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NEW ALBANY, Ohio, May 13, 2003 /PRNewswire-FirstCall via COMTEX/ -- Abercrombie & Fitch (NYSE: ANF) today reported that earnings per share on a fully diluted basis for the first quarter ended May 3, 2003 rose 13% to $.26 versus $.23 for the comparable period last year.
Net sales for the thirteen weeks ended May 3, 2003 increased 11% to $346.7 million from $312.8 million for the thirteen weeks ended May 4, 2002. Comparable store sales decreased 6% in the quarter.
Net income for the quarter increased 10% to $25.6 million compared to net income of $23.3 million for the first quarter of fiscal 2002.
Mike Jeffries, Chairman and Chief Executive Officer, said, "I am pleased with our ability to achieve earnings growth in what continues to be a challenging retail environment. However, the state of the economy and the retail environment remain very uncertain and it is very difficult to predict the level of business for the balance of the second quarter. At this point we are comfortable that we can earn between $.30 and $.34 per diluted share in the second quarter."
Abercrombie & Fitch operated a total of 602 stores at the end of the first quarter, including 165 abercrombie stores and 95 Hollister Co. stores. The Company also operates an e-commerce website at www.abercrombie.com , a kids' e-commerce website at www.abercrombiekids.com and publishes the A&F Quarterly.
Today at 4:30 p.m. ET 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 through May 27, 2003, by calling (800) 642-1687 or internationally at (706) 645-9291 followed by the conference ID number 6755261; 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 to differ materially from those expressed or implied in any such forward-looking statements: changes 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 May 3, 2003 and Thirteen Weeks Ended May 4, 2002
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2003 Sales 2002 Sales
Net Sales $346,722 100.0% $312,792 100.0%
Gross Income 128,188 37.0% 114,429 36.6%
Gen'l, Admin. & Store Oper. Exp. 87,898 25.4% 77,442 24.8%
Operating Income 40,290 11.6% 36,987 11.8%
Interest Income, Net (991) -0.3% (872) -0.3%
Income Before Income Taxes 41,281 11.9% 37,859 12.1%
Income Tax Expense 15,730 4.5% 14,570 4.7%
Effective Rate 38.1% 38.5%
Net Income $25,551 7.4% $23,289 7.4%
Net Income Per Share:
Basic $0.26 $0.24
Diluted $0.26 $0.23
Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
ASSETS May 3, 2003 February 1, 2003
Current Assets
Cash and Equivalents $409,924 $391,035
Marketable Securities - 10,000
Receivables 7,550 10,462
Inventories 145,719 144,218
Store Supplies 26,462 25,671
Other 19,562 19,770
Total Current Assets 609,217 601,156
Property and Equipment, Net 408,759 392,941
Other Assets 665 725
Total Assets $1,018,641 $994,822
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $40,535 $50,153
Accrued Expenses 136,011 120,438
Income Taxes Payable 17,890 40,879
Total Current Liabilities 194,436 211,470
Long-Term Liabilities
Debt - -
Deferred Income Taxes 23,715 20,781
Other Long-Term Liabilities 13,432 13,044
Total Long-Term Liabilities 37,147 33,825
Total Shareholders' Equity 787,058 749,527
TOTAL LIABILITIES AND $1,018,641 $994,822
SHAREHOLDERS' EQUITY
SOURCE Abercrombie & Fitch
Thomas D. Lennox, Director, Investor Relations and Corporate Communications of Abercrombie & Fitch, +1-614-283-6751
http://www.abercrombie.com