment is not expected to have a material impact on the Company's consolidated financial statements. ASU 2015-17 , Income Taxes: Balance Sheet Classification of Deferred Taxes This standard requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. January 29, 2017* The adoption of this standard will result in the reclassification of all current deferred tax assets and liabilities to noncurrent in the Company's consolidated balance sheets. * Early adoption is permitted. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Table) | 9 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table presents weighted-average shares outstanding and anti-dilutive shares: Thirteen Weeks Ended Thirty-nine Weeks Ended (in thousands) October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Shares of common stock issued 103,300 103,300 103,300 103,300 Weighted-average treasury shares (34,434 ) (32,486 ) (33,937 ) (30,723 ) Weighted-average — basic shares 68,866 70,814 69,363 72,577 Dilutive effect of share-based compensation awards 399 1,314 — 1,293 Weighted-average — diluted shares 69,265 72,128 69,363 73,870 Anti-dilutive shares (1) 10,205 5,566 12,154 5,621 (1) Reflects the total number of shares related to outstanding share-based compensation awards that have been excluded from the computation of net income (loss) per diluted share because the impact would have been anti-dilutive. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Company's Assets and Liabilities Measured at Fair Value | The three levels of the hierarchy and the distribution within it of the Company’s assets and liabilities, measured at fair value on a recurring basis, were as follows: Assets and Liabilities at Fair Value as of October 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 79,212 $ — $ — $ 79,212 Derivative financial instruments — 1,769 — 1,769 Total assets measured at fair value $ 79,212 $ 1,769 $ — $ 80,981 Liabilities: Derivative financial instruments — 396 — 396 Total liabilities measured at fair value $ — $ 396 $ — $ 396 Assets and Liabilities at Fair Value as of January 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 122,047 $ — $ — $ 122,047 Derivative financial instruments — 10,293 — 10,293 Total assets measured at fair value $ 122,047 $ 10,293 $ — $ 132,340 Liabilities: Derivative financial instruments — — — — Total liabilities measured at fair value $ — $ — $ — $ — |
Inventories, Net Inventories, N
Inventories, Net Inventories, Net (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Inventory [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net consisted of: (in thousands) October 31, 2015 January 31, 2015 Inventories $ 635,967 $ 484,865 Less: Lower of cost or market reserve (29,303 ) (12,707 ) Less: Shrink reserve (5,123 ) (11,364 ) Inventories, net $ 601,541 $ 460,794 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net consisted of: (in thousands) October 31, 2015 January 31, 2015 Property and equipment, at cost $ 2,830,013 $ 2,797,250 Less: Accumulated depreciation and amortization (1,911,087 ) (1,830,249 ) Property and equipment, net $ 918,926 $ 967,001 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the thirty-nine weeks ended October 31, 2015 : Number of Underlying Shares Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted-Average Remaining Contractual Life Outstanding at January 31, 2015 328,100 $ 64.64 Granted — — Exercised — — Forfeited or expired (34,300 ) 69.71 Outstanding at October 31, 2015 293,800 $ 64.05 $ — 1.9 Stock options exercisable at October 31, 2015 293,800 $ 64.05 $ — 1.9 |
Schedule of Stock Appreciation Rights Activity | The following table summarizes stock appreciation rights activity for the thirty-nine weeks ended October 31, 2015 : Number of Underlying Shares Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted-Average Remaining Contractual Life Outstanding at January 31, 2015 8,953,675 $ 40.28 Granted 709,758 21.90 Exercised — — Forfeited or expired (165,150 ) 39.70 Outstanding at October 31, 2015 9,498,283 $ 38.92 $ — 2.3 Stock appreciation rights exercisable at October 31, 2015 8,326,609 $ 40.31 $ — 1.4 Stock appreciation rights expected to become exercisable in the future as of October 31, 2015 1,039,928 $ 29.31 $ — 8.9 |
Schedule of Weighted-Average Estimated Fair Value and Assumptions of Stock Appreciation Rights | The weighted-average assumptions used in the Black-Scholes option-pricing model for stock appreciation rights granted during the thirty-nine weeks ended October 31, 2015 and November 1, 2014 , were as follows: Executive Officers All Other Associates October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Grant date market price $ 22.46 $ 37.85 $ 21.99 $ 38.58 Exercise price $ 22.46 $ 38.44 $ 21.99 $ 38.79 Fair value $ 9.11 $ 14.04 $ 7.84 $ 13.56 Assumptions: Price volatility 49 % 50 % 49 % 50 % Expected term (years) 6.1 4.9 4.4 4.1 Risk-free interest rate 1.5 % 1.6 % 1.3 % 1.4 % Dividend yield 1.7 % 2.0 % 1.7 % 1.9 % |
