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REYNOLDSBURG, Ohio, Feb. 20 /PRNewswire/ -- Abercrombie & Fitch (NYSE: ANF) today reported that earnings per share on a fully diluted basis for the fourth fiscal quarter ended February 3, 2001 rose 4% to $.76 versus $.73 for the comparable period last year. Earnings per share on a fully diluted basis increased 12% for fiscal 2000 to $1.55 versus $1.39 for fiscal 1999.
Net sales for the fourteen weeks ended February 3, 2001 increased 21% to $439.4 million from $363.7 million for the thirteen weeks ended January 29, 2000. Comparable store sales decreased 9% in the quarter versus a 3% increase for fiscal 1999.
Net income for the quarter increased 1% to $77.2 million compared to net income of $76.7 million for last year.
Year-to-date net sales increased 20% to $1.24 billion from $1.03 billion last year. Comparable store sales for the year decreased 7% versus a 10% increase last year. Net income, year-to-date, increased 6% to $158.1 million from an adjusted $149.6 million last year.
Mike Jeffries, Chairman and Chief Executive Officer, said, "I'm very pleased that we were able to continue to improve our earnings despite a very difficult sales environment. The entire organization responded to the challenge and our tight control of expenses allowed us to protect the bottom line. I'm optimistic about our spring merchandise assortment. However, with the economic environment still uncertain we are taking a very cautious approach to the business in 2001."
A lifestyle brand, Abercrombie & Fitch operated a total of 354 stores at the end of fiscal 2000, including 84 abercrombie stores and five 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.
Consolidated Statements of Income
(Unaudited)
Fourteen Weeks Ended February 3, 2001 and Thirteen
Weeks Ended January 29, 2000
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2000 Sales 1999 Sales
Net Sales $439,445 100.0% $363,694 100.0%
Gross Income 202,924 46.2% 185,069 50.9%
Gen'l, Admin. & Oper. Exp. 78,830 17.9% 59,729 16.4%
Operating Income 124,094 28.2% 125,340 34.5%
Interest Expense/(Income), Net (2,501) -0.6% (2,528) -0.7%
Income Before Taxes 126,595 28.8% 127,868 35.2%
Income Tax Expense 49,380 11.2% 51,144 14.1%
Effective Rate 39.0% - 40.0% -
Net Income $77,215 17.6% $76,724 21.1%
Net Income Per Share:
Basic $0.78 - $0.75 -
Diluted $0.76 - $0.73 -
Abercrombie & Fitch Co.
Consolidated Statements of Income
Fifty Three Weeks Ended February 3, 2001
and Fifty Two Weeks Ended January 29, 2000
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2000 Sales 1999 Sales
Net Sales $1,237,604 100.0% $1,030,858 100.0%
Gross Income 509,375 41.2% 450,383 43.7%
Gen'l, Admin. & Oper. Exp. 255,723 20.7% 208,319 20.2%
Operating Income 253,652 20.5% 242,064 23.5%
Interest Expense/(Income), Net (7,801) -0.6% (7,270) -0.7%
Income Before Taxes 261,453 21.1% 249,334 24.2%
Income Tax Expense 103,320 8.3% 99,730 9.7%
Effective Rate 39.5% - 40.0% -
Net Income $158,133 12.8% $149,604 14.5%
Net Income Per Share:
Basic $1.58 - $1.45 -
Diluted $1.55 - $1.39 -
Abercrombie & Fitch Co.
Consolidated Condensed Balance Sheets
(in thousands)
ASSETS February 3, 2001 January 29, 2000
Current Assets
Cash & Equivalents $137,581 $147,908
Marketable Securities - 45,601
Accounts Receivable 15,829 11,447
Inventories 120,997 75,262
Store Supplies 17,817 11,674
Other 11,338 8,325
Total Current Assets 303,562 300,217
Property and Equipment, Net 278,785 146,403
Deferred Income Taxes 4,788 11,060
Other Assets 381 486
Total Assets $587,516 $458,166
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $33,942 $18,714
Accrued Expenses 101,302 85,373
Income Taxes Payable 19,318 33,779
Total Current Liabilities 154,562 137,866
Long-Term Debt - -
Other Long-Term Liabilities 10,254 9,206
Total Shareholders' Equity 422,700 311,094
TOTAL LIABILITIES AND $587,516 $458,166
SHAREHOLDERS' EQUITY SOURCE Abercrombie & Fitch
CONTACT: Tom Lennox, Manager, Investor Relations and Corporate Communications of Abercrombie & Fitch, 614-577-6751/