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NEW ALBANY, Ohio, May 15 /PRNewswire/ -- Abercrombie & Fitch (NYSE: ANF) today reported that earnings per share on a fully diluted basis for the first fiscal quarter ended May 5th, 2001 rose 25% to $0.20 versus $0.16 for the comparable period last year.
Net sales for the thirteen weeks ended May 5, 2001 increased 29% to $263.7 million from $205.0 million for the thirteen weeks ended April 29, 2000. Comparable store sales increased 2% in the first quarter versus the comparable period last year.
Operating income for the quarter increased 31% to $32.1 million compared to operating income of $24.5 million for first quarter 2000. Net income for the quarter increased 27% to $20.6 million compared to net income of $16.2 million for first quarter 2000.
Mike Jeffries, Chairman and Chief Executive Officer, said, "I'm very pleased that we were able to achieve such strong earnings growth in an uncertain retail environment. As we have said consistently, we manage the business with a focus on earnings, and I believe 25% EPS growth demonstrates our commitment to the bottom line. We continue to be cautious in our planning, and at this point are comfortable with the First Call consensus estimate for the second quarter of $0.22 per diluted share."
A lifestyle brand, Abercrombie & Fitch operated a total of 355 stores at the end of the first quarter, including 85 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.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
ASSETS May 5, 2001 February 3, 2001
Current Assets
Cash and Equivalents $123,259 $137,581
Receivables 12,126 15,829
Inventories 109,296 120,997
Store Supplies 18,414 17,817
Other 12,169 11,338
Total Current Assets 275,264 303,562
Property and Equipment, Net 313,217 278,785
Deferred Income Taxes 4,788 4,788
Other Assets 343 381
Total Assets $593,612 $587,516
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $23,904 $33,942
Accrued Expenses 108,371 101,302
Income Taxes Payable 5,398 19,318
Total Current Liabilities 137,673 154,562
Long-Term Debt - -
Other Long-Term Liabilities 9,646 10,254
Total Shareholders' Equity 446,293 422,700
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $593,612 $587,516
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
(Unaudited)
Thirteen Weeks Ended May 5, 2001 and Thirteen Weeks Ended April 29, 2000
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2001 Sales 2000 Sales
Net Sales $263,680 100.0% $205,006 100.0%
Gross Income 97,840 37.1% 75,403 36.8%
Gen'l, Admin. & Store Oper. Exp. 65,777 24.9% 50,927 24.8%
Operating Income 32,063 12.2% 24,476 11.9%
Interest Income, Net (1,720) -0.7% (2,467) -1.2%
Income Before Income Taxes 33,783 12.8% 26,943 13.1%
Income Tax Expense 13,180 5.0% 10,780 5.3%
Effective Rate 39.0% - 40.0% -
Net Income $20,603 7.8% $16,163 7.9%
Net Income Per Share:
Basic $0.21 - $0.16 -
Diluted $0.20 - $0.16 -
SOURCE Abercrombie & Fitch
CONTACT: Tom Lennox, Manager, Investor Relations and Corporate Communications of Abercrombie & Fitch, 614-283-6751/