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Net sales for the thirteen weeks ended May 4, 2002 increased 19% to $312.8 million from $263.7 million for the thirteen weeks ended May 5, 2001. Comparable store sales decreased 6% in the quarter.
Net income for the quarter increased to $23.3 million compared to net income of $20.6 million for the first quarter of fiscal 2001.
Mike Jeffries, Chairman and Chief Executive Officer, said, "Given the difficult economic environment, I'm very pleased we were able to achieve a 15% EPS increase for the quarter. Once again, the entire organization responded to the challenge of protecting the bottom line through disciplined management of inventory and expenses. With the controls we have in place I'm confident we can continue to increase our earnings in the second quarter. At this point we are increasing our guidance for the second quarter EPS to $.26 per diluted share."
A lifestyle brand, Abercrombie & Fitch operated a total of 507 stores at the end of the first quarter, including 153 abercrombie stores and 43 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 May 4, 2002 and Thirteen Weeks Ended May 5, 2001
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2002 Sales 2001 Sales
Net Sales $312,792 100.0% $263,680 100.0%
Gross Income 114,429 36.6% 97,840 37.1%
Gen'l, Admin. & Store Oper. Exp. 77,442 24.8% 65,777 24.9%
Operating Income 36,987 11.8% 32,063 12.2%
Interest Income, Net (872) -0.3% (1,720) -0.7%
Income Before Income Taxes 37,859 12.1% 33,783 12.8%
Income Tax Expense 14,570 4.7% 13,180 5.0%
Effective Rate 38.5% 39.0%
Net Income $23,289 7.4% $20,603 7.8%
Net Income Per Share:
Basic $0.24 $0.21
Diluted $0.23 $0.20
Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
ASSETS May 4, 2002 February 2, 2002
Current Assets
Cash and Equivalents $225,977 $167,664
Marketable Securities 15,000 71,220
Receivables 16,245 20,456
Inventories 117,166 108,876
Store Supplies 22,280 21,524
Other 15,343 15,455
Total Current Assets 412,011 405,195
Property and Equipment, Net 382,762 365,112
Other Assets 203 239
Total Assets $794,976 $770,546
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $29,666 $31,897
Accrued Expenses 120,440 109,586
Income Taxes Payable 10,314 22,096
Total Current Liabilities 160,420 163,579
Long-Term Liabilities
Debt - -
Deferred Income Taxes 7,401 1,165
Other Long-Term Liabilities 9,609 10,368
Total Long-Term Liabilities 17,010 11,533
Total Shareholders' Equity 617,546 595,434
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $794,976 $770,546
SOURCE Abercrombie & Fitch
CONTACT: Thomas D. Lennox, Senior Manager, Investor Relations and
Corporate Communications of Abercrombie & Fitch, +1-614-283-6751
URL: http://www.abercrombie.com