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

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data and store data)
										Fiscal 2016															Fiscal 2017 (1)
	2013			2014			2015			Q1			Q2			Q3			Q4			2016			Q1			Q2			Q3			Q4			2017
Net sales	$	4,116,897		$	3,744,030		$	3,518,680		$	685,483		$	783,160		$	821,734		$	1,036,363		$	3,326,740		$	661,099		$	779,321		$	859,112		$	1,193,158		$	3,492,690
Cost of sales, exclusive of depreciation and amortization	1,541,462			1,430,460			1,361,137			259,762			306,053			310,995			421,362			1,298,172			262,174			318,426			332,485			495,763			1,408,848
Gross profit	2,575,435			2,313,570			2,157,543			425,721			477,107			510,739			615,001			2,028,568			398,925			460,895			526,627			697,395			2,083,842
Stores and distribution expense	1,907,687			1,703,051			1,604,214			369,118			382,917			386,609			439,816			1,578,460			359,929			369,295			375,944			437,257			1,542,425
Marketing, general and administrative expense	481,784			458,820			470,321			114,447			111,719			105,307			121,729			453,202			109,893			109,353			124,533			128,135			471,914
Restructuring charge (benefit)	81,500			8,431			(1,598		)	—			—			—			—			—			—			—			—			—			—
Asset impairment	46,715			44,988			18,209			—			6,356			—			1,574			7,930			730			6,135			3,480			4,046			14,391
Other operating income, net	(23,074		)	(15,239		)	(6,441		)	(2,933		)	(13,080		)	(822		)	(9,377		)	(26,212		)	(1,686		)	(2,799		)	(70		)	(12,383		)	(16,938		)
Operating income (loss)	80,823			113,519			72,838			(54,911		)	(10,805		)	19,645			61,259			15,188			(69,941		)	(21,089		)	22,740			140,340			72,050
Interest expense, net	7,546			14,365			18,248			4,506			4,741			4,609			4,810			18,666			4,120			4,089			4,571			4,109			16,889
Income (loss) before taxes	73,277			99,154			54,590			(59,417		)	(15,546		)	15,036			56,449			(3,478		)	(74,061		)	(25,178		)	18,169			136,231			55,161
Tax expense (benefit)	18,649			47,333			16,031			(20,787		)	(3,515		)	6,762			6,344			(11,196		)	(13,052		)	(10,563		)	7,553			60,698			44,636
Net income (loss)	54,628			51,821			38,559			(38,630		)	(12,031		)	8,274			50,105			7,718			(61,009		)	(14,615		)	10,616			75,533			10,525
Less: Net income attributable to noncontrolling interests	—			—			2,983			957			1,098			393			1,314			3,762			691			876			541			1,323			3,431
Net income (loss) attributable to Abercrombie & Fitch Co.	$	54,628		$	51,821		$	35,576		$	(39,587	)	$	(13,129	)	$	7,881		$	48,791		$	3,956		$	(61,700	)	$	(15,491	)	$	10,075		$	74,210		$	7,094
(1) Fiscal 2017 was a fifty-three week year.

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										Fiscal 2016															Fiscal 2017 (1)
	2013			2014			2015			Q1			Q2			Q3			Q4			2016			Q1			Q2			Q3			Q4			2017
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	0.71		$	0.72		$	0.52		$	(0.59	)	$	(0.19	)	$	0.12		$	0.72		$	0.06		$	(0.91	)	$	(0.23	)	$	0.15		$	1.08		$	0.10
Diluted	$	0.69		$	0.71		$	0.51		$	(0.59	)	$	(0.19	)	$	0.12		$	0.71		$	0.06		$	(0.91	)	$	(0.23	)	$	0.15		$	1.05		$	0.10
Weighted-average shares outstanding:
Basic	77,157			71,785			68,880			67,625			67,944			67,975			67,970			67,878			68,073			68,456			68,512			68,523			68,391
Diluted	78,666			72,937			69,417			67,625			67,944			68,277			68,299			68,284			68,073			68,456			69,425			70,357			69,403
Hollister comparable sales	(14		)%	(10		)%	0		%	0		%	(2		)%	0		%	1		%	0		%	3		%	5		%	8		%	11		%	8		%
Abercrombie comparable sales (2)				(5		)%	(6		)%	(8		)%	(7		)%	(14		)%	(13		)%	(11		)%	(10		)%	(7		)%	(2		)%	5		%	(2		)%
Comparable sales (3)	(11		)%	(8		)%	(3		)%	(4		)%	(4		)%	(6		)%	(5		)%	(5		)%	(3		)%	(1		)%	4		%	9		%	3		%
Shares outstanding	76,402			69,352			67,348			67,605			67,666			67,683			67,758			67,758			68,012			68,092			68,116			68,195			68,195
Number of stores - end of period (4)	1,006			969			932			925			926			930			898			898			893			891			889			868			868
Gross square feet - end of period	7,736			7,517			7,292			7,209			7,209			7,219			7,007			7,007			6,939			6,908			6,880			6,710			6,710
(1) Fiscal 2017 was a fifty-three week year.
(2) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.
(3) Comparable sales are calculated on a constant currency basis.
(4) Prior period store counts have been restated to count multi-brand outlet stores as a single store.

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