Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ABERCROMBIE & FITCH CO /DE/ | q32018form8-kearningsrelea.htm |
| EX-99.4 - EXHIBIT 99.4 - ABERCROMBIE & FITCH CO /DE/ | q32018earningstranscript.htm |
| EX-99.3 - EXHIBIT 99.3 - ABERCROMBIE & FITCH CO /DE/ | q32018investorpresentati.htm |
| EX-99.1 - EXHIBIT 99.1 - ABERCROMBIE & FITCH CO /DE/ | q32018earningsrelease.htm |
Abercrombie & Fitch Co. | |||||||||||||||||||||||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data and store data) | |||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2017 (1) | Fiscal 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | Q1 | Q2 | Q3 | Q4 | 2017 | Q1 | Q2 | Q3 | YTD | ||||||||||||||||||||||||||||||||||||
Net sales | $ | 3,744,030 | $ | 3,518,680 | $ | 3,326,740 | $ | 661,099 | $ | 779,321 | $ | 859,112 | $ | 1,193,158 | $ | 3,492,690 | $ | 730,899 | $ | 842,414 | $ | 861,194 | $ | 2,434,507 | |||||||||||||||||||||||
Cost of sales, exclusive of depreciation and amortization | 1,430,460 | 1,361,137 | 1,298,172 | 262,174 | 318,426 | 332,485 | 495,763 | 1,408,848 | 288,554 | 335,519 | 333,375 | 957,448 | |||||||||||||||||||||||||||||||||||
Gross profit | 2,313,570 | 2,157,543 | 2,028,568 | 398,925 | 460,895 | 526,627 | 697,395 | 2,083,842 | 442,345 | 506,895 | 527,819 | 1,477,059 | |||||||||||||||||||||||||||||||||||
Stores and distribution expense | 1,703,051 | 1,604,214 | 1,578,460 | 359,929 | 369,295 | 375,944 | 437,257 | 1,542,425 | 361,155 | 374,552 | 371,859 | 1,107,566 | |||||||||||||||||||||||||||||||||||
Marketing, general and administrative expense | 458,820 | 470,321 | 453,202 | 109,893 | 109,353 | 124,533 | 128,135 | 471,914 | 124,897 | 123,883 | 117,181 | 365,961 | |||||||||||||||||||||||||||||||||||
Restructuring charge (benefit) | 8,431 | (1,598 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Asset impairment | 44,988 | 18,209 | 7,930 | 730 | 6,135 | 3,480 | 4,046 | 14,391 | 1,056 | 8,671 | 656 | 10,383 | |||||||||||||||||||||||||||||||||||
Other operating income, net | (15,239 | ) | (6,441 | ) | (26,212 | ) | (1,686 | ) | (2,799 | ) | (70 | ) | (12,383 | ) | (16,938 | ) | (2,560 | ) | (434 | ) | (1,557 | ) | (4,551 | ) | |||||||||||||||||||||||
Operating income (loss) | 113,519 | 72,838 | 15,188 | (69,941 | ) | (21,089 | ) | 22,740 | 140,340 | 72,050 | (42,203 | ) | 223 | 39,680 | (2,300 | ) | |||||||||||||||||||||||||||||||
Interest expense, net | 14,365 | 18,248 | 18,666 | 4,120 | 4,089 | 4,571 | 4,109 | 16,889 | 3,018 | 3,023 | 2,857 | 8,898 | |||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 99,154 | 54,590 | (3,478 | ) | (74,061 | ) | (25,178 | ) | 18,169 | 136,231 | 55,161 | (45,221 | ) | (2,800 | ) | 36,823 | (11,198 | ) | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 47,333 | 16,031 | (11,196 | ) | (13,052 | ) | (10,563 | ) | 7,553 | 60,698 | 44,636 | (3,713 | ) | 24 | 12,047 | 8,358 | |||||||||||||||||||||||||||||||
