(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant’s telephone number, including area code: |
Not Applicable | ||
(Former name or former address, if changed since last report) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
As Originally Reported | As Restated | ||||||||||||||||
(in thousands) | May 2, 2020 | Adjustment | May 2, 2020 | ||||||||||||||
Net cash used for operating activities | $ | (90,776) | $ | (50,000) | $ | (140,776) | |||||||||||
Net cash (used for) provided by investing activities | (46,990) | $ | 50,000 | 3,010 | |||||||||||||
Net cash provided by financing activities | 171,668 | — | 171,668 | ||||||||||||||
Effect of foreign currency exchange rates on cash | (3,891) | — | (3,891) | ||||||||||||||
Net increase in cash and equivalents, and restricted cash and equivalents | $ | 30,011 | — | $ | 30,011 | ||||||||||||
Cash and equivalents, and restricted cash and equivalents, beginning of period | $ | 692,264 | — | $ | 692,264 | ||||||||||||
Cash and equivalents, and restricted cash and equivalents, end of period | $ | 722,275 | — | $ | 722,275 | ||||||||||||
Twenty-six Weeks Ended | |||||||||||||||||
As Originally Reported | As Restated | ||||||||||||||||
(in thousands) | August 1, 2020 | Adjustment | August 1, 2020 | ||||||||||||||
Net cash provided by operating activities | $ | 96,233 | $ | (50,000) | $ | 46,233 | |||||||||||
Net cash used for investing activities | (75,621) | $ | 50,000 | (25,621) | |||||||||||||
Net cash provided by financing activities | 71,329 | — | 71,329 | ||||||||||||||
Effect of foreign currency exchange rates on cash | 1,785 | — | 1,785 | ||||||||||||||
Net increase in cash and equivalents, and restricted cash and equivalents | $ | 93,726 | — | $ | 93,726 | ||||||||||||
Cash and equivalents, and restricted cash and equivalents, beginning of period | $ | 692,264 | — | $ | 692,264 | ||||||||||||
Cash and equivalents, and restricted cash and equivalents, end of period | $ | 785,990 | — | $ | 785,990 | ||||||||||||
Thirty-nine Weeks Ended | |||||||||||||||||
As Originally Reported | As Restated | ||||||||||||||||
(in thousands) | October 31, 2020 | Adjustment | October 31, 2020 | ||||||||||||||
Net cash provided by operating activities | $ | 158,894 | $ | (50,000) | $ | 108,894 | |||||||||||
Net cash used for investing activities | (91,748) | $ | 50,000 | (41,748) | |||||||||||||
Net cash provided by financing activities | 70,129 | — | 70,129 | ||||||||||||||
Effect of foreign currency exchange rates on cash | 2,269 | — | 2,269 | ||||||||||||||
Net increase in cash and equivalents, and restricted cash and equivalents | $ | 139,544 | — | $ | 139,544 | ||||||||||||
Cash and equivalents, and restricted cash and equivalents, beginning of period | $ | 692,264 | — | $ | 692,264 | ||||||||||||
Cash and equivalents, and restricted cash and equivalents, end of period | $ | 831,808 | — | $ | 831,808 |
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
99.3 | ||||||||
99.4 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Abercrombie & Fitch Co. | |||||||||||
Dated: March 3, 2021 | By: | /s/ Scott Lipesky | |||||||||
Scott Lipesky | |||||||||||
Senior Vice President and Chief Financial Officer |
Fourth Quarter | Full Year | |||||||||||||||||||||||||
2020 | 2019 | 2020 (1) | 2019 (2) | |||||||||||||||||||||||
GAAP | $ | 1.27 | $ | 1.29 | $ | (1.82) | $ | 0.60 | ||||||||||||||||||
Excluded items, net of tax effect (3) | (0.23) | (0.01) | (1.10) | (0.13) | ||||||||||||||||||||||
