View printer-friendly version |
<< Back |
Net sales for the thirteen weeks ended August 4, 2001 increased 22% to $280.1 million from $229.0 million for the thirteen weeks ended July 29, 2000. Comparable store sales decreased 8% in the second quarter versus the comparable period last year.
Operating income for the quarter increased 18% to $39.9 million compared to operating income of $33.9 million for second quarter 2000.
Earnings per share on a fully diluted basis for the second fiscal quarter ended August 4, 2001 rose 14% to $0.24 versus $0.21 for the comparable period last year.
Year-to-date net sales increased 25% to $543.8 million from $434.0 million last year. Comparable store sales for the year-to-date period decreased 3%. Operating income, year-to-date, increased 23% to $72.0 million compared to $58.4 million for the same period of 2000. Net income, year-to-date, increased 22% to $45.6 million from $37.3 million last year.
A lifestyle brand, Abercrombie & Fitch operated a total of 405 stores at the end of the second quarter, including 112 abercrombie stores and 12 Hollister Co. stores. The Company also operates a kids' e-commerce website at www.abercrombiekids.com, an adult e-commerce website at www.abercrombie.com and publishes the A&F Quarterly.
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 to differ materially from those expressed or implied in any such forward-looking statements: change in consumer spending patterns, consumer preferences and overall economic conditions, the impact of competition and pricing, changes in weather patterns, political stability, currency and exchange risks and changes in existing or potential duties, tariffs or quotas, postal rate increases and charges, paper and printing costs, availability of suitable store locations at appropriate terms, ability to develop new merchandise and ability to hire and train associates.
Abercrombie & Fitch Co. Condensed Consolidated Statements of Income (Unaudited) Thirteen Weeks Ended August 4, 2001 and Thirteen Weeks Ended July 29, 2000 (in thousands except per share data) ACTUAL ACTUAL % of % of 2001 Sales 2000 Sales Net Sales $280,116 100.0% $229,031 100.0% Gross Income 108,327 38.7% 87,765 38.3% Gen'l, Admin. & Store Oper. Exp. 68,397 24.4% 53,866 23.5% Operating Income 39,930 14.3% 33,899 14.8% Interest Income, Net (1,128) -0.4% (1,364) -0.6% Income Before Income Taxes 41,058 14.7% 35,263 15.4% Income Tax Expense 16,020 5.7% 14,100 6.2% Effective Rate 39.0% - 40.0% - Net Income $25,038 8.9% $21,163 9.2% Net Income Per Share: Basic $0.25 - $0.21 - Diluted $0.24 - $0.21 - Abercrombie & Fitch Co. Condensed Consolidated Statements of Income (Unaudited) Twenty-six Weeks Ended August 4, 2001 and Twenty-six Weeks Ended July 29, 2000 (in thousands except per share data) ACTUAL ACTUAL % of % of 2001 Sales 2000 Sales Net Sales $543,796 100.0% $434,037 100.0% Gross Income 206,167 37.9% 163,168 37.6% Gen'l, Admin. & Store Oper. Exp. 134,174 24.7% 104,793 24.1% Operating Income 71,993 13.2% 58,375 13.4% Interest Income, Net (2,848) -0.5% (3,831) -0.9% Income Before Income Taxes 74,841 13.8% 62,206 14.3% Income Tax Expense 29,200 5.4% 24,880 5.7% Effective Rate 39.0% - 40.0% - Net Income $45,641 8.4% $37,326 8.6% Net Income Per Share: Basic $0.46 - $0.37 - Diluted $0.44 - $0.36 - Abercrombie & Fitch Co. Condensed Consolidated Balance Sheets (in thousands) (unaudited) ASSETS August 4, 2001 February 3, 2001 Current Assets Cash and Equivalents $97,406 $137,581 Receivables 18,678 15,829 Inventories 157,727 120,997 Store Supplies 20,102 17,817 Other 13,718 11,338 Total Current Assets 307,631 303,562 Property and Equipment, Net 344,882 278,785 Deferred Income Taxes 19,491 19,491 Other Assets 311 381 Total Assets $672,315 $602,219 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $46,596 $33,942 Accrued Expenses 126,926 101,302 Income Taxes Payable 12,191 34,021 Total Current Liabilities 185,713 169,265 Long-Term Debt - - Other Long-Term Liabilities 9,768 10,254 Total Shareholders' Equity 476,834 422,700 TOTAL LIABILITIES AND $672,315 $602,219 SHAREHOLDERS' EQUITYSOURCE Abercrombie & Fitch
CONTACT: Tom Lennox, Manager, Investor Relations and Corporate Communications of Abercrombie & Fitch, +1-614-283-6751