Abercrombie & Fitch (ANF) 8-K Abercrombie & Fitch Co. Reports Fourth Quarter Results

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data and store data)
										Fiscal 2015														Fiscal 2016
	2012			2013			2014			Q1			Q2			Q3			Q4		2015			Q1			Q2			Q3			Q4			2016
Net sales	$	4,510,805		$	4,116,897		$	3,744,030		$	709,422		$	817,756		$	878,572		$	1,112,930	$	3,518,680		$	685,483		$	783,160		$	821,734		$	1,036,363		$	3,326,740
Cost of sales, exclusive of depreciation and amortization	1,694,096			1,541,462			1,430,460			297,873			307,894			318,785			436,585		1,361,137			259,762			306,053			310,995			421,362			1,298,172
Gross profit	2,816,709			2,575,435			2,313,570			411,549			509,862			559,787			676,345		2,157,543			425,721			477,107			510,739			615,001			2,028,568
Stores and distribution expense	1,980,519			1,907,687			1,703,051			391,638			389,193			392,942			430,441		1,604,214			369,118			382,917			386,609			439,816			1,578,460
Marketing, general and administrative expense	473,883			481,784			458,820			107,533			119,846			117,698			125,244		470,321			114,447			111,719			105,307			121,729			453,202
Restructuring charge (benefit)	—			81,500			8,431			(1,598		)	—			—			—		(1,598		)	—			—			—			—			—
Asset impairment	7,407			46,715			44,988			6,133			—			12,076			—		18,209			—			6,356			—			1,574			7,930
Other operating (income) expense, net	(19,333		)	(23,074		)	(15,239		)	(1,960		)	(1,139		)	(3,919		)	577		(6,441		)	(2,933		)	(13,080		)	(822		)	(9,377		)	(26,212		)
Operating income (loss)	374,233			80,823			113,519			(90,197		)	1,962			40,990			120,083		72,838			(54,911		)	(10,805		)	19,645			61,259			15,188
Interest expense, net	7,288			7,546			14,365			4,639			4,567			4,586			4,456		18,248			4,506			4,741			4,609			4,810			18,666
Income (loss) before taxes	366,945			73,277			99,154			(94,836		)	(2,605		)	36,404			115,627		54,590			(59,417		)	(15,546		)	15,036			56,449			(3,478		)
Tax expense (benefit)	129,934			18,649			47,333			(31,590		)	(3,217		)	(5,881		)	56,719		16,031			(20,787		)	(3,515		)	6,762			6,344			(11,196		)
Net income (loss)	237,011			54,628			51,821			(63,246		)	612			42,285			58,908		38,559			(38,630		)	(12,031		)	8,274			50,105			7,718
Less: Net income attributable to noncontrolling interests	—			—			—			—			1,422			394			1,167		2,983			957			1,098			393			1,314			3,762
Net income (loss) attributable to Abercrombie & Fitch Co.	$	237,011		$	54,628		$	51,821		$	(63,246	)	$	(810	)	$	41,891		$	57,741	$	35,576		$	(39,587	)	$	(13,129	)	$	7,881		$	48,791		$	3,956

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										Fiscal 2015															Fiscal 2016
	2012			2013			2014			Q1			Q2			Q3			Q4			2015			Q1			Q2			Q3			Q4			2016
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	2.89		$	0.71		$	0.72		$	(0.91	)	$	(0.01	)	$	0.61		$	0.86		$	0.52		$	(0.59	)	$	(0.19	)	$	0.12		$	0.72		$	0.06
Diluted	$	2.85		$	0.69		$	0.71		$	(0.91	)	$	(0.01	)	$	0.60		$	0.85		$	0.51		$	(0.59	)	$	(0.19	)	$	0.12		$	0.71		$	0.06
Weighted-average shares outstanding:
Basic	81,940			77,157			71,785			69,510			69,713			68,866			67,432			68,880			67,625			67,944			67,975			67,970			67,878
Diluted	83,175			78,666			72,937			69,510			69,713			69,265			68,243			69,417			67,625			67,944			68,277			68,299			68,284
Abercrombie comparable sales (1)							(5		)%	(9		)%	(7		)%	(5		)%	(2		)%	(6		)%	(8		)%	(7		)%	(14		)%	(13		)%	(11		)%
Hollister comparable sales	(1		)%	(14		)%	(10		)%	(6		)%	(1		)%	3		%	4		%	0		%	0		%	(2		)%	0		%	1		%	0		%
Comparable sales (2)	(1		)%	(11		)%	(8		)%	(8		)%	(4		)%	(1		)%	1		%	(3		)%	(4		)%	(4		)%	(6		)%	(5		)%	(5		)%
Shares outstanding	78,445			76,402			69,352			69,557			69,600			67,153			67,348			67,348			67,605			67,666			67,683			67,758			67,758
Number of stores - end of period (3)	1,041			1,006			969			962			954			965			932			932			925			926			930			898			898
Gross square feet - end of period	7,958			7,736			7,517			7,456			7,434			7,477			7,292			7,292			7,209			7,209			7,219			7,007			7,007
(1) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.
(2) Comparable sales are calculated on a constant currency basis and exclude Gilly Hicks beginning in Q4 of Fiscal 2014.
(3) Prior period store counts have been restated to count multi-brand outlet stores as a single store.

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