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- Net sales increased to
$861 million , despite adverse impacts from the calendar shift and foreign currency - Comparable sales growth of 3%, on top of 4% last year
- Company remains on track to deliver top-line growth, gross profit rate expansion and operating expense leverage for the full year
Third Quarter Net Income per Diluted Share | |||||||||||||||
2018 (1) | 2017 (2) | ||||||||||||||
GAAP | $ | 0.35 | $ | 0.15 | |||||||||||
Excluded items, net of tax effect | 0.02 | (0.15 | ) | ||||||||||||
Adjusted non-GAAP | $ | 0.33 | $ | 0.30 | |||||||||||
(1) Excluded items consist of pre-tax benefits of $3.0 million related to certain legal matters and discrete net tax charges of $0.4 million related to the Tax Cuts and Jobs Act of 2017 provisional estimate. | |||||||||||||||
(2) Excluded items consist of pre-tax legal charges of $11.1 million and store asset impairment charges of $3.5 million. | |||||||||||||||
A description of the use of non-GAAP financial measures and a schedule reconciling GAAP financial measures to adjusted non-GAAP financial measures accompanies this release.
"We are pleased with our third quarter performance, our fifth consecutive quarter of positive comparable sales, with growth across both of our brands. We delivered 3% comparable sales growth on top of 4% last year, with continued gross profit rate stabilization. Our strong U.S omnichannel business, and 16% global digital sales growth, confirm that our playbooks are working.
As expected, we had a solid start to the holiday season, demonstrating the effectiveness of our continued focus on the customer. We are well-positioned to deliver top-line growth, gross profit rate expansion and operating expense leverage for the full year."
Third Quarter Sales | |||||||||||||||||||||||||||
(in millions) | 2018 | 2017 | % Change (1) |
Comparable Sales (2) |
2018 | 2017 | % Change (1) |
Comparable Sales (2) |
|||||||||||||||||||
Hollister | $ | 515.1 | $ | 508.1 | 1 | % | 4 | % | United States | $ | 562.6 | $ | 554.7 | 1 | % | 6 | % | ||||||||||
Abercrombie (3) | 346.1 | 351.0 | (1 | )% | 1 | % | International | 298.6 | 304.4 | (2 | )% | (3 | )% | ||||||||||||||
Total company | $ | 861.2 | $ | 859.1 | 0 | % | 3 | % | Total company | $ | 861.2 | $ | 859.1 | 0 | % | 3 | % |
(1) The calendar shift resulting from the 53rd week in fiscal 2017 and changes in foreign currency, which do not impact comparable sales, adversely impacted total company net sales for the third quarter by approximately 2% and 1%, respectively.
(2) Comparable sales are calculated on a constant currency basis. Due to the calendar shift resulting from the 53rd week in fiscal 2017, comparable sales for the 13 weeks ended
(3) Abercrombie includes the
Direct-to-consumer net sales increased 16% from last year to
Additional Third Quarter Results |
The gross profit rate was 61.3%, flat to last year, and down approximately 40 basis points on a constant currency basis, net of hedging.
Stores and distribution expense was
Marketing, general and administrative expense was
Asset impairment was
Operating income was
The effective tax rate, which remains highly sensitive at lower levels of pre-tax earnings, was 33%. Excluding net tax charges of
Cash, Inventory and Borrowings |
The company ended the third quarter with
The company ended the third quarter with
Other Developments |
As previously announced, on
In addition, the company repurchased approximately 1.2 million shares and 2.9 million shares of its Class A Common Stock during the third quarter and the fiscal 2018 year-to-date period, respectively. At the end of the third quarter, the company had approximately 3.6 million shares remaining available for purchase under its publicly announced stock repurchase authorization.
The company has returned
Fourth Quarter Outlook |
For the fourth quarter of fiscal 2018, the company expects:
- Net sales to be down mid single digits, including the adverse effect from the calendar shift and the loss of fiscal 2017's 53rd week of approximately
$60 million and the adverse effect from changes in foreign currency exchange rates of approximately$15 million .
- Comparable sales to be up low single digits.
