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NEW ALBANY, Ohio, Nov. 12 /PRNewswire-FirstCall/ -- Abercrombie & Fitch (NYSE: ANF) today reported that earnings per share on a fully diluted basis for the third quarter ended November 2, 2002 rose 12% to $0.48 versus $0.43 for the comparable period last year.
Net sales for the thirteen weeks ended November 2, 2002 increased 18% to $419.3 million from $354.5 million for the thirteen weeks ended November 3, 2001. Comparable store sales decreased 5% in the quarter.
Net income for the quarter increased to $47.7 million compared to net income of $43.9 million for the third quarter of fiscal 2001.
Year-to-date net sales increased 18% to $1.061 billion from $898.3 million last year. Comparable store sales for the year-to-date period decreased 5%. Net income, year-to-date, increased to $102.1 million from $89.5 million last year.
Mike Jeffries, Chairman and Chief Executive Officer, said, "In a tough environment I'm pleased we were able to report double digit gains in sales and EPS for the quarter. Given the uncertain outlook for consumer spending, we will continue to manage the business very cautiously through the holiday season."
A lifestyle brand, Abercrombie & Fitch operated a total of 560 stores at the end of the third quarter, including 158 abercrombie stores and 76 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 November 2, 2002 February 2, 2002
Current Assets
Cash and Equivalents $240,076 $167,664
Marketable Securities 5,000 71,220
Receivables 11,433 20,456
Inventories 189,230 108,876
Store Supplies 24,004 21,524
Other 19,860 15,455
Total Current Assets 489,603 405,195
Property and Equipment, Net 416,690 365,112
Other Assets 59 239
Total Assets $906,352 $770,546
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $67,300 $31,897
Accrued Expenses 134,552 109,586
Income Taxes Payable 22,544 22,096
Total Current Liabilities 224,396 163,579
Long-Term Liabilities
Debt --- ---
Deferred Income Taxes 16,625 1,165
Other Long-Term Liabilities 10,180 10,368
Total Long-Term Liabilities 26,805 11,533
Total Shareholders' Equity 655,151 595,434
TOTAL LIABILITIES AND $906,352 $770,546
SHAREHOLDERS' EQUITY
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
(Unaudited)
Thirteen Weeks Ended November 2, 2002 and Thirteen Weeks Ended
November 3, 2001
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2002 Sales 2001 Sales
Net Sales $419,329 100.0% $354,473 100.0%
Gross Income 166,736 39.8% 143,403 40.5%
Gen'l, Admin. & Store Oper. Exp. 90,304 21.5% 72,511 20.5%
Operating Income 76,432 18.2% 70,892 20.0%
Interest Income, Net (866) -0.2% (1,001) -0.3%
Income Before Income Taxes 77,298 18.4% 71,893 20.3%
Income Tax Expense 29,610 7.1% 28,030 7.9%
Effective Rate 38.3% 39.0%
Net Income $47,688 11.4% $43,863 12.4%
Net Income Per Share:
Basic $0.49 $0.44
Diluted $0.48 $0.43
Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
(Unaudited)
Thirty-nine Weeks Ended November 2, 2002 and Thirty-nine Weeks Ended
November 3, 2001
(in thousands except per share data)
ACTUAL ACTUAL
% of % of
2002 Sales 2001 Sales
Net Sales $1,061,274 100.0% $898,269 100.0%
Gross Income 413,040 38.9% 349,570 38.9%
Gen'l, Admin. & Store Oper. Exp. 250,049 23.6% 206,685 23.0%
Operating Income 162,991 15.4% 142,885 15.9%
Interest Income, Net (2,468) -0.2% (3,849) -0.4%
Income Before Income Taxes 165,459 15.6% 146,734 16.3%
Income Tax Expense 63,340 6.0% 57,230 6.4%
Effective Rate 38.3% 39.0%
Net Income $102,119 9.6% $89,504 10.0%
Net Income Per Share:
Basic $1.04 $0.90
Diluted $1.01 $0.87
SOURCE Abercrombie & Fitch
/CONTACT: Thomas D. Lennox, Senior Manager, Investor Relations and Corporate Communications of Abercrombie & Fitch, +1-614-283-6751/
/Web site: http://www.abercrombie.com