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Net sales for the thirteen weeks ended November 3, 2001 were $354.5 million compared to $364.1 million for the thirteen weeks ended October 28, 2000. Comparable store sales decreased 15% in the third quarter versus the thirteen weeks ended November 4, 2000.
Earnings per share on a fully diluted basis for the third fiscal quarter ended November 3, 2001 were $0.43 versus $0.43 for the comparable period last year.
Year-to-date net sales were $898.3 million compared to $798.2 million last year. Comparable store sales for the year-to-date period decreased 8%. Net income, year-to-date, was $89.5 million compared to $80.9 million last year.
Mike Jeffries, Chairman and Chief Executive Officer, said, "The ability to report record earnings in what clearly is an extremely difficult retail environment is an accomplishment for our team. We successfully maintained our focus on tight control of expenses and inventory. At this point it is very difficult to predict what the level of consumer demand will be for Christmas. As a result, we will continue to be cautious in our planning and management of the business."
A lifestyle brand, Abercrombie & Fitch operated a total of 454 stores at the end of the third quarter, including 133 abercrombie stores and 22 Hollister Co. stores. The Company also operates an adult e-commerce website at www.abercrombie.com , a kids' e-commerce website at www.abercrombiekids.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 November 3, 2001 and Thirteen
Weeks Ended October 28, 2000
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2001 Sales 2000 Sales
Net Sales $354,473 100.0% $364,122 100.0%
Gross Income 143,403 40.5% 143,283 39.4%
Gen'l, Admin. & Store Oper. Exp. 72,511 20.5% 72,100 19.8%
Operating Income 70,892 20.0% 71,183 19.5%
Interest Income, Net (1,001) -0.3% (1,469) -0.4%
Income Before Income Taxes 71,893 20.3% 72,652 20.0%
Income Tax Expense 28,030 7.9% 29,060 8.0%
Effective Rate 39.0% - 40.0% -
Net Income $43,863 12.4% $43,592 12.0%
Net Income Per Share:
Basic $0.44 - $0.44 -
Diluted $0.43 - $0.43 -
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
(Unaudited)
Thirty-nine Weeks Ended November 3, 2001 and Thirty-nine
Weeks Ended October 28, 2000
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2001 Sales 2000 Sales
Net Sales $898,269 100.0% $798,159 100.0%
Gross Income 349,570 38.9% 306,451 38.4%
Gen'l, Admin. & Store Oper. Exp. 206,685 23.0% 176,893 22.2%
Operating Income 142,885 15.9% 129,558 16.2%
Interest Income, Net (3,849) -0.4% (5,300) -0.7%
Income Before Income Taxes 146,734 16.3% 134,858 16.9%
Income Tax Expense 57,230 6.4% 53,940 6.8%
Effective Rate 39.0% - 40.0% -
Net Income $89,504 10.0% $80,918 10.1%
Net Income Per Share:
Basic $0.90 - $0.81 -
Diluted $0.87 - $0.79 -
Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
ASSETS November 3, 2001 February 3, 2001
Current Assets
Cash and Equivalents $71,481 $137,581
Marketable Securities 31,486 -
Receivables 26,439 15,829
Inventories 153,204 120,997
Store Supplies 23,968 17,817
Other 14,396 11,338
Total Current Assets 320,974 303,562
Property and Equipment, Net 369,902 278,785
Deferred Income Taxes 4,788 4,788
Other Assets 273 381
TOTAL ASSETS $695,937 $587,516
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $36,422 $33,942
Accrued Expenses 127,469 101,302
Income Taxes Payable 11,399 19,318
Total Current Liabilities 175,290 154,562
Long-Term Debt - -
Other Long-Term Liabilities 10,327 10,254
Total Shareholders' Equity 510,320 422,700
TOTAL LIABILITIES AND $695,937 $587,516
SHAREHOLDERS' EQUITY
SOURCE Abercrombie & Fitch
CONTACT: Tom Lennox, Manager, Investor Relations and Corporate
Communications of Abercrombie & Fitch, +1-614-283-6751
URL: http://www.abercrombie.com