Summarized unaudited quarterly financial results for Fiscal 2015 and Fiscal 2014 are presented below. See “RESULTS OF OPERATIONS,” in “ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS,” of this Annual Report on Form 10-K for information regarding items included below that could affect comparability between quarter results.



(in thousands, except per share amounts)
Fiscal Quarter 2015	First			Second			Third		Fourth
Net sales	$	709,422		$	817,756		$	878,572	$	1,112,930
Gross profit	$	411,549		$	509,862		$	559,787	$	676,345
Net income (loss)	$	(63,246	)	$	612		$	42,285	$	58,908
Net income (loss) attributable to A&F⁽²⁾⁽⁴⁾	$	(63,246	)	$	(810	)	$	41,891	$	57,741
Net income (loss) per diluted share attributable to A&F⁽¹⁾	$	(0.91	)	$	(0.01	)	$	0.60	$	0.85



(in thousands, except per share amounts)
Fiscal Quarter 2014	First			Second		Third		Fourth
Net sales	$	822,428		$	890,605	$	911,453	$	1,119,544
Gross profit	$	511,659		$	552,956	$	567,070	$	681,885
Net income (loss)	$	(23,671	)	$	12,877	$	18,227	$	44,388
Net income (loss) attributable to A&F⁽³⁾⁽⁵⁾	$	(23,671	)	$	12,877	$	18,227	$	44,388
Net income (loss) per diluted share attributable to A&F⁽¹⁾	$	(0.32	)	$	0.17	$	0.25	$	0.63


⁽¹⁾	Net income (loss) per diluted share for each of the quarters was computed using the weighted average number of shares outstanding during the quarter while the full year is computed using the average of the weighted average number of shares outstanding each quarter; therefore, the sum of the quarters may not equal the total for the year.

⁽²⁾

Net income (loss) attributable to A&F for Fiscal 2015 included certain items related to inventory write-down, asset impairment, legal settlement charges, store fixture disposal, the Company’s profit improvement initiative, lease termination and store closure costs and restructuring. These items adversely impacted in net income (loss) attributable to A&F by $26.1 million, $9.4 million and $16.0 million for the first, second and fourth quarters of Fiscal 2015, respectively, and increased net income attributable to A&F by $9.0 million for the third quarter of Fiscal 2015.

⁽³⁾

Net income (loss) attributable to A&F for Fiscal 2014 included certain items related to asset impairment, the Company’s profit improvement initiative, lease termination and store closure costs, restructuring and corporate governance matters. These items adversely impacted net income (loss) attributable to A&F by $10.7 million, $1.2 million, $12.2 million and $36.4 million for the first, second, third and fourth quarters of Fiscal 2015, respectively.

⁽⁴⁾

Net income (loss) attributable to A&F for Fiscal 2015 included the correction of certain errors relating to prior periods. The impact of the amounts recorded out-of-period resulted in a decrease in net income attributable to A&F of $2.6 million and $1.9 million for the second and fourth quarters of Fiscal 2015, respectively, and an increase in net income attributable to A&F of $1.2 million for the third quarter of Fiscal 2015. The Company does not believe these corrections were material to any current or prior interim or annual periods that were affected.

⁽⁵⁾

Net income (loss) attributable to A&F for Fiscal 2014 included the correction of certain errors relating to prior periods. The impact of the amounts recorded out-of-period adversely impacted net income (loss) attributable to A&F by $0.9 million, $0.9 million, $0.8 million and $0.1 million for the first, second, third and fourth quarters of Fiscal 2014, respectively. The Company does not believe these corrections were material to any current or prior interim or annual periods that were affected.