- A gross profit rate to be flat to up slightly from the fiscal 2017 rate of 58.4%.
- GAAP operating expense, excluding other operating income to be down in the range of 1-2% from fiscal 2017 adjusted non-GAAP operating expense of
$561 million .
- Other operating income to be approximately
$2 million .
- An effective tax rate in the mid-to-upper 20s.
- A weighted average fully-diluted share count of approximately 68 million shares, excluding the effect of potential share buybacks.
Full Year Outlook |
For fiscal 2018, the company expects:
- Net sales to be up in the range of 2% to 4%, including the adverse effect from the loss of fiscal 2017's 53rd week of approximately
$40 million , partially offset by a benefit from foreign currency exchange rates of approximately$10 million .
- Comparable sales to be up in the range of 2% to 4%.
- A gross profit rate up slightly from the fiscal 2017 rate of 59.7%.
- GAAP operating expense, excluding other operating income to now be up approximately 2% from fiscal 2017 adjusted operating expense of
$2 billion , including approximately$11 million of net charges this year related to asset impairment and certain legal matters that are excluded from adjusted non-GAAP operating expense. The company expects adjusted non-GAAP operating expense up to now be up approximately 1.5%.
- An effective tax rate in the mid-to-upper 30s, including discrete non-cash net income tax charges of approximately
$9 million related to share-based compensation accounting standards that went into effect in fiscal 2017. The full year effective tax rate also includes discrete tax charges of$2 million related to the Tax Cuts and Jobs Act of 2017 provisional estimate, which are excluded from adjusted non-GAAP results.
- A weighted average fully-diluted share count of approximately 69 million shares, excluding the effect of potential share buybacks.
- Capital expenditures to now be approximately
$145 million .
In addition, the company expects to deliver approximately 70 new store experiences in fiscal 2018 through new store prototypes, remodeled stores and right-sizes. The company now expects to close fewer stores in the current year based on improved performance and successful lease renegotiations and anticipates closing up to 40 stores by year-end, primarily in the U.S., down from its previous expectations of closing up to 60 stores.
Conference Call |
Today at
A presentation of third quarter results will be available in the "Investors" section at corporate.abercrombie.com at approximately
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 |
A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Press Release or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the company's control. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements. The following factors, in addition to those disclosed in "ITEM 1A. RISK FACTORS" of A&F's Annual Report on Form 10-K for the fiscal year ended February 3, 2018 and in A&F's subsequently filed quarterly reports on Form 10-Q, in some cases have affected, and in the future could affect, the company's financial performance and could cause actual results for Fiscal 2018 and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this Press Release or otherwise made by management: changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits, could have a material adverse effect on our business, results of operations and liquidity; failure to anticipate customer demand and changing fashion trends and to manage our inventory commensurately could adversely impact our sales levels and profitability; our market share may be negatively impacted by increasing competition and pricing pressures from companies with brands or merchandise competitive with ours; fluctuations in foreign currency exchange rates could adversely impact our financial condition and results of operations; our ability to attract customers to our stores depends, in part, on the success of the shopping malls or area attractions that our stores are located in or around; the impact of war, acts of terrorism or civil unrest could have a material adverse effect on our operating results and financial condition; the expansion of our direct-to-consumer sales channels and omnichannel initiatives are significant components of our growth strategy, and the failure to successfully develop our position across all channels could have an adverse impact on our results of operations; our international growth strategy and ability to conduct business in international markets may be adversely affected by legal, regulatory, political and economic risks; failure to successfully implement our strategic plans could have a negative impact on our growth and profitability; failure to protect our reputation could have a material adverse effect on our brands; our business could suffer if our information technology systems are disrupted or cease to operate effectively; we may be exposed to risks and costs associated with cyber-attacks, credit card fraud and identity theft that would cause us to incur unexpected expenses and reputation loss; our reliance on DCs makes us susceptible to disruptions or adverse conditions affecting our supply chain; changes in cost, availability and quality of raw materials, labor, transportation, and trade relations could cause manufacturing delays and increase our costs; we depend upon independent third parties for the manufacture and delivery of all our merchandise, and a disruption of the manufacture or delivery of our merchandise could result in lost sales and could increase our costs; we rely on the experience and skills of our senior executive officers and associates, the loss of whom could have a material adverse effect on our business; extreme weather conditions, including natural disasters, pandemic disease and other unexpected events, could negatively impact our facilities, systems and stores, as well as the facilities and systems of our vendors and manufacturers, which could result in an interruption to our business and adversely affect our operating results; fluctuations in our tax obligations and effective tax rate may result in volatility in our results of operations; our litigation exposure could have a material adverse effect on our financial condition and results of operations; failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets; changes in the regulatory or compliance landscape and compliance with changing regulations for accounting, corporate governance and public disclosure could adversely affect our business, results of operations and reported financial results; and, our Asset-Based Revolving Credit Agreement and our Term Loan Agreement include restrictive covenants that limit our flexibility in operating our business.
