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

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data, store data, and comparable sales data)
							Fiscal 2021										Fiscal 2022
	2018		2019		2020		Q1		Q2		Q3		Q4		2021		Q1		Q2		Q3		2022
Net sales	$	3,590,109	$	3,623,073	$	3,125,384	$	781,405	$	864,850	$	905,160	$	1,161,353	$	3,712,768	$	812,762	$	805,091	$	880,084	$	2,497,937
Cost of sales, exclusive of depreciation and amortization	1,430,193		1,472,155		1,234,179		286,271		301,365		328,916		484,221		1,400,773		363,216		339,200		359,268		1,061,684
Gross profit	2,159,916		2,150,918		1,891,205		495,134		563,485		576,244		677,132		2,311,995		449,546		465,891		520,816		1,436,253
Stores and distribution expense	1,542,022		1,598,500		1,379,948		315,508		325,847		351,815		435,153		1,428,323		337,543		340,791		367,333		1,045,667
Marketing, general and administrative expense	484,863		464,615		463,843		120,947		123,913		146,269		145,686		536,815		122,149		124,168		133,201		379,518
Asset impairment	11,580		19,135		72,937		2,664		786		6,749		1,901		12,100		3,422		2,170		3,744		9,336
Other operating (income) loss, net	(5,915)		(1,400)		(5,054)		(1,418)		(1,848)		(1,320)		(3,741)		(8,327)		(3,842)		953		(1,005)		(3,894)
Operating income (loss)	127,366		70,068		(20,469)		57,433		114,787		72,731		98,133		343,084		(9,726)		(2,191)		17,543		5,626
Interest expense, net	10,999		7,737		28,274		8,606		11,275		7,270		6,959		34,110		7,307		6,917		7,295		21,519
Income (loss) before income taxes	116,367		62,331		(48,743)		48,827		103,512		65,461		91,174		308,974		(17,033)		(9,108)		10,248		(15,893)
Income tax expense (benefit)	37,559		17,371		60,211		6,121		(6,944)		16,383		23,348		38,908		(2,187)		5,634		10,966		14,413
Net income (loss)	78,808		44,960		(108,654)		42,706		110,456		49,078		67,826		270,066		(14,846)		(14,742)		(718)		(30,306)
Less: Net income attributable to noncontrolling interests	4,267		5,602		5,067		938		1,956		1,845		2,317		7,056		1,623		2,092		1,496		5,211
Net income (loss) attributable to Abercrombie & Fitch Co.	$	74,541	$	39,358	$	(114,021)	$	41,768	$	108,500	$	47,233	$	65,509	$	263,010	$	(16,469)	$	(16,834)	$	(2,214)	$	(35,517)

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									Fiscal 2021										Fiscal 2022
	2018			2019			2020		Q1		Q2		Q3		Q4		2021		Q1		Q2		Q3		2022
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	1.11		$	0.61		$	(1.82)	$	0.67	$	1.77	$	0.80	$	1.18	$	4.41	$	(0.32)	$	(0.33)	$	(0.04)	$	(0.70)
Diluted	$	1.08		$	0.60		$	(1.82)	$	0.64	$	1.69	$	0.77	$	1.12	$	4.20	$	(0.32)	$	(0.33)	$	(0.04)	$	(0.70)
Weighted-average shares outstanding:
Basic	67,350			64,428			62,551		62,380		61,428		58,796		55,740		59,597		52,077		50,441		49,486		50,673
Diluted	69,137			65,778			62,551		65,305		64,136		61,465		58,700		62,636		52,077		50,441		49,486		50,673
Hollister comparable sales (1) (2)	5		%	(1)		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Abercrombie comparable sales (1) (3)	1		%	3		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Comparable sales (1)	3		%	1		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Shares outstanding	66,227			62,786			62,399		61,935		59,692		57,037		52,985		52,985		50,442		49,471		49,000		49,000
Number of stores - end of period	861			857			735		731		733		735		729		729		728		734		751		751
Gross square feet - end of period	6,566			6,314			5,232		5,189		5,150		5,159		5,052		5,052		5,029		5,059		5,100		5,100
(1) 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, fiscal 2021 or fiscal 2022 due to temporary store closures as a result of COVID-19.
(2) Hollister includes the Company's Hollister, Gilly Hicks, and Social Tourist brands.
(3) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.

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