Schedule of Restricted Stock Unit Activity | The following table summarizes activity for restricted stock units for the thirty-nine weeks ended October 31, 2015 : Service-based Restricted Stock Units Performance-based Restricted Stock Units Market-based Restricted Stock Units Number of Underlying Shares Weighted- Average Grant Date Fair Value Number of Underlying Shares Weighted- Average Grant Date Fair Value Number of Underlying Shares Weighted- Average Grant Date Fair Value Unvested at January 31, 2015 1,566,272 $ 37.81 205,420 $ 32.05 36,374 $ 40.13 Granted (1) 1,060,293 20.49 113,331 20.10 113,337 19.04 Adjustments for performance achievement — — (28,250 ) 36.14 — — Vested (437,946 ) 41.00 (48,668 ) 38.24 — — Forfeited (181,378 ) 35.62 (30,208 ) 36.19 (7,000 ) 28.31 Unvested at October 31, 2015 2,007,241 $ 28.16 211,625 $ 23.09 142,711 $ 23.96 (1) Includes 226,668 shares granted at 100% of their target vesting amount related to restricted stock units with performance vesting conditions. |
Market-based restricted stock units [Member] | |
Schedule of Weighted-Average Estimated Fair Value and Assumptions of Restricted Stock Units with Market Vesting Conditions | The weighted-average assumptions used for market-based restricted stock units used in the Monte Carlo simulation during the thirty-nine weeks ended October 31, 2015 and November 1, 2014 were as follows: October 31, 2015 November 1, 2014 Grant date market price $ 22.46 $ 38.50 Fair value $ 19.04 $ 46.86 Assumptions: Price volatility 45 % 50 % Expected term (years) 2.8 2.8 Risk-free interest rate 0.9 % 0.8 % Dividend yield 3.5 % 2.1 % Average volatility of peer companies 34.0 % 37.3 % Average correlation coefficient of peer companies 0.3288 0.3786 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Outstanding Foreign Exchange Forward Contracts | As of October 31, 2015 , the Company had outstanding the following foreign currency exchange forward contracts that were entered into to hedge either a portion, or all, of forecasted foreign-currency-denominated intercompany inventory sales, the resulting settlement of the foreign-currency-denominated intercompany accounts receivable, or both: (in thousands) Notional Amount (1) Euro $ 68,803 British pound $ 22,992 Canadian dollar $ 11,027 (1) Amounts are reported in U.S. Dollar equivalent as of October 31, 2015 . The Company also uses foreign currency exchange forward contracts to hedge certain foreign-currency-denominated net monetary assets/liabilities. Examples of monetary assets/liabilities include cash balances, receivables and payables. Fluctuations in exchange rates result in transaction gains/(losses) being recorded in earnings as U.S. GAAP requires that monetary assets/liabilities be remeasured at the spot exchange rate at quarter-end or upon settlement. The Company has chosen not to apply hedge accounting to these instruments because there are no differences in the timing of gain or loss recognition on the hedging instrument and the hedged item. As of October 31, 2015 , the Company had outstanding the following foreign currency forward contracts that were entered into to hedge foreign currency denominated net monetary assets/liabilities: (in thousands) Notional Amount (1) Euro $ 18,772 Japanese yen $ 13,232 British pound $ 6,887 Singapore dollar $ 6,449 Hong Kong dollar $ 1,936 (1) Amounts are reported in U.S. Dollar equivalent as of October 31, 2015 . |
Location and Amounts of Derivative Fair Values on the Condensed Consolidated Balance Sheets | The location and amounts of derivative fair values on the Condensed Consolidated Balance Sheets as of October 31, 2015 and January 31, 2015 were as follows: Asset Derivatives Liability Derivatives (in thousands) Location October 31, January 31, Location October 31, January 31, Derivatives designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 1,688 $ 10,283 Accrued expenses $ 305 $ — Derivatives not designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 81 $ 10 Accrued expenses $ 91 $ — Total Other current assets $ 1,769 $ 10,293 Accrued expenses $ 396 $ — |
Location and Amounts of Derivative Gains and Losses on the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income | The location and amounts of derivative gains and losses for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 (in thousands) Location Gain/(Loss) Gain/(Loss) Gain/(Loss) Gain/(Loss) Derivatives not designated as hedging instruments: Foreign currency exchange forward contracts Other operating income, net $ 10 $ 793 $ 434 $ 564 Effective Portion Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain (Loss) Recognized in OCI on Derivative Contracts (a) Location of Gain (Loss) Reclassified from AOCL into Earnings Amount of Gain (Loss) Reclassified from AOCL into Earnings (b) Location of Gain Recognized in Earnings on Derivative Contracts Amount of Gain Recognized in Earnings on Derivative Contracts (c) Thirteen Weeks Ended (in thousands) October 31, November 1, October 31, November 1, October 31, November 1, Derivatives in cash flow hedging relationships: Foreign currency exchange forward contracts $ 933 $ 9,265 Cost of goods sold $ 2,886 $ (856 ) Other operating income, net $ 58 $ 78 Thirty-nine Weeks Ended (in thousands) October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Derivatives in cash flow hedging relationships: Foreign currency exchange forward contracts $ 3,318 $ 8,128 Cost of goods sold $ 13,761 $ (4,212 ) Other operating income, net $ 297 $ 248 (a) The amount represents the change in fair value