Adjusted non-GAAP | $ | 1.50 | $ | 1.31 | $ | (0.73) | $ | 0.73 | ||||||||||||||||||
Impact from changes in foreign currency exchange rates (4) | — | 0.17 | — | 0.29 | ||||||||||||||||||||||
Adjusted non-GAAP constant currency | $ | 1.50 | $ | 1.48 | $ | (0.73) | $ | 1.02 |
Net Sales |
Fourth Quarter | |||||||||||||||||
(in thousands) | 2020 | 2019 | % Change | ||||||||||||||
Net sales by brand: (1) | |||||||||||||||||
Hollister | $ | 655,424 | $ | 710,540 | (8)% | ||||||||||||
Abercrombie | 466,620 | 474,011 | (2)% | ||||||||||||||
Total company | $ | 1,122,044 | $ | 1,184,551 | (5)% | ||||||||||||
Net sales by region: | 2020 | 2019 | % Change | ||||||||||||||
United States | $ | 788,056 | $ | 814,079 | (3)% | ||||||||||||
EMEA | 235,286 | 255,639 | (8)% | ||||||||||||||
APAC | 58,868 | 76,059 | (23)% | ||||||||||||||
Other | 39,834 | 38,774 | 3% | ||||||||||||||
International | 333,988 | 370,472 | (10)% | ||||||||||||||
Total company | $ | 1,122,044 | $ | 1,184,551 | (5)% |
Full Year | |||||||||||||||||
(in thousands) | 2020 | 2019 | % Change | ||||||||||||||
Net sales by brand: (1) | |||||||||||||||||
Hollister | $ | 1,834,349 | $ | 2,158,514 | (15)% | ||||||||||||
Abercrombie | 1,291,035 | 1,464,559 | (12)% | ||||||||||||||
Total company | $ | 3,125,384 | $ | 3,623,073 | (14)% | ||||||||||||
Net sales by region: | 2020 | 2019 | % Change | ||||||||||||||
United States | $ | 2,127,403 | $ | 2,410,802 | (12)% | ||||||||||||
EMEA | 709,451 | 822,202 | (14)% | ||||||||||||||
APAC | 176,636 | 264,895 | (33)% | ||||||||||||||
Other | 111,894 | 125,174 | (11)% | ||||||||||||||
International | 997,981 | 1,212,271 | (18)% | ||||||||||||||
Total company | $ | 3,125,384 | $ | 3,623,073 | (14)% |
Financial Position and Liquidity |
Cash Flow and Capital Allocation |
Returns to Shareholders |
Global Store Network Optimization Update |
Conference Call |
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 |
About Abercrombie & Fitch Co. |
Investor Contact: | Media Contact: | |||||||
Pamela Quintiliano | Mackenzie Gusweiler | |||||||
Abercrombie & Fitch Co. | Abercrombie & Fitch Co. | |||||||
(614) 283-6751 | (614) 283-6192 | |||||||
Investor_Relations@anfcorp.com | Public_Relations@anfcorp.com |
Abercrombie & Fitch Co. | |||||||||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||||||||
January 30, 2021 | % of Net Sales | February 1, 2020 | % of Net Sales | ||||||||||||||||||||
Net sales | $ | 1,122,044 | 100.0 | % | $ | 1,184,551 | 100.0 | % | |||||||||||||||
Cost of sales, exclusive of depreciation and amortization | 443,025 | 39.5 | % | 495,287 | 41.8 | % | |||||||||||||||||
Gross profit | 679,019 | 60.5 | % | 689,264 | 58.2 | % | |||||||||||||||||
Stores and distribution expense | 412,827 | 36.8 | % | 440,587 | 37.2 | % | |||||||||||||||||
Marketing, general and administrative expense | 137,334 | 12.2 | % | 122,899 | 10.4 | % | |||||||||||||||||
Flagship store exit charges | 854 | 0.1 | % | 234 | 0.0 | % | |||||||||||||||||
Asset impairment, exclusive of flagship store exit charges | 15,597 | 1.4 | % | 4,148 | 0.4 | % | |||||||||||||||||
Other operating income, net | (3,492) | (0.3) | % | (935) | (0.1) | % | |||||||||||||||||
Operating income | 115,899 | 10.3 | % | 122,331 | 10.3 | % | |||||||||||||||||
Interest expense, net | 8,997 | 0.8 | % | 2,829 | 0.2 | % | |||||||||||||||||
Income before income taxes | 106,902 | 9.5 | % | 119,502 | 10.1 | % | |||||||||||||||||
Income tax expense | 21,646 | 1.9 | % | 34,302 | 2.9 | % | |||||||||||||||||
