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 | ) |
1
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. |
2