About Abercrombie & Fitch Co. |
The brands share a commitment to offering products of enduring quality and exceptional comfort that allow consumers around the world to express their own individuality and style. The company operates over 850 stores under these brands across
Contact: Ian Bailey, Abercrombie & Fitch Co. | ||
Investor Inquiries: | Media Inquiries: | |
(614) 283-6751 | (614) 283-6192 | |
Investor_Relations@anfcorp.com | Public_Relations@anfcorp.com |
Abercrombie & Fitch Co. | |||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||
(in thousands, except per share data) | |||||||||||||
(Unaudited) | |||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||
November 3, 2018 |
% of Net Sales |
October 28, 2017 |
% of Net Sales |
||||||||||
Net sales | $ | 861,194 | 100.0 | % | $ | 859,112 | 100.0 | % | |||||
Cost of sales, exclusive of depreciation and amortization | 333,375 | 38.7 | % | 332,485 | 38.7 | % | |||||||
Gross profit | 527,819 | 61.3 | % | 526,627 | 61.3 | % | |||||||
Stores and distribution expense | 371,859 | 43.2 | % | 375,944 | 43.8 | % | |||||||
Marketing, general and administrative expense | 117,181 | 13.6 | % | 124,533 | 14.5 | % | |||||||
Asset impairment | 656 | 0.1 | % | 3,480 | 0.4 | % | |||||||
Other operating income, net | (1,557 | ) | (0.2 | )% | (70 | ) | 0.0 | % | |||||
Operating income | 39,680 | 4.6 | % | 22,740 | 2.6 | % | |||||||
Interest expense, net | 2,857 | 0.3 | % | 4,571 | 0.5 | % | |||||||
Income before income taxes | 36,823 | 4.3 | % | 18,169 | 2.1 | % | |||||||
Income tax expense | 12,047 | 1.4 | % | 7,553 | 0.9 | % | |||||||
Net income | 24,776 | 2.9 | % | 10,616 | 1.2 | % | |||||||
Less: Net income attributable to noncontrolling interests | 857 | 0.1 | % | 541 | 0.1 | % | |||||||
Net income attributable to Abercrombie & Fitch Co. | $ | 23,919 | 2.8 | % | $ | 10,075 | 1.2 | % | |||||
Net income per share attributable to Abercrombie & Fitch Co.: | |||||||||||||
Basic | $ | 0.36 | $ | 0.15 | |||||||||
Diluted | $ | 0.35 | $ | 0.15 | |||||||||
Weighted-average shares outstanding: | |||||||||||||
Basic | 66,818 | 68,512 | |||||||||||
Diluted | 68,308 | 69,425 |
Abercrombie & Fitch Co. | |||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||
(in thousands, except per share data) | |||||||||||||
(Unaudited) | |||||||||||||
Thirty-nine Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||
November 3, 2018 |
% of Net Sales |
October 28, 2017 |
% of Net Sales |
||||||||||
Net sales | $ | 2,434,507 | 100.0 | % | $ | 2,299,532 | 100.0 | % | |||||
Cost of sales, exclusive of depreciation and amortization | 957,448 | 39.3 | % | 913,085 | 39.7 | % | |||||||
Gross profit | 1,477,059 | 60.7 | % | 1,386,447 | 60.3 | % | |||||||
Stores and distribution expense | 1,107,566 | 45.5 | % | 1,105,168 | 48.1 | % | |||||||
Marketing, general and administrative expense | 365,961 | 15.0 | % | 343,779 | 14.9 | % | |||||||
Asset impairment | 10,383 | 0.4 | % | 10,345 | 0.4 | % | |||||||
Other operating income, net | (4,551 | ) | (0.2 | )% | (4,555 | ) | (0.2 | )% | |||||
Operating loss | (2,300 | ) | (0.1 | )% | (68,290 | ) | (3.0 | )% | |||||
Interest expense, net | 8,898 | 0.4 | % | 12,780 | 0.6 | % | |||||||
Loss before income taxes | (11,198 | ) | (0.5 | )% | (81,070 | ) | (3.5 | )% | |||||