Net income | 85,256 | 7.6 | % | 85,200 | 7.2 | % | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 2,864 | 0.3 | % | 2,068 | 0.2 | % | |||||||||||||||||
Net income attributable to Abercrombie & Fitch Co. | $ | 82,392 | 7.3 | % | $ | 83,132 | 7.0 | % | |||||||||||||||
Net income per share attributable to Abercrombie & Fitch Co.: | |||||||||||||||||||||||
Basic | $ | 1.32 | $ | 1.32 | |||||||||||||||||||
Diluted | $ | 1.27 | $ | 1.29 | |||||||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||
Basic | 62,581 | 62,916 | |||||||||||||||||||||
Diluted | 64,788 | 64,198 |
Abercrombie & Fitch Co. | |||||||||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Fifty-Two Weeks Ended | Fifty-Two Weeks Ended | ||||||||||||||||||||||
January 30, 2021 | % of Net Sales | February 1, 2020 | % of Net Sales | ||||||||||||||||||||
Net sales | $ | 3,125,384 | 100.0 | % | $ | 3,623,073 | 100.0 | % | |||||||||||||||
Cost of sales, exclusive of depreciation and amortization | 1,234,179 | 39.5 | % | 1,472,155 | 40.6 | % | |||||||||||||||||
Gross profit | 1,891,205 | 60.5 | % | 2,150,918 | 59.4 | % | |||||||||||||||||
Stores and distribution expense | 1,391,584 | 44.5 | % | 1,551,243 | 42.8 | % | |||||||||||||||||
Marketing, general and administrative expense | 463,843 | 14.8 | % | 464,615 | 12.8 | % | |||||||||||||||||
Flagship store exit (benefit) charges | (11,636) | (0.4) | % | 47,257 | 1.3 | % | |||||||||||||||||
Asset impairment, exclusive of flagship store exit charges | 72,937 | 2.3 | % | 19,135 | 0.5 | % | |||||||||||||||||
Other operating income, net | (5,054) | (0.2) | % | (1,400) | 0.0 | % | |||||||||||||||||
Operating (loss) income | (20,469) | (0.7) | % | 70,068 | 1.9 | % | |||||||||||||||||
Interest expense, net | 28,274 | 0.9 | % | 7,737 | 0.2 | % | |||||||||||||||||
(Loss) income before income taxes | (48,743) | (1.6) | % | 62,331 | 1.7 | % | |||||||||||||||||
Income tax expense | 60,211 | 1.9 | % | 17,371 | 0.5 | % | |||||||||||||||||
Net (loss) income | (108,954) | (3.5) | % | 44,960 | 1.2 | % | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 5,067 | 0.2 | % | 5,602 | 0.2 | % | |||||||||||||||||
Net (loss) income attributable to Abercrombie & Fitch Co. | $ | (114,021) | (3.6) | % | $ | 39,358 | 1.1 | % | |||||||||||||||
Net (loss) income per share attributable to Abercrombie & Fitch Co.: | |||||||||||||||||||||||
Basic | $ | (1.82) | $ | 0.61 | |||||||||||||||||||
Diluted | $ | (1.82) | $ | 0.60 | |||||||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||
Basic | 62,551 | 64,428 | |||||||||||||||||||||
Diluted | 62,551 | 65,778 |
Abercrombie & Fitch Co. | |||||||||||||||||
Schedule of Non-GAAP Financial Measures | |||||||||||||||||
Thirteen Weeks Ended January 30, 2021 | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
GAAP (1) | Excluded items | Adjusted non-GAAP | |||||||||||||||
Asset impairment, exclusive of flagship store exit charges (2) | $ | 15,597 | $ | 15,597 | $ | — | |||||||||||
Operating income | 115,899 | (15,597) | 131,496 | ||||||||||||||
Income before income taxes | 106,902 | (15,597) | 122,499 | ||||||||||||||
Income tax expense (3) | 21,646 | (664) | 22,310 | ||||||||||||||
Net income attributable to Abercrombie & Fitch Co. | $ | 82,392 | $ | (14,933) | $ | 97,325 | |||||||||||
Net income per diluted share attributable to Abercrombie & Fitch Co. | $ | 1.27 | $ | (0.23) | $ | 1.50 | |||||||||||
Diluted weighted-average shares outstanding: | 64,788 | 64,788 |
Abercrombie & Fitch Co. | |||||||||||||||||
Schedule of Non-GAAP Financial Measures | |||||||||||||||||
Thirteen Weeks Ended February 1