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Net sales for the thirteen weeks ended August 3, 2002 increased 18% to $329.2 million from $280.1 million for the thirteen weeks ended August 4, 2001. Comparable store sales decreased 5% in the quarter.
Net income for the quarter increased to $31.1million compared to net income of $25.0 million for the second quarter of fiscal 2002, an increase of 24%.
Year-to-date net sales increased 18% to $641.9 million from $543.8 million last year. Comparable store sales for the year-to-date period decreased 6%. Net income, year-to-date, increased 19% to $54.4 million from $45.6 million last year.
Mike Jeffries, Chairman and Chief Executive Officer, said, "We are pleased with our second quarter results. Despite the difficult economic environment, we were able to achieve a 29% EPS increase. Given the current level of consumer confidence, we will continue to take a cautious view in planning for the balance of the year. Nevertheless, we are comfortable with the current First Call consensus earnings estimate for fiscal 2002 of $1.88 per diluted share."
A lifestyle brand, Abercrombie & Fitch operated a total of 533 stores at the end of the second quarter, including 157 abercrombie stores and 60 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 Balance Sheets
(in thousands)
(unaudited)
ASSETS August 3, 2002 February 2, 2002
Current Assets
Cash and Equivalents $229,034 $167,664
Marketable Securities - 71,220
Receivables 13,961 20,456
Inventories 179,562 108,876
Store Supplies 23,348 21,524
Other 17,674 15,455
Total Current Assets 463,579 405,195
Property and Equipment, Net 401,906 365,112
Other Assets 147 239
Total Assets $865,632 $770,546
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $58,506 $31,897
Accrued Expenses 138,925 109,586
Income Taxes Payable 19,639 22,096
Total Current Liabilities 217,070 163,579
Long-Term Liabilities
Debt - -
Deferred Income Taxes 12,572 1,165
Other Long-Term Liabilities 9,808 10,368
Total Long-Term Liabilities 22,380 11,533
Total Shareholders' Equity 626,182 595,434
TOTAL LIABILITIES AND $865,632 $770,546
SHAREHOLDERS' EQUITY
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
(Unaudited)
Thirteen Weeks Ended August 3, 2002 and Thirteen Weeks Ended August 4, 2001
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2002 Sales 2001 Sales
Net Sales $329,154 100.0% $280,116 100.0%
Gross Income 131,874 40.1% 108,327 38.7%
Gen'l, Admin. & Store Oper. Exp. 82,304 25.0% 68,397 24.4%
Operating Income 49,570 15.1% 39,930 14.3%
Interest Income, Net (731) -0.2% (1,128) -0.4%
Income Before Income Taxes 50,301 15.3% 41,058 14.7%
Income Tax Expense 19,160 5.8% 16,020 5.7%
Effective Rate 38.1% 39.0%
Net Income $31,141 9.5% $25,038 8.9%
Net Income Per Share:
Basic $0.32 $0.25
Diluted $0.31 $0.24
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
(Unaudited)
Twenty-six Weeks Ended August 3, 2002 and
Twenty-six Weeks Ended August 4, 2001
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2002 Sales 2001 Sales
Net Sales $641,946 100.0% $543,796 100.0%
Gross Income 246,303 38.4% 206,167 37.9%
Gen'l, Admin. & Store Oper. Exp. 159,746 24.9% 134,174 24.7%
Operating Income 86,557 13.5% 71,993 13.2%
Interest Income, Net (1,603) -0.2% (2,848) -0.5%
Income Before Income Taxes 88,160 13.7% 74,841 13.8%
Income Tax Expense 33,730 5.3% 29,200 5.4%
Effective Rate 38.3% 39.0%
Net Income $54,430 8.5% $45,641 8.4%
Net Income Per Share:
Basic $0.55 $0.46
Diluted $0.53 $0.44
SOURCE Abercrombie & Fitch Co.
CONTACT: Thomas D. Lennox, Senior Manager, Investor Relations and
Corporate Communications of Abercrombie & Fitch, +1-614-283-6751
URL: http://www.abercrombie.com