of derivative contracts due to changes in spot rates. (b) The amount represents the reclassification from AOCL into earnings when the hedged item affects earnings, which is when merchandise is sold to the Company’s customers. (c) The amount represents the change in fair value of derivative contracts due to changes in the difference between the spot price and forward price that is excluded from the assessment of hedge effectiveness and, therefore, recognized in earnings. |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The activity in accumulated other comprehensive loss for the thirteen and thirty-nine weeks ended October 31, 2015 was as follows: Thirteen Weeks Ended October 31, 2015 (in thousands) Unrealized Gain (Loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Total Beginning balance at August 1, 2015 $ 4,764 $ (106,551 ) $ (101,787 ) Other comprehensive income (loss) before reclassifications (123 ) (1,384 ) (1,507 ) Reclassified from accumulated other comprehensive income (loss) (1) (2,886 ) — (2,886 ) Tax effect on other comprehensive income (loss) 57 (107 ) (50 ) Other comprehensive loss (2,952 ) (1,491 ) (4,443 ) Ending balance at October 31, 2015 $ 1,812 $ (108,042 ) $ (106,230 ) Thirty-nine Weeks Ended October 31, 2015 (in thousands) Unrealized Gain (Loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Total Beginning balance at January 31, 2015 $ 13,100 $ (96,680 ) $ (83,580 ) Other comprehensive income (loss) before reclassifications 2,263 (11,255 ) (8,992 ) Reclassified from accumulated other comprehensive income (loss) (1) (13,761 ) — (13,761 ) Tax effect on other comprehensive income (loss) 210 (107 ) 103 Other comprehensive loss (11,288 ) (11,362 ) (22,650 ) Ending balance at October 31, 2015 $ 1,812 $ (108,042 ) $ (106,230 ) (1) For the thirteen and thirty-nine weeks ended October 31, 2015 , a gain was reclassified from other comprehensive income (loss) to the cost of goods sold line item on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). The activity in accumulated other comprehensive loss for the thirteen and thirty-nine weeks ended November 1, 2014 was as follows: Thirteen Weeks Ended November 1, 2014 (in thousands) Unrealized Gain (Loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Total Beginning balance at August 2, 2014 $ 108 $ (15,177 ) $ (15,069 ) Other comprehensive income (loss) before reclassifications 9,265 (39,119 ) (29,854 ) Reclassified from accumulated other comprehensive income (loss) (2) 856 — 856 Tax effect on other comprehensive income (loss) (1,050 ) — (1,050 ) Other comprehensive income (loss) 9,071 (39,119 ) (30,048 ) Ending balance at November 1, 2014 $ 9,179 $ (54,296 ) $ (45,117 ) Thirty-nine Weeks Ended November 1, 2014 (in thousands) Unrealized Gain (Loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Total Beginning balance at February 1, 2014 $ (2,166 ) $ (18,751 ) $ (20,917 ) Other comprehensive income (loss) before reclassifications 8,128 (35,545 ) (27,417 ) Reclassified from accumulated other comprehensive income (loss) (2) 4,212 — 4,212 Tax effect on other comprehensive income (loss) (995 ) — (995 ) Other comprehensive income (loss) 11,345 (35,545 ) (24,200 ) Ending balance at November 1, 2014 $ 9,179 $ (54,296 ) $ (45,117 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Operating Segment [Table Text Block] | The following table provides the Company's net sales by operating segment for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 . Thirteen Weeks Ended Thirty-nine Weeks Ended (in thousands) October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Abercrombie $ 411,259 $ 439,702 $ 1,131,626 $ 1,246,486 Hollister 467,313 468,118 1,274,040 1,354,330 Other (1) — 3,633 84 23,670 Total $ 878,572 $ 911,453 $ 2,405,750 $ 2,624,486 (1) Represents net sales from the Company's Gilly Hicks operations. See Note 10, "GILLY HICKS RESTRUCTURING," for additional information on the Company's exit from Gilly Hicks branded stores. |
Revenue from External Customers by Geographic Areas [Table Text Block] | The following table provides the Company’s net sales by geographic area for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 . Thirteen Weeks Ended Thirty-nine Weeks Ended (in thousands) October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 United States $ 572,736 $ 594,713 $ 1,536,151 $ 1,645,354 Europe 206,538 222,631 572,772 706,641 Other 99,298 94,109 296,827 272,491 Total $ 878,572 $ 911,453 $ 2,405,750 $ 2,624,486 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Quantifying Misstatement and Reclassification in Current Year Financial Statements [Line Items] | ||||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ (1.2) | $ 0.8 | $ 0.1 | $ 2.4 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 15 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | |
Basis of Presentation [Abstract] | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 394 | $ 0 | $ 1,816 | $ 0 | $ 800 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | ||
Earnings Per Share [Abstract] | |||||
Stock Repurchased During Period, Shares | 2,500 | ||||
Stock Repurchased During Period, Value | $ 50 | ||||
Weighted Average Shares Outstanding And Anti Dilutive Shares [Abstract] | |||||
