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Net sales for the thirteen weeks ended February 2, 2002 increased 6% to $466.6 million from $439.4 million for the fourteen weeks ended February 3, 2001. Comparable store sales decreased 9% in the quarter.
Net income for the quarter increased 3% to $79.2 million compared to net income of $77.2 million for last year.
For the year, net sales increased 10% to $1.36 billion from $1.24 billion last year. Comparable store sales for the year decreased 9%. Net income, for the year, increased 7% to $168.7 million from $158.1 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 in a most challenging holiday environment. The entire organization responded to the challenge and our tight control of inventory and expenses allowed us to protect the bottom line. I'm optimistic about our spring merchandise assortment. However, we expect the first half of 2002 to continue to be a very difficult retail environment. Given our cautious stance, we are comfortable with EPS estimates that see our first two quarters flat with last year."
A lifestyle brand, Abercrombie & Fitch operated a total of 491 stores at the end of fiscal 2001, including 148 abercrombie stores and 34 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 February 2, 2002 and Fourteen
Weeks Ended February 3, 2001
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2001 Sales 2000 Sales
Net Sales $466,584 100.0% $439,445 100.0%
Gross Income 208,464 44.7% 202,924 46.2%
Gen'l, Admin. & Store Oper. Exp. 79,891 17.1% 78,830 17.9%
Operating Income 128,573 27.6% 124,094 28.2%
Interest Income, Net (1,215) -0.3% (2,501) -0.6%
Income Before Income Taxes 129,788 27.8% 126,595 28.8%
Income Tax Expense 50,620 10.8% 49,380 11.2%
Effective Rate 39.0% 39.0%
Net Income $79,168 17.0% $77,215 17.6%
Net Income Per Share:
Basic $0.80 $0.78
Diluted $0.78 $0.76
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
Fifty-two Weeks Ended February 2, 2002 and Fifty-three
Weeks Ended February 3, 2001
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2001 Sales 2000 Sales
Net Sales $1,364,853 100.0% $1,237,604 100.0%
Gross Income 558,034 40.9% 509,375 41.2%
Gen'l, Admin. & Store Oper. Exp. 286,576 21.0% 255,723 20.7%
Operating Income 271,458 19.9% 253,652 20.5%
Interest Income, Net (5,064) -0.4% (7,801) -0.6%
Income Before Income Taxes 276,522 20.3% 261,453 21.1%
Income Tax Expense 107,850 7.9% 103,320 8.3%
Effective Rate 39.0% 39.5%
Net Income $168,672 12.4% $158,133 12.8%
Net Income Per Share:
Basic $1.70 $1.58
Diluted $1.65 $1.55
Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
ASSETS February 2, 2002 February 3, 2001
Current Assets
Cash and Equivalents $167,664 $137,581
Marketable Securities 71,220 -
Receivables 20,456 15,829
Inventories 108,876 120,997
Store Supplies 21,524 17,817
Other 15,455 11,338
Total Current Assets 405,195 303,562
Property and Equipment, Net 365,112 278,785
Deferred Income Taxes - 6,849
Other Assets 239 381
Total Assets $770,546 $589,577
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $31,897 $33,942
Accrued Expenses 109,586 101,302
Income Taxes Payable 22,096 21,379
Total Current Liabilities 163,579 156,623
Long-Term Liabilities
Debt - -
Deferred Income Taxes 1,165 -
Other Long-Term Liabilities 10,368 10,254
Total Long-Term Liabilities 11,533 10,254
Total Shareholders' Equity 595,434 422,700
TOTAL LIABILITIES AND $770,546 $589,577
SHAREHOLDERS' EQUITY
Abercrombie & Fitch Co.
Consolidated Statements of Cash Flows
Fifty-two Weeks Ended February 2, 2002 and
Fifty-three Weeks Ended February 3, 2001
(in thousands)
2001 2000
Cash Flows from Operating Activities
Net Income $168,672 $158,133
Impact of Other Operating Activities
on Cash Flows
Depreciation and Amortization 41,155 30,731
Non Cash Charge for Deferred
Compensation 3,936 4,340
Change in Assets and Liabilities
Inventories 12,121 (45,735)
Accounts Payable and Accrued
Expenses 5,272 21,626
Income Taxes 13,787 (8,420)
Other Assets and Liabilities (11,741) (9,486)
Net Cash Provided by Operating
Activities 233,202 151,189
Investing Activities
Capital Expenditures (126,515) (153,481)
Proceeds from Maturities of
Marketable Securities - 45,601
Purchase of Marketable Securities (71,220) -
Note Receivable (454) (3,000)
Net Cash Used for Investing
Activities (198,189) (110,880)
Financing Activities
Purchase of Treasury Stock (11,069) (43,929)
Stock Option Exercises and Other 6,139 (6,707)
Net Cash Used for Financing
Activities (4,930) (50,636)
Net Increase/(Decrease) in Cash and
Equivalents 30,083 (10,327)
Cash and Equivalents, Beginning of
Year 137,581 147,908
Cash and Equivalents, End of Period $167,664 $137,581
Significant Noncash Investing
Activities
Estimate to Complete Construction in
Progress $967 $9,531
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