Income tax expense (benefit) | 8,358 | 0.3 | % | (16,062 | ) | (0.7 | )% | ||||||
Net loss | (19,556 | ) | (0.8 | )% | (65,008 | ) | (2.8 | )% | |||||
Less: Net income attributable to noncontrolling interests | 2,839 | 0.1 | % | 2,108 | 0.1 | % | |||||||
Net loss attributable to Abercrombie & Fitch Co. | $ | (22,395 | ) | (0.9 | )% | $ | (67,116 | ) | (2.9 | )% | |||
Net loss per share attributable to Abercrombie & Fitch Co.: | |||||||||||||
Basic | $ | (0.33 | ) | $ | (0.98 | ) | |||||||
Diluted | $ | (0.33 | ) | $ | (0.98 | ) | |||||||
Weighted-average shares outstanding: | |||||||||||||
Basic | 67,775 | 68,347 | |||||||||||
Diluted | 67,775 | 68,347 | |||||||||||
Abercrombie & Fitch Co. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(in thousands) | |||||||||||
(Unaudited) | |||||||||||
November 3, 2018 | February 3, 2018 | October 28, 2017 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 520,523 | $ | 675,558 | $ | 459,293 | |||||
Receivables | 87,714 | 79,724 | 78,554 | ||||||||
Inventories | 572,173 | 424,393 | 570,484 | ||||||||
Other current assets | 109,888 | 84,863 | 68,903 | ||||||||
Total current assets | 1,290,298 | 1,264,538 | 1,177,234 | ||||||||
Property and equipment, net | 684,527 | 738,182 | 767,930 | ||||||||
Other assets | 308,244 | 322,972 | 352,737 | ||||||||
TOTAL ASSETS | $ | 2,283,069 | $ | 2,325,692 | $ | 2,297,901 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 266,933 | $ | 168,868 | $ | 248,963 | |||||
Accrued expenses | 293,410 | 308,601 | 292,479 | ||||||||
Short-term portion of deferred lease credits | 19,465 | 19,751 | 19,314 | ||||||||
Income taxes payable | 10,360 | 10,326 | 6,189 | ||||||||
Total current liabilities | 590,168 | 507,546 | 566,945 | ||||||||
Long-term liabilities: | |||||||||||
Long-term portion of deferred lease credits | $ | 79,667 | $ | 75,648 | $ | 74,782 | |||||
Long-term portion of borrowings, net | 250,142 | 249,686 | 263,910 | ||||||||
Leasehold financing obligations | 46,081 | 50,653 | 48,082 | ||||||||
Other liabilities | 182,721 | 189,688 | 174,023 | ||||||||
Total long-term liabilities | 558,611 | 565,675 | 560,797 | ||||||||
Total Abercrombie & Fitch Co. stockholders' equity | 1,124,470 | 1,242,379 | 1,160,760 | ||||||||
Noncontrolling interests | 9,820 | 10,092 | 9,399 | ||||||||
Total stockholders' equity | 1,134,290 | 1,252,471 | 1,170,159 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,283,069 | $ | 2,325,692 | $ | 2,297,901 | |||||
REPORTING AND USE OF GAAP AND NON-GAAP MEASURES
The company believes that each of the non-GAAP financial measures presented in this news release are useful to investors as they provide a measure of the company's operating performance excluding the effect of certain items which the company believes do not reflect its future operating outlook, and therefore supplement investors' understanding of comparability of operations across periods. Management used these non-GAAP financial measures during the periods presented to assess the company's performance and to develop expectations for future operating performance. The company also provides certain financial information on a constant currency basis to enhance investors' understanding of underlying business trends and operating performance, by removing the impact of foreign currency