Shares of common stock issued | 103,300 | 103,300 | 103,300 | 103,300 | |
Weighted-average treasury shares | (34,434) | (32,486) | (33,937) | (30,723) | |
Weighted-average — basic shares | 68,866 | 70,814 | 69,363 | 72,577 | |
Dilutive effect of share-based compensation awards | 399 | 1,314 | 0 | 1,293 | |
Weighted-average — diluted shares | 69,265 | 72,128 | 69,363 | 73,870 | |
Anti-dilutive shares (1) | [1] | 10,205 | 5,566 | 12,154 | 5,621 |
[1] | Reflects the total number of shares related to outstanding share-based compensation awards that have been excluded from the computation of net income (loss) per diluted share because the impact would have been anti-dilutive. |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities at Fair Value) (Details) - USD ($) | Oct. 31, 2015 | Jan. 31, 2015 |
Fair Value, Measurements, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Money market funds | $ 79,212,000 | $ 122,047,000 |
Derivative financial instruments | 1,769,000 | 10,293,000 |
Total assets measured at fair value | 80,981,000 | 132,340,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative financial instruments | 396,000 | 0 |
Total liabilities measured at fair value | 396,000 | 0 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Money market funds | 79,212,000 | 122,047,000 |
Derivative financial instruments | 0 | 0 |
Total assets measured at fair value | 79,212,000 | 122,047,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative financial instruments | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Money market funds | 0 | 0 |
Derivative financial instruments | 1,769,000 | 10,293,000 |
Total assets measured at fair value | 1,769,000 | 10,293,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative financial instruments | 396,000 | 0 |
Total liabilities measured at fair value | 396,000 | 0 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Money market funds | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative financial instruments | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Term Loan Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross borrowings outstanding, carrying amount | 297,000,000 | 299,250,000 |
Gross borrowings outstanding, fair value | 289,575,000 | 295,135,000 |
ABL Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit facility, amount outstanding | $ 0 | $ 0 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 635,967 | $ 484,865 |
Less: Lower of cost or market reserve | (29,303) | (12,707) |
Less: Shrink reserve | (5,123) | (11,364) |
Inventories, net | $ 601,541 | $ 460,794 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015USD ($) | Nov. 01, 2014USD ($) | Oct. 31, 2015USD ($) | Nov. 01, 2014USD ($) | Jan. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, at cost | $ 2,830,013 | $ 2,830,013 | $ 2,797,250 | ||
Less: Accumulated depreciation and amortization | (1,911,087) | (1,911,087) | (1,830,249) | ||
Property and equipment, net | 918,926 | 918,926 | 967,001 | ||
Asset Impairment Charges | 12,076 | $ 16,706 | 18,209 | $ 16,706 | |
Construction Project Assets [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, net | $ 38,200 | $ 38,200 | $ 40,100 | ||
Hollister | |||||
Property, Plant and Equipment [Line Items] | |||||
Number Of Stores Related To Asset Impairment Charges | 5 | ||||
Abercrombie | |||||
Property, Plant and Equipment [Line Items] | |||||
Number Of Stores Related To Asset Impairment Charges | 1 | 4 | |||
Abercrombie Kids [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number Of Stores Related To Asset Impairment Charges | 9 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Oct. 31, 2015 | Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense Benefit Continuing Operations Discrete Items | $ 9.7 | $ 8.6 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 5.9 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target percentage of equity awards earned | 100.00% | |||
Share-based compensation expense | $ 7,600 | $ 6,000 | $ 21,681 | $ 17,396 |
Tax benefit recognized related to share-based compensation expense | 2,600 | $ 2,300 | 7,400 | 6,600 |
Stock Appreciation Rights | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost, net of estimated forfeitures | 8,800 | $ 8,800 | ||
Unrecognized compensation cost, weighted-average period of recognition | 17 months | |||
Total intrinsic value of awards exercised | 1,500 | |||
Total grant date fair value of awards vested | $ 4,500 | 7,300 | ||
Service-based restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost, net of estimated forfeitures | 31,600 | $ 31,600 | ||
Unrecognized compensation cost, weighted-average period of recognition | 15 months | |||
Total grant date fair value of awards vested | $ 17,956 | 16,470 | ||
Total grant date fair value of awards granted | 21,725 | 20,847 | ||
Performance-based restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost, net of estimated forfeitures | 1,900 | $ 1,900 | ||
Unrecognized compensation cost, weighted-average period of recognition | 14 months | |||
Total grant date fair value of awards vested | $ 1,861 | 515 | ||
Total grant date fair value of awards granted | 2,278 | 4,470 | ||
Market-based restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost, net of estimated forfeitures | $ 2,200 | $ 2,200 | ||
