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

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data, store data, and comparable sales data)
							Fiscal 2020										Fiscal 2021
	2017 (1)		2018		2019		Q1		Q2		Q3		Q4		2020		Q1		Q2		2021
Net sales	$	3,492,690	$	3,590,109	$	3,623,073	$	485,359	$	698,328	$	819,653	$	1,122,044	$	3,125,384	$	781,405	$	864,850	$	1,646,255
Cost of sales, exclusive of depreciation and amortization	1,408,848		1,430,193		1,472,155		221,214		274,720		295,220		443,025		1,234,179		286,271		301,365		587,636
Gross profit	2,083,842		2,159,916		2,150,918		264,145		423,608		524,433		679,019		1,891,205		495,134		563,485		1,058,619
Stores and distribution expense	1,540,032		1,536,216		1,551,243		322,124		310,370		346,263		412,827		1,391,584		316,608		325,935		642,543
Marketing, general and administrative expense	471,914		484,863		464,615		108,257		97,252		121,000		137,334		463,843		120,947		123,913		244,860
Flagship store exit charges (benefits)	2,393		5,806		47,257		(543)		(3,884)		(8,063)		854		(11,636)		(1,100)		(88)		(1,188)
Asset impairment, exclusive of flagship store exit charges	14,391		11,580		19,135		42,928		8,083		6,329		15,597		72,937		2,664		786		3,450
Other operating (income) loss, net	(16,938)		(5,915)		(1,400)		506		(2,356)		288		(3,492)		(5,054)		(1,418)		(1,848)		(3,266)
Operating income (loss)	72,050		127,366		70,068		(209,127)		14,143		58,616		115,899		(20,469)		57,433		114,787		172,220
Interest expense, net	16,889		10,999		7,737		3,371		7,098		8,808		8,997		28,274		8,606		11,275		19,881
Income (loss) before income taxes	55,161		116,367		62,331		(212,498)		7,045		49,808		106,902		(48,743)		48,827		103,512		152,339
Income tax expense (benefit)	44,636		37,559		17,371		31,533		1,253		5,779		21,646		60,211		6,121		(6,944)		(823)
Net income (loss)	10,525		78,808		44,960		(244,031)		5,792		44,029		85,256		(108,954)		42,706		110,456		153,162
Less: Net income attributable to noncontrolling interests	3,431		4,267		5,602		117		328		1,758		2,864		5,067		938		1,956		2,894
Net income (loss) attributable to Abercrombie & Fitch Co.	$	7,094	$	74,541	$	39,358	$	(244,148)	$	5,464	$	42,271	$	82,392	$	(114,021)	$	41,768	$	108,500	$	150,268

										Fiscal 2020										Fiscal 2021
	2017 (1)			2018			2019			Q1		Q2		Q3		Q4		2020		Q1		Q2		2021
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	0.10		$	1.11		$	0.61		$	(3.90)	$	0.09	$	0.68	$	1.32	$	(1.82)	$	0.67	$	1.77	$	2.43
Diluted	$	0.10		$	1.08		$	0.60		$	(3.90)	$	0.09	$	0.66	$	1.27	$	(1.82)	$	0.64	$	1.69	$	2.32
Weighted-average shares outstanding:
Basic	68,391			67,350			64,428			62,541		62,527		62,558		62,581		62,551		62,380		61,428		61,914
Diluted	69,403			69,137			65,778			62,541		63,286		63,877		64,788		62,551		65,305		64,136		64,803
Hollister comparable sales (2) (3)	8		%	5		%	(1)		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Abercrombie comparable sales (2) (4)	(2)		%	1		%	3		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Comparable sales (2)	3		%	3		%	1		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Shares outstanding	68,195			66,227			62,786			62,284		62,365		62,384		62,399		62,399		61,935		59,692		59,692
Number of stores - end of period	868			861			857			853		854		853		735		735		731		733		733
Gross square feet - end of period	6,710			6,566			6,314			6,285		6,296		6,235		5,232		5,232		5,189		5,150		5,150
(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. The Company did not provide comparable sales results for fiscal 2020 or the first quarter of 2021 due to widespread temporary store closures as a result of COVID-19.
(3) Hollister includes the Company's Hollister, Gilly Hicks, and Social Tourist brands.
(4) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.

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