exchange rate fluctuations. The effect from foreign currency, calculated on a constant currency basis, is determined by applying current period exchange rates to prior year results and is net of the year-over-year impact from hedging. The per diluted share effect from foreign currency is calculated using a 27% tax rate. In addition, the company provides comparable sales, defined as the aggregate of: (1) year-over-year sales for stores that have been open as the same brand at least one year and whose square footage has not been expanded or reduced by more than 20% within the past year, with prior year's net sales converted at the current year's foreign currency exchange rate to remove the impact of foreign currency rate fluctuation, and (2) year-over-year direct-to-consumer sales with prior year's net sales converted at the current year's foreign currency exchange rate to remove the impact of foreign currency rate fluctuation. Due to the calendar shift in fiscal 2018, resulting from the 53rd week in fiscal 2017, comparable sales for the fiscal 2018 quarterly periods ended
Abercrombie & Fitch Co. | |||||||||||
Schedule of Non-GAAP Financial Measures | |||||||||||
Thirteen Weeks Ended November 3, 2018 | |||||||||||
(in thousands, except per share data) | |||||||||||
(Unaudited) | |||||||||||
GAAP (1) | Excluded items |
Adjusted non-GAAP |
|||||||||
Marketing, general and administrative (2) | $ | 117,181 | $ | (3,005 | ) | $ | 120,186 | ||||
Operating income | 39,680 | 3,005 | 36,675 | ||||||||
Income before income taxes | 36,823 | 3,005 | 33,818 | ||||||||
Income tax expense (3) | 12,047 | 1,469 | 10,578 | ||||||||
Net income attributable to Abercrombie & Fitch Co. | $ | 23,919 | $ | 1,536 | $ | 22,383 | |||||
Net income per diluted share attributable to Abercrombie & Fitch Co. | $ | 0.35 | $ | 0.02 | $ | 0.33 | |||||
Diluted weighted-average shares outstanding: | 68,308 | 68,308 | |||||||||
(1) "GAAP" refers to accounting principles generally accepted in
(2) Excluded items consist of benefits of
(3) Excluded items consist of discrete net tax charges of
Abercrombie & Fitch Co. | |||||||||||
Schedule of Non-GAAP Financial Measures | |||||||||||
Thirteen Weeks Ended October 28, 2017 | |||||||||||
(in thousands, except per share data) | |||||||||||
(Unaudited) | |||||||||||
GAAP (1) | Excluded items |
Adjusted non-GAAP |
|||||||||
Marketing, general and administrative expense (2) | $ | 124,553 | $ | 11,070 | $ | 113,463 | |||||
Asset impairment (3) | 3,480 | 3,480 | — | ||||||||
Operating income | 22,740 | (14,550 | ) | 37,290 | |||||||
Income before income taxes | 18,169 | (14,550 | ) | 32,719 | |||||||
Income tax expense (4) | 7,553 | (4,117 | ) | 11,670 | |||||||
Net income attributable to Abercrombie & Fitch Co. | $ | 10,075 | $ | (10,433 | ) | $ | 20,508 | ||||
Net income per diluted share attributable to Abercrombie & Fitch Co. | $ | 0.15 | $ | (0.15 | ) | $ | 0.30 | ||||
Diluted weighted-average shares outstanding: | 69,425 | 69,425 | |||||||||
(1) "GAAP" refers to accounting principles generally accepted in
(2) Excluded items consist of legal charges of
(3) Excluded items consist of charges of
(4) The tax effect of excluded items is calculated as the difference between the tax provision on a GAAP basis and an adjusted non-GAAP basis.