Unrecognized compensation cost, weighted-average period of recognition | 13 months | |||
Total grant date fair value of awards vested | $ 0 | 0 | ||
Total grant date fair value of awards granted | $ 2,158 | $ 3,576 | ||
Minimum | Performance-based restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target percentage of equity awards earned | 0.00% | |||
Minimum | Market-based restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target percentage of equity awards earned | 0.00% | |||
Maximum | Performance-based restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target percentage of equity awards earned | 200.00% | |||
Maximum | Market-based restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target percentage of equity awards earned | 200.00% |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Activity) (Details) | 9 Months Ended |
Oct. 31, 2015USD ($)$ / sharesshares | |
Stock Option Activity, Number of Underlying Shares | |
Outstanding, Number of Underlying Shares, Beginning Balance | shares | 328,100 |
Granted, Number of Underlying Shares | shares | 0 |
Exercised, Number of Underlying Shares | shares | 0 |
Forfeited or expired, Number of Underlying Shares | shares | (34,300) |
Outstanding, Number of Underlying Shares, Ending Balance | shares | 293,800 |
Stock Option Activity, Weighted Average Exercise Price | |
Outstanding, Weighted-Average Exercise Price, Beginning Balance | $ 64.64 |
Granted, Weighted-Average Exercise Price | 0 |
Exercised, Weighted-Average Exercise Price | 0 |
Forfeited or expired, Weighted-Average Exercise Price | 69.71 |
Outstanding, Weighted-Average Exercise Price, Ending Balance | $ 64.05 |
Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Outstanding, Weighted-Average Remaining Contractual Life (in years) | 1 year 11 months |
Stock options exercisable, Number of Underlying Shares | shares | 293,800 |
Stock options exercisable, Weighted-Average Exercise Price | $ 64.05 |
Stock options exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Stock options exercisable, Weighted-Average Remaining Contractual Life (in years) | 1 year 11 months |
Share-Based Compensation (Sto40
Share-Based Compensation (Stock Appreciation Rights Activity) (Details) - Stock Appreciation Rights | 9 Months Ended |
Oct. 31, 2015USD ($)$ / sharesshares | |
Number of Underlying Shares Outstanding [Roll Forward] | |
Number of Underlying Shares, Beginning Balance at January 31, 2015 | shares | 8,953,675 |
Number of Underlying Shares, Granted | shares | 709,758 |
Number of Underlying Shares, Exercised | shares | 0 |
Number of Underlying Shares, Forfeited | shares | (165,150) |
Number of Underlying Shares, Ending Balance at May 2, 2015 | shares | 9,498,283 |
Weighted-Average Exercise Price [Roll Forward] | |
Weighted-Average Grant Date Fair Value, Beginning Balance | $ 40.28 |
Fair value (in dollars per share) | 21.90 |
Weighted-Average Exercise Price, Exercised | 0 |
Weighted-Average Exercise Price, Forfeited or expired | 39.70 |
Weighted-Average Grant Date Fair Value, Ending Balance | $ 38.92 |
Aggregate Intrinsic Value, Outstanding | $ | $ 0 |
Weighted-Average Remaining Contractual Life, Outstanding | 2 years 4 months |
Number of Underlying shares, Stock appreciation rights exercisable | shares | 8,326,609 |
Number of Underlying Shares, Stock appreciation rights expected to become exercisable | shares | 1,039,928 |
Weighted-Average Exercise Price, Stock appreciation rights exercisable | $ 40.31 |
Weighted-Average Exercise Price, Stock appreciation rights expected to become exercisable | $ 29.31 |
Aggregate Intrinsic Value, Stock appreciation rights exercisable | $ | $ 0 |
Aggregate Intrinsic Value, Stock appreciation rights expected to become exercisable | $ | $ 0 |
Weighted-Average Remaining Contractual Life, Stock appreciation rights exercisable | 1 year 5 months |
Weighted Average Remaining Contractual Life, Stock appreciation rights expected to become exercisable | 8 years 11 months |
Share-Based Compensation (Sto41
Share-Based Compensation (Stock Appreciation Rights Assumptions) (Details) - Stock Appreciation Rights - $ / shares | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
The weighted-average fair value and assumptions (stock appreciation rights) | ||
Fair value (in dollars per share) | $ 21.90 | |
Executive Officers | ||
The weighted-average fair value and assumptions (stock appreciation rights) | ||
Grant date market price (in dollars per share) | 22.46 | $ 37.85 |
Exercise price (in dollars per share) | 22.46 | 38.44 |
Fair value (in dollars per share) | $ 9.11 | $ 14.04 |
Assumptions: | ||
Price volatility | 49.00% | 50.00% |
Expected term (years) | 6 years 1 month | 4 years 11 months |
Risk-free interest rate | 1.50% | 1.60% |
Dividend yield | 1.70% | 2.00% |
All Other Associates | ||
The weighted-average fair value and assumptions (stock appreciation rights) | ||
Grant date market price (in dollars per share) | $ 21.99 | $ 38.58 |
Exercise price (in dollars per share) | 21.99 | 38.79 |
Fair value (in dollars per share) | $ 7.84 | $ 13.56 |
Assumptions: | ||
Price volatility | 49.00% | 50.00% |
Expected term (years) | 4 years 5 months | 4 years 1 month |
Risk-free interest rate | 1.30% | 1.40% |
