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Net sales for the thirteen weeks ended February 1, 2003 increased 15% to $534.5 million from $466.6 million for the thirteen weeks ended February 2, 2002. Comparable store sales decreased 4% in the quarter.
Net income for the quarter increased 17% to $92.8 million compared to net income of $79.2 million for the fourth quarter of fiscal 2001.
For the year, net sales increased 17% to $1.596 billion from $1.365 billion last year. Comparable store sales for the year decreased 5%. Net income, for the year, increased 16% to $194.9 million from $168.7 million last year.
Mike Jeffries, Chairman and Chief Executive Officer, said, "I am extremely pleased with our fourth quarter and total year performance. In a very tough environment we achieved record financial results. More importantly, we maintained our focus on improving the quality and long term positioning of our brands. Although we feel very positive about the state of our business, the retail environment remains very uncertain. As a result, we are maintaining a cautious stance in our spring planning. At this point, we remain comfortable with our previously announced EPS guidance of $0.25 per diluted share for the first quarter and $0.34 per diluted share for the second quarter."
A lifestyle brand, Abercrombie & Fitch operated a total of 597 stores at the end of the fourth quarter, including 164 abercrombie stores and 93 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.
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 1, 2003 and
Thirteen Weeks Ended February 2, 2002
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2002 Sales 2001 Sales
Net Sales $534,482 100.0% $466,584 100.0%
Gross Income 243,010 45.5% 208,464 44.7%
Gen'l, Admin. & Store Oper. Exp. 93,382 17.5% 79,891 17.1%
Operating Income 149,628 28.0% 128,573 27.6%
Interest Income, Net (1,300) -0.2% (1,215) -0.3%
Income Before Income Taxes 150,928 28.2% 129,788 27.8%
Income Tax Expense 58,110 10.9% 50,620 10.8%
Effective Rate 38.5% 39.0%
Net Income $92,818 17.4% $79,168 17.0%
Net Income Per Share:
Basic $0.95 $0.80
Diluted $0.93 $0.78
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
Fifty-two Weeks Ended February 1, 2003 and
Fifty-two Weeks Ended February 2, 2002
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2002 Sales 2001 Sales
Net Sales $1,595,757 100.0% $1,364,853 100.0%
Gross Income 656,049 41.1% 558,034 40.9%
Gen'l, Admin. & Store Oper. Exp. 343,432 21.5% 286,576 21.0%
Operating Income 312,617 19.6% 271,458 19.9%
Interest Income, Net (3,768) -0.2% (5,064) -0.4%
Income Before Income Taxes 316,385 19.8% 276,522 20.3%
Income Tax Expense 121,450 7.6% 107,850 7.9%
Effective Rate 38.4% 39.0%
Net Income $194,935 12.2% $168,672 12.4%
Net Income Per Share:
Basic $1.99 $1.70
Diluted $1.94 $1.65
Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
ASSETS February 1, 2003 February 2, 2002
Current Assets
Cash and Equivalents $391,035 $167,664
Marketable Securities 10,000 71,220
Receivables 10,462 20,456
Inventories 144,218 108,876
Store Supplies 25,671 21,524
Other 19,770 15,455
Total Current Assets 601,156 405,195
Property and Equipment, Net 392,941 365,112
Other Assets 725 239
Total Assets $994,822 $770,546
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $50,153 $31,897
Accrued Expenses 120,438 109,586
Income Taxes Payable 40,879 22,096
Total Current Liabilities 211,470 163,579
Long-Term Liabilities
Debt - -
Deferred Income Taxes 20,781 1,165
Other Long-Term Liabilities 13,044 10,368
Total Long-Term Liabilities 33,825 11,533
Total Shareholders' Equity 749,527 595,434
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $994,822 $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