Net income (loss) | 51,821 | 38,559 | 7,718 | (61,009 | ) | (14,615 | ) | 10,616 | 75,533 | 10,525 | (41,508 | ) | (2,824 | ) | 24,776 | (19,556 | ) | ||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | 2,983 | 3,762 | 691 | 876 | 541 | 1,323 | 3,431 | 953 | 1,029 | 857 | 2,839 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Abercrombie & Fitch Co. | $ | 51,821 | $ | 35,576 | $ | 3,956 | $ | (61,700 | ) | $ | (15,491 | ) | $ | 10,075 | $ | 74,210 | $ | 7,094 | $ | (42,461 | ) | $ | (3,853 | ) | $ | 23,919 | $ | (22,395 | ) | ||||||||||||||||||
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Fiscal 2017 (1) | Fiscal 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | Q1 | Q2 | Q3 | Q4 | 2017 | Q1 | Q2 | Q3 | YTD | ||||||||||||||||||||||||||||||||||||
Net income (loss) per share attributable to Abercrombie & Fitch Co.: | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.72 | $ | 0.52 | $ | 0.06 | $ | (0.91 | ) | $ | (0.23 | ) | $ | 0.15 | $ | 1.08 | $ | 0.10 | $ | (0.62 | ) | $ | (0.06 | ) | $ | 0.36 | $ | (0.33 | ) | ||||||||||||||||||
Diluted | $ | 0.71 | $ | 0.51 | $ | 0.06 | $ | (0.91 | ) | $ | (0.23 | ) | $ | 0.15 | $ | 1.05 | $ | 0.10 | $ | (0.62 | ) | $ | (0.06 | ) | $ | 0.35 | $ | (0.33 | ) | ||||||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | 71,785 | 68,880 | 67,878 | 68,073 | 68,456 | 68,512 | 68,523 | 68,391 | 68,500 | 68,008 | 66,818 | 67,775 | |||||||||||||||||||||||||||||||||||
Diluted | 72,937 | 69,417 | 68,284 | 68,073 | 68,456 | 69,425 | 70,357 | 69,403 | 68,500 | 68,008 | 68,308 | 67,775 | |||||||||||||||||||||||||||||||||||
Hollister comparable sales | (10 | )% | 0 | % | 0 | % | 3 | % | 5 | % | 8 | % | 11 | % | 8 | % | 6 | % | 4 | % | 4 | % | 4 | % | |||||||||||||||||||||||
Abercrombie comparable sales (2) | (5 | )% | (6 | )% | (11 | )% | (10 | )% | (7 | )% | (2 | )% | 5 | % | (2 | )% | 3 | % | 2 | % | 1 | % | 2 | % | |||||||||||||||||||||||
Comparable sales (3) | (8 | )% | (3 | )% | (5 | )% | (3 | )% | (1 | )% | 4 | % | 9 | % | 3 | % | 5 | % | 3 | % | 3 | % | 3 | % | |||||||||||||||||||||||
Shares outstanding | 69,352 | 67,348 | 67,758 | 68,012 | 68,092 | 68,116 | 68,195 | 68,195 | 67,816 | 66,975 | 65,843 | 65,843 | |||||||||||||||||||||||||||||||||||
Number of stores - end of period (4) | 969 | 932 | 898 | 893 | 891 | 889 | 868 | 868 | 869 | 870 | 879 | 879 | |||||||||||||||||||||||||||||||||||
Gross square feet - end of period | 7,517 | 7,292 | 7,007 | 6,939 | 6,908 | 6,880 | 6,710 | 6,710 | 6,710 | 6,694 | 6,719 | 6,719 | |||||||||||||||||||||||||||||||||||
(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 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 and third quarter of fiscal 2018 comparable sales are compared to the thirteen week period ended November 4, 2017. | |||||||||||||||||||||||||||||||||||||||||||||||
(4) Prior period store counts have been restated to count multi-brand outlet stores as a single store. | |||||||||||||||||||||||||||||||||||||||||||||||
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