Dividend yield | 1.70% | 1.90% |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Stock Units Activity) (Details) - $ / shares | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target percentage of equity awards earned | 100.00% | ||
Service-based restricted stock units | |||
Restricted Stock Unit Activity, Number of Underlying Shares | |||
Number of Underlying Shares, Beginning Balance at January 31, 2015 | 1,566,272 | ||
Number of Underlying Shares, Granted | [1] | 1,060,293 | |
Number of Underlying Shares, Adjustments for performance achievement | 0 | ||
Number of Underlying Shares, Vested | (437,946) | ||
Number of Underlying Shares, Forfeited | (181,378) | ||
Number of Underlying Shares, Ending Balance at May 2, 2015 | 2,007,241 | ||
Restricted Stock Unit Activity, Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Beginning Balance | $ 37.81 | ||
Granted, Weighted-Average Grant Date Fair Value | 20.49 | ||
Adjustments for performance achievement, Weighted-Average Grant Date Fair Value | 0 | ||
Vested, Weighted-Average Grant Date Fair Value | 41 | ||
Forfeited, Weighted-Average Grant Date Fair Value | 35.62 | ||
Weighted-Average Grant Date Fair Value, Ending Balance | $ 28.16 | ||
Performance-based restricted stock units [Member] | |||
Restricted Stock Unit Activity, Number of Underlying Shares | |||
Number of Underlying Shares, Beginning Balance at January 31, 2015 | 205,420 | ||
Number of Underlying Shares, Granted | [1] | 113,331 | |
Number of Underlying Shares, Adjustments for performance achievement | (28,250) | ||
Number of Underlying Shares, Vested | (48,668) | ||
Number of Underlying Shares, Forfeited | (30,208) | ||
Number of Underlying Shares, Ending Balance at May 2, 2015 | 211,625 | ||
Restricted Stock Unit Activity, Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Beginning Balance | $ 32.05 | ||
Granted, Weighted-Average Grant Date Fair Value | 20.10 | ||
Adjustments for performance achievement, Weighted-Average Grant Date Fair Value | 36.14 | ||
Vested, Weighted-Average Grant Date Fair Value | 38.24 | ||
Forfeited, Weighted-Average Grant Date Fair Value | 36.19 | ||
Weighted-Average Grant Date Fair Value, Ending Balance | $ 23.09 | ||
Market-based restricted stock units [Member] | |||
Restricted Stock Unit Activity, Number of Underlying Shares | |||
Number of Underlying Shares, Beginning Balance at January 31, 2015 | 36,374 | ||
Number of Underlying Shares, Granted | [1] | 113,337 | |
Number of Underlying Shares, Adjustments for performance achievement | 0 | ||
Number of Underlying Shares, Vested | 0 | ||
Number of Underlying Shares, Forfeited | (7,000) | ||
Number of Underlying Shares, Ending Balance at May 2, 2015 | 142,711 | ||
Restricted Stock Unit Activity, Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Beginning Balance | $ 40.13 | ||
Granted, Weighted-Average Grant Date Fair Value | 19.04 | $ 46.86 | |
Adjustments for performance achievement, Weighted-Average Grant Date Fair Value | 0 | ||
Vested, Weighted-Average Grant Date Fair Value | 0 | ||
Forfeited, Weighted-Average Grant Date Fair Value | 28.31 | ||
Weighted-Average Grant Date Fair Value, Ending Balance | $ 23.96 | ||
Minimum | Performance-based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target percentage of equity awards earned | 0.00% | ||
Minimum | Market-based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target percentage of equity awards earned | 0.00% | ||
Maximum | Performance-based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target percentage of equity awards earned | 200.00% | ||
Maximum | Market-based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target percentage of equity awards earned | 200.00% | ||
Performance Vesting Conditions | |||
Restricted Stock Unit Activity, Number of Underlying Shares | |||
Number of Underlying Shares, Granted | 226,668 | ||
[1] | Includes 226,668 shares granted at 100% of their target vesting amount related to restricted stock units with performance vesting conditions. |
Share-Based Compensation (Res43
Share-Based Compensation (Restricted Stock Units Assumptions) (Details) - Market-based restricted stock units [Member] | 9 Months Ended | |
Oct. 31, 2015$ / shares | Nov. 01, 2014$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date market price (in dollars per share) | $ 22.46 | $ 38.50 |
Fair value (in dollars per share) | $ 19.04 | $ 46.86 |
Price volatility | 45.00% | 50.00% |
Expected term (years) | 2 years 9 months 18 days | 2 years 9 months 18 days |
Risk-free interest rate | 0.90% | 0.80% |
Dividend yield | 3.50% | 2.10% |
Average volatility of peer companies | 34.00% | 37.30% |
Average correlation coefficient of peer companies | 0.3288 | 0.3786 |
Derivatives (Outstanding Foreig
Derivatives (Outstanding Foreign Exchange Forward Contracts) (Details) - Cash Flow Hedging - Forward Contracts $ in Thousands | Oct. 31, 2015USD ($) | |
Inter-company Inventory and Accounts Receivables | Euro Member Countries, Euro | ||
Derivative [Line Items] | ||
Notional Amount | $ 68,803 | [1] |
Inter-company Inventory and Accounts Receivables | Canada, Dollars | ||
Derivative [Line Items] | ||
Notional Amount | 11,027 | [1] |
Inter-company Inventory and Accounts Receivables | United Kingdom, Pounds | ||
