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

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data and store data)
										Fiscal 2019															Fiscal 2020
	2016			2017 (1)			2018			Q1			Q2			Q3			Q4			2019			Q1			2020
Net sales	$	3,326,740		$	3,492,690		$	3,590,109		$	733,972		$	841,078		$	863,472		$	1,184,551		$	3,623,073		$	485,359		$	485,359
Cost of sales, exclusive of depreciation and amortization	1,298,172			1,408,848			1,430,193			289,882			342,445			344,541			495,287			1,472,155			221,214			221,214
Gross profit	2,028,568			2,083,842			2,159,916			444,090			498,633			518,931			689,264			2,150,918			264,145			264,145
Stores and distribution expense	1,562,703			1,540,032			1,536,216			356,612			376,347			377,697			440,587			1,551,243			322,124			322,124
Marketing, general and administrative expense	453,202			471,914			484,863			111,947			115,694			114,075			122,899			464,615			108,257			108,257
Flagship store exit charges (benefits)	15,757			2,393			5,806			1,744			44,994			285			234			47,257			(543		)	(543		)
Asset impairment, exclusive of flagship store exit charges	7,930			14,391			11,580			1,662			715			12,610			4,148			19,135			42,928			42,928
Other operating (income) loss, net	(26,212		)	(16,938		)	(5,915		)	(617		)	367			(215		)	(935		)	(1,400		)	506			506
Operating income (loss)	15,188			72,050			127,366			(27,258		)	(39,484		)	14,479			122,331			70,068			(209,127		)	(209,127		)
Interest expense, net	18,666			16,889			10,999			616			1,370			2,922			2,829			7,737			3,371			3,371
Income (loss) before income taxes	(3,478		)	55,161			116,367			(27,874		)	(40,854		)	11,557			119,502			62,331			(212,498		)	(212,498		)
Income tax (benefit) expense	(11,196		)	44,636			37,559			(9,588		)	(11,330		)	3,987			34,302			17,371			31,533			31,533
Net income (loss)	7,718			10,525			78,808			(18,286		)	(29,524		)	7,570			85,200			44,960			(244,031		)	(244,031		)
Less: Net income attributable to noncontrolling interests	3,762			3,431			4,267			869			1,618			1,047			2,068			5,602			117			117
Net income (loss) attributable to Abercrombie & Fitch Co.	$	3,956		$	7,094		$	74,541		$	(19,155	)	$	(31,142	)	$	6,523		$	83,132		$	39,358		$	(244,148	)	$	(244,148	)

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										Fiscal 2019															Fiscal 2020
	2016			2017 (1)			2018			Q1			Q2			Q3			Q4			2019			Q1			2020
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	0.06		$	0.10		$	1.11		$	(0.29	)	$	(0.48	)	$	0.10		$	1.32		$	0.61		$	(3.90	)	$	(3.90	)
Diluted	$	0.06		$	0.10		$	1.08		$	(0.29	)	$	(0.48	)	$	0.10		$	1.29		$	0.60		$	(3.90	)	$	(3.90	)
Weighted-average shares outstanding:
Basic	67,878			68,391			67,350			66,540			65,156			63,099			62,916			64,428			62,541			62,541
Diluted	68,284			69,403			69,137			66,540			65,156			63,911			64,198			65,778			62,541			62,541
Hollister comparable sales (2)	0		%	8		%	5		%	2		%	0		%	(2		)%	(2		)%	(1		)%	Not provided			Not provided
Abercrombie comparable sales (2) (3)	(11		)%	(2		)%	1		%	1		%	0		%	3		%	8		%	3		%	Not provided			Not provided
Comparable sales (2)	(5		)%	3		%	3		%	1		%	0		%	0		%	1		%	1		%	Not provided			Not provided
Shares outstanding	67,758			68,195			66,227			66,637			63,146			62,757			62,786			62,786			62,284			62,284
Number of stores - end of period	898			868			861			857			863			881			854			854			849			849
Gross square feet - end of period	7,007			6,710			6,566			6,503			6,476			6,556			6,303			6,303			6,265			6,265
(1) Fiscal 2017 was a fifty-three week year.
(2) Comparable sales are calculated on a constant currency basis and exclude revenue other than store and online sales. Due to the 53rd week in fiscal 2017, fourth quarter of fiscal 2017 comparable sales are compared to the fourteen week period ended February 4, 2017, first quarter of fiscal 2018 comparable sales are compared to the thirteen week period ended May 6, 2017, second quarter of fiscal 2018 comparable sales are compared to the thirteen week period ended August 5, 2017, third quarter of fiscal 2018 comparable sales are compared to the thirteen week period ended November 4, 2017, and fourth quarter of fiscal 2018 comparable sales are compared to the 13 week period ended February 3, 2018. The Company did not provide comparable sales results for the first quarter of fiscal 2020.
(3) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.

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