Abercrombie & Fitch Co. | |||||||||||
Schedule of Non-GAAP Financial Measures | |||||||||||
Thirty-nine Weeks Ended November 3, 2018 | |||||||||||
(in thousands, except per share data) | |||||||||||
(Unaudited) | |||||||||||
GAAP (1) | Excluded items |
Adjusted non-GAAP |
|||||||||
Marketing, general and administrative expense (2) | $ | 365,961 | $ | 2,595 | $ | 363,366 | |||||
Asset impairment (3) | 10,383 | 8,671 | 1,712 | ||||||||
Operating (loss) income | (2,300 | ) | (11,266 | ) | 8,966 | ||||||
(Loss) income before income taxes | (11,198 | ) | (11,266 | ) | 68 | ||||||
Income tax expense (4) | 8,358 | (719 | ) | 9,077 | |||||||
Net loss attributable to Abercrombie & Fitch Co. | $ | (22,395 | ) | $ | (10,547 | ) | $ | (11,848 | ) | ||
Net loss per diluted share attributable to Abercrombie & Fitch Co. | $ | (0.33 | ) | $ | (0.16 | ) | $ | (0.17 | ) | ||
Diluted weighted-average shares outstanding: | 67,775 | 67,775 | |||||||||
(1) "GAAP" refers to accounting principles generally accepted in
(2) Excluded items consist of charges of
(3) Excluded items consist of asset impairment charges of
(4) Excluded items consist of discrete net tax charges of
Abercrombie & Fitch Co. | |||||||||||
Schedule of Non-GAAP Financial Measures | |||||||||||
Thirty-nine Weeks Ended October 28, 2017 | |||||||||||
(in thousands, except per share data) | |||||||||||
(Unaudited) | |||||||||||
GAAP (1) | Excluded items |
Adjusted non-GAAP |
|||||||||
Marketing, general and administrative expense (2) | $ | 343,779 | $ | 11,070 | $ | 332,709 | |||||
Asset impairment (3) | 10,345 | 9,615 | 730 | ||||||||
Operating loss | (68,290 | ) | (20,685 | ) | (47,605 | ) | |||||
Loss before income taxes | (81,070 | ) | (20,685 | ) | (60,385 | ) | |||||
Income tax benefit (4) | (16,062 | ) | (5,727 | ) | (10,335 | ) | |||||
Net loss attributable to Abercrombie & Fitch Co. | $ | (67,116 | ) | $ | (14,958 | ) | $ | (52,158 | ) | ||
Net loss per diluted share attributable to Abercrombie & Fitch Co. | $ | (0.98 | ) | $ | (0.22 | ) | $ | (0.76 | ) | ||
Diluted weighted-average shares outstanding: | 68,347 | 68,347 | |||||||||
(1) "GAAP" refers to accounting principles generally accepted in
(2) Excluded items consist of legal charges of
(3) Excluded items consist of charges of
(4) The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and an adjusted non-GAAP basis.
Store Count Activity
Thirteen Weeks Ended November 3, 2018 | |||||||||||||||||
Hollister (1) | Abercrombie (2) | Total | |||||||||||||||
United States | International | United States | International | United States | International | ||||||||||||
August 4, 2018 | 396 | 144 | 283 | 47 | 679 | 191 | |||||||||||
New | 4 | 3 | 3 | 1 | 7 | 4 | |||||||||||
Closed | — | — | (2 | ) | — | (2 | ) | — | |||||||||
November 3, 2018 | 400 | 147 | 284 | 48 | 684 | 195 |
Thirty-nine Weeks Ended November 3, 2018 | |||||||||||||||||
Hollister (1) | Abercrombie (2) | Total | |||||||||||||||
United States | International | United States | International | United States | International | ||||||||||||
February 3, 2018 | 394 | 144 | 285 | 45 | 679 | 189 | |||||||||||
New | 6 | 3 | 4 | 3 | 10 | 6 | |||||||||||
Closed | — | — | (5 | ) | — | (5 | ) | — | |||||||||
November 3, 2018 | 400 | 147 | 284 | 48 | 684 | 195 | |||||||||||
(1) Excludes eight international franchise stores as of
(2) Abercrombie includes the company's