Derivative [Line Items] | ||
Notional Amount | 22,992 | [1] |
Assets and Liabilities | Euro Member Countries, Euro | ||
Derivative [Line Items] | ||
Notional Amount | 18,772 | [2] |
Assets and Liabilities | Japan, Yen | ||
Derivative [Line Items] | ||
Notional Amount | 13,232 | [2] |
Assets and Liabilities | United Kingdom, Pounds | ||
Derivative [Line Items] | ||
Notional Amount | 6,887 | [2] |
Assets and Liabilities | Singapore, Dollars | ||
Derivative [Line Items] | ||
Notional Amount | 6,449 | [2] |
Assets and Liabilities | Hong Kong, Dollars | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,936 | [2] |
[1] | Amounts are reported in U.S. Dollar equivalent as of October 31, 2015. | |
[2] | Amounts are reported in U.S. Dollar equivalent as of October 31, 2015. |
Derivatives (Derivative Fair Va
Derivatives (Derivative Fair Values on the Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Foreign currency exchange forward contracts | Other current assets | Designated As Hedging Instrument | ||
The location and amounts of derivative fair values on the Condensed Consolidated Balance Sheets | ||
Other current assets | $ 1,688 | $ 10,283 |
Foreign currency exchange forward contracts | Other current assets | Not Designated as Hedging Instruments | ||
The location and amounts of derivative fair values on the Condensed Consolidated Balance Sheets | ||
Other current assets | 81 | 10 |
Foreign currency exchange forward contracts | Accrued expenses | Designated As Hedging Instrument | ||
The location and amounts of derivative fair values on the Condensed Consolidated Balance Sheets | ||
Other liabilities | 305 | 0 |
Foreign currency exchange forward contracts | Accrued expenses | Not Designated as Hedging Instruments | ||
The location and amounts of derivative fair values on the Condensed Consolidated Balance Sheets | ||
Other liabilities | 91 | 0 |
Fair Value, Measurements, Recurring | ||
The location and amounts of derivative fair values on the Condensed Consolidated Balance Sheets | ||
Other liabilities | 396 | 0 |
Other current assets | 1,769 | 10,293 |
Level 2 | Fair Value, Measurements, Recurring | ||
The location and amounts of derivative fair values on the Condensed Consolidated Balance Sheets | ||
Other liabilities | 396 | 0 |
Other current assets | $ 1,769 | $ 10,293 |
Derivatives (Derivative Gains (
Derivatives (Derivative Gains (Losses) on the Condensed Consolidated Statement of Operations) (Details) - Foreign currency exchange forward contracts - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | ||
Cash Flow Hedging | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in OCI on Derivative Contracts (Effective Portion) | [1] | $ 933 | $ 9,265 | $ 3,318 | $ 8,128 |
Other operating income, net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain/(Loss) | 10 | 793 | 434 | 564 | |
Other operating income, net | Cash Flow Hedging | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Earnings on Derivative Contracts (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [2] | 58 | 78 | 297 | 248 |
Cost of goods sold | Cash Flow Hedging | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | [3] | $ 2,886 | $ (856) | $ 13,761 | $ (4,212) |
[1] | The amount represents the change in fair value of derivative contracts due to changes in spot rates. | ||||
[2] | The amount represents the change in fair value of derivative contracts due to changes in the difference between the spot price and forward price that is excluded from the assessment of hedge effectiveness and, therefore, recognized in earnings. | ||||
[3] | The amount represents the reclassification from AOCL into earnings when the hedged item affects earnings, which is when merchandise is sold to the Company’s customers. |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Additional time period in which forecasted transaction is not expected to occur (in months) | 2 months | |||||
Length of time inventory sales hedged (in months) | 12 months | |||||
Period in which remaining unrealized gains or losses on intercompany inventory sales are recognized | 12 months | |||||
Foreign currency exchange forward contracts | Cash Flow Hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [1] | $ 933 | $ 9,265 | $ 3,318 | $ 8,128 | |
Foreign currency exchange forward contracts | Other operating income, net | Cash Flow Hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain Recognized in Earnings, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [2] | 58 | 78 | 297 | 248 | |
Foreign currency exchange forward contracts | Cost of goods sold | Cash Flow Hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | 2,886 | $ (856) | 13,761 | $ (4,212) | |
Fair Value, Measurements, Recurring | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other current assets | 1,769 | 1,769 | $ 10,293 | |||
Other liabilities | 396 | 396 | 0 | |||
Level 2 | Fair Value, Measurements, Recurring | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other current assets | 1,769 | 1,769 | 10,293 | |||
Other liabilities | $ 396 | $ 396 | $ 0 | |||
[1] | The amount represents the change in fair value of derivative contracts due to changes in spot rates. | |||||
