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REYNOLDSBURG, Ohio, Aug. 8 /PRNewswire/ -- Abercrombie & Fitch (NYSE: ANF - news) today reported that diluted earnings per share for the second fiscal quarter ended July 29, 2000 rose 24% to $.21, from an adjusted $.17 for the comparable period last year.
Net sales for the quarter increased 16% to $231.5 million from $198.9 million last year. Comparable store sales decreased 6% in the quarter.
Operating income for the quarter increased 12% to $33.9 million from an adjusted $30.3 million last year. Net income increased 12% to $21.2 million compared to an adjusted net income of $18.9 million last year.
Year-to-date net sales increased 13% to $438.2 million from $387.2 million last year. Comparable store sales for the year-to-date period decreased 7%. Operating income, year-to-date, increased 10% to $58.4 million compared to $53.3 million for the same period of 1999. Net income, year-to-date, increased 10% to $37.3 million from $33.8 million last year.
Mike Jeffries, Chairman and Chief Executive Officer, said, ``I am happy we were able to continue to deliver strong EPS performance in a difficult sales environment. Our business improved each month during the quarter and I'm very pleased with our progress in the women's business. We continue to be cautious about the fall season, but are comfortable with the First Call earnings estimates of $.41 for the third quarter and $.84 for the fourth quarter.''
A lifestyle brand, Abercrombie & Fitch operated a total of 294 stores at the end of July, including 55 abercrombie stores and one Hollister Co. store. 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. and Subsidiaries 7-Aug-00
Consolidated Statements of Operations
(Unaudited)
Thirteen Weeks Ended July 29, 2000 and Thirteen Weeks Ended July 31, 1999
(in thousands except per share data)
ACTUAL ACTUAL
2000 % of Sales 1999 % of Sales
Net Sales $231,522 100.0% $198,895 100.0%
Gross Income 91,436 39.5% 80,721 40.6%
Gen'l, Admin. &
Oper. Exp. 57,537 24.9% 50,451 25.4%
Operating Income 33,899 14.6% 30,270 15.2%
Interest Expense/
(Income), Net (1,364) -0.6% (1,171) -0.6%
Income Before Taxes 35,263 15.2% 31,441 15.8%
Income Tax Expense 14,100 6.1% 12,583 6.3%
Effective Rate 40.0% - 40.0% -
Net Income $21,163 9.1% $18,858 9.5%
Net Income Per Share:
Basic $0.21 - $0.18 -
Diluted $0.21 - $0.17 -
Abercrombie & Fitch Co. and Subsidiaries 07-Aug-00
Consolidated Statements of Operations
- (Unaudited) Twenty Six Weeks Ended July 29, 2000 and Twenty Six Weeks Ended July 31, 1999
- (in thousands except per share data)
ACTUAL ACTUAL
2000 % of Sales 1999 % of Sales
Net Sales $438,168 100.0% $387,189 100.0%
Gross Income 169,515 38.7% 152,625 39.4%
Gen'l, Admin. &
Oper. Exp. 111,140 25.4% 99,311 25.6%
Operating Income 58,375 13.3% 53,314 13.8%
Interest Expense/
(Income), Net (3,831) -0.9% (3,058) -0.8%
Income Before Taxes 62,206 14.2% 56,372 14.6%
Income Tax Expense 24,880 5.7% 22,551 5.8%
Effective Rate 40.0% - 40.0% -
Net Income $37,326 8.5% $33,821 8.7%
Net Income Per Share:
Basic $0.37 - $0.33 -
Diluted $0.36 - $0.31 -
Abercrombie & Fitch Co. and Subsidiaries
Consolidated Condensed Balance Sheets
(in thousands)
(unaudited)
ASSETS July 29, 2000 January 29, 2000
Current Assets
Cash & Equivalents $63,254 $147,908
Marketable Securities -- 45,601
Accounts Receivable 22,207 11,447
Inventories 124,740 75,262
Store Supplies 14,450 11,674
Other 10,689 8,325
Total Current Assets 235,340 300,217
Property and Equipment, Net 229,173 146,403
Deferred Income Taxes 25,257 25,257
Other Assets 419 486
Total Assets $490,189 $472,363
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $51,653 $18,714
Accrued Expenses 110,288 85,373
Income Taxes Payable 8,838 47,976
Total Current Liabilities 170,779 152,063
Long-Term Debt - -
Other Long-Term Liabilities 8,108 9,206
Total Shareholders' Equity 311,302 311,094
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $490,189 $472,363
SOURCE: Abercrombie & Fitch