 View printer-friendly version |
| << Back |
NEW ALBANY, Ohio, Feb. 17 /PRNewswire-FirstCall/ -- Abercrombie & Fitch (NYSE: ANF) today reported that earnings per share on a fully diluted basis for the fourth quarter ended January 31, 2004 rose 3% to $0.96 versus $0.93 for the comparable period last year.
Net sales for the thirteen weeks ended January 31, 2004 increased 5% to $560.4 million from $534.5 million for the thirteen weeks ended February 1, 2003. Comparable store sales decreased 11% in the quarter.
Net income for the quarter increased 2% to $94.3 million compared to net income of $92.8 million for the fourth quarter of fiscal 2002.
For the full year, the Company reported earnings per share on a fully diluted basis of $2.06, a 6% increase over $1.94 for the comparable period last year. Net sales for the year increased 7% to $1.708 billion from $1.596 billion last year. For the year, comparable store sales decreased 9%. Net income for the year increased 5% to $205.1 million compared to net income of $194.9 million last year.
The Company also announced that its Board of Directors has voted to initiate a cash dividend, at an annual rate of $0.50 per share. The first quarterly payment, of $0.125 per share, will be paid on March 30, 2004 to stockholders of record as of March 9, 2004.
Mike Jeffries, Chairman and Chief Executive Officer, said, "I'm pleased that despite a difficult Christmas season and a tough year in terms of same store sales, we were able to report record profit for the fourth quarter and the year. The decision to begin paying a cash dividend reflects our commitment to increasing shareholder value and demonstrates our financial strength and confidence in the future."
The Company stated it is comfortable with the current consensus EPS estimates of $0.26 per diluted share for the first quarter of fiscal 2004.
Abercrombie & Fitch operated a total of 700 stores at the end of the fourth quarter, including 171 abercrombie stores and 172 Hollister Co. stores. The Company operates e-commerce websites at www.abercrombie.com , www.abercrombiekids.com , and www.hollisterco.com .
Today at 4:30 p.m. the Company will conduct a conference call. Management will discuss the Company's performance, its plans for the future and will accept questions from participants. To listen to the conference call, dial (800) 428-6675 or internationally at (706) 634-1917. To listen via the internet, go to www.abercrombie.com , select the Investor Relations page and click on Calendar of Events. Replays of the call will be available shortly after its completion. The audio replay can be accessed for two weeks following the reporting date by calling (800) 642-1687 or internationally at (706) 645-9291 followed by the conference ID number 6756028; or for 12 months by visiting the Company's website at www.abercrombie.com .
Safe Harbor Statement Under the Private Securities Litigation Reform Act Of 1995:
The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Release, the Company's Form 10-K or made by management of the Company involve risks and uncertainties, and are subject to change based on various important factors. The following factors, among others, in some cases have affected and in the future could affect the Company's financial performance and actual results and could cause actual results for 2003 and beyond to differ materially from those expressed or implied in any such forward-looking statements or otherwise made by management: changes in consumer spending patterns and consumer preferences; the effects of political and economic events and conditions domestically and in foreign jurisdictions in which the Company operates, including, but not limited to, acts of terrorism or war; the impact of competition and pricing; changes in weather patterns; market price of key raw materials; ability to source product from its global supplier base; litigation; political stability; currency and exchange risks and changes in existing or potential duties, tariffs or quotas; availability of suitable store locations at appropriate terms; ability to develop new merchandise; and ability to hire, train and retain associates.
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
(Unaudited)
Thirteen Weeks Ended January 31, 2004 and Thirteen Weeks
Ended February 1, 2003
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2003 Sales 2002 Sales
Net Sales $560,389 100.0% $534,482 100.0%
Gross Income 261,012 46.6% 243,010 45.5%
Gen'l, Admin. & Store Oper. Exp. 106,734 19.0% 93,382 17.5%
Operating Income 154,278 27.5% 149,628 28.0%
Interest Income, Net (1,099) -0.2% (1,300) -0.2%
Income Before Income Taxes 155,377 27.7% 150,928 28.2%
Income Tax Expense 61,100 10.9% 58,110 10.9%
Effective Rate 39.3% 38.5%
Net Income $94,277 16.8% $92,818 17.4%
Net Income Per Share:
Basic $0.98 $0.95
Diluted $0.96 $0.93
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
Fifty-two Weeks Ended January 31, 2004 and Fifty-two Weeks
Ended February 1, 2003
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2003 Sales 2002 Sales
Net Sales $1,707,810 100.0% $1,595,757 100.0%
Gross Income 717,398 42.0% 656,049 41.1%
Gen'l, Admin. & Store Oper. Exp. 385,764 22.6% 343,432 21.5%
Operating Income 331,634 19.4% 312,617 19.6%
Interest Income, Net (3,708) -0.2% (3,768) -0.2%
Income Before Income Taxes 335,342 19.6% 316,385 19.8%
Income Tax Expense 130,240 7.6% 121,450 7.6%
Effective Rate 38.8% 38.4%
Net Income $205,102 12.0% $194,935 12.2%
Net Income Per Share:
Basic $2.12 $1.99
Diluted $2.06 $1.94
Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
ASSETS January 31, 2004 February 1, 2003
Current Assets
Cash and Equivalents $511,073 $420,063
Marketable Securities 10,000 10,000
Receivables 7,197 10,572
Inventories 170,703 143,306
Store Supplies 29,993 25,671
Other 23,689 19,770
Total Current Assets 752,655 629,382
Property and Equipment, Net 445,956 392,941
Other Assets 552 725
Total Assets $1,199,163 $1,023,048
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $91,364 $79,291
Accrued Expenses 138,232 119,526
Income Taxes Payable 50,406 46,471
Total Current Liabilities 280,002 245,288
Long-Term Liabilities
Debt - -
Deferred Income Taxes 19,516 15,189
Other Long-Term Liabilities 28,388 13,044
Total Long-Term Liabilities 47,904 28,233
Total Shareholders' Equity 871,257 749,527
TOTAL LIABILITIES AND $1,199,163 $1,023,048
SHAREHOLDERS' EQUITY
SOURCE Abercrombie & Fitch 02/17/2004
CONTACT: Thomas D. Lennox, Director, Investor Relations and Corporate Communications of Abercrombie & Fitch, +1-614-283-6751
Web site: http://www.abercrombie.com
http://www.hollisterco.com
http://www.abercrombiekids.com
(ANF)
CO: Abercrombie & Fitch
ST: Ohio
IN: TEX REA
SU: ERN ERP CCA MAV DIV