[2] | The amount represents the change in fair value of derivative contracts due to changes in the difference between the spot price and forward price that is excluded from the assessment of hedge effectiveness and, therefore, recognized in earnings. | |||||
[3] | The amount represents the reclassification from AOCL into earnings when the hedged item affects earnings, which is when merchandise is sold to the Company’s customers. |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Beginning balance at August 1, 2015 | $ (101,787) | $ (15,069) | $ (83,580) | $ (20,917) | ||||
Other comprehensive income (loss) before reclassifications | (1,507) | (29,854) | (8,992) | (27,417) | ||||
Reclassified from accumulated other comprehensive income (loss) (1) | (2,886) | [1] | 856 | [2] | (13,761) | [1] | 4,212 | [2] |
Tax effect on other comprehensive income (loss) | (50) | (1,050) | 103 | (995) | ||||
Other comprehensive loss | (4,443) | (30,048) | (22,650) | (24,200) | ||||
Ending balance at October 31, 2015 | (106,230) | (45,117) | (106,230) | (45,117) | ||||
Unrealized Gain (Loss) on Derivative Financial Instruments | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Beginning balance at August 1, 2015 | 4,764 | 108 | 13,100 | (2,166) | ||||
Other comprehensive income (loss) before reclassifications | (123) | 9,265 | 2,263 | 8,128 | ||||
Reclassified from accumulated other comprehensive income (loss) (1) | (2,886) | [1] | 856 | [2] | (13,761) | [1] | 4,212 | [2] |
Tax effect on other comprehensive income (loss) | 57 | (1,050) | 210 | (995) | ||||
Other comprehensive loss | (2,952) | 9,071 | (11,288) | 11,345 | ||||
Ending balance at October 31, 2015 | 1,812 | 9,179 | 1,812 | 9,179 | ||||
Foreign Currency Translation Adjustment | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Beginning balance at August 1, 2015 | (106,551) | (15,177) | (96,680) | (18,751) | ||||
Other comprehensive income (loss) before reclassifications | (1,384) | (39,119) | (11,255) | (35,545) | ||||
Reclassified from accumulated other comprehensive income (loss) (1) | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] |
Tax effect on other comprehensive income (loss) | (107) | 0 | (107) | 0 | ||||
Other comprehensive loss | (1,491) | (39,119) | (11,362) | (35,545) | ||||
Ending balance at October 31, 2015 | $ (108,042) | $ (54,296) | $ (108,042) | $ (54,296) | ||||
[1] | For the thirteen and thirty-nine weeks ended October 31, 2015, a gain was reclassified from other comprehensive income (loss) to the cost of goods sold line item on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). | |||||||
[2] | For the thirteen and thirty-nine weeks ended November 1, 2014, a loss was reclassified from other comprehensive income (loss) to cost of goods sold on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). |
Gilly Hicks Restructuring (Deta
Gilly Hicks Restructuring (Details) - Gilly Hicks $ in Millions | 9 Months Ended | ||
Oct. 31, 2015USD ($) | Jan. 31, 2015USD ($) | Nov. 01, 2013store | |
Cash Charges [Abstract] | |||
Restructuring liability | $ 2.6 | $ 6 | |
Facility Closing | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of stores | store | 24 | ||
Total charges incurred to date | 88.3 | ||
Restructuring and Related Cost, Incurred Cost | $ 1.6 |
Gilly Hicks Restructuring (Rest
Gilly Hicks Restructuring (Restructuring Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring (benefit) charge | $ 0 | $ 0 | $ (1,598) | $ 6,053 | |
Gilly Hicks | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring liability | $ 2,600 | $ 2,600 | $ 6,000 |
Segment Reporting (Segment Repo
Segment Reporting (Segment Reporting Information, by Segment) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015USD ($) | Nov. 01, 2014USD ($) | Oct. 31, 2015USD ($) | Nov. 01, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 1 | |||
Net Sales | $ 878,572 | $ 911,453 | $ 2,405,750 | $ 2,624,486 |
Operating Loss | $ 40,990 | $ 33,366 | $ (47,245) | $ 21,353 |
Segment Reporting (Net Sales by
Segment Reporting (Net Sales by Brand) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | ||
Schedule of Revenue by Brand [Line Items] | |||||
Net Sales | $ 878,572 | $ 911,453 | $ 2,405,750 | $ 2,624,486 | |
Abercrombie | |||||
Schedule of Revenue by Brand [Line Items] | |||||
Net Sales | 411,259 | 439,702 | 1,131,626 | 1,246,486 | |
Hollister | |||||
Schedule of Revenue by Brand [Line Items] | |||||
Net Sales | 467,313 | 468,118 | 1,274,040 | 1,354,330 | |
Other | |||||
Schedule of Revenue by Brand [Line Items] | |||||
Net Sales | [1] | $ 0 | $ 3,633 | $ 84 | $ 23,670 |
[1] | Represents net sales from the Company's Gilly Hicks operations. See Note 10, "GILLY HICKS RESTRUCTURING," for additional information on the Company's exit from Gilly Hicks branded stores. |
Segment Reporting (Sales by Geo
Segment Reporting (Sales by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Net Sales | $ 878,572 | $ 911,453 | $ 2,405,750 | $ 2,624,486 |
United States | ||||
Net Sales | 572,736 | 594,713 | 1,536,151 | 1,645,354 |
Europe | ||||
Net Sales | 206,538 | 222,631 | 572,772 | 706,641 |
Other | ||||
Net Sales | $ 99,298 | $ 94,109 | $ 296,827 | $ 272,491 |
Contingencies (Details)
Contingencies (Details) $ in Millions | Oct. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Accrued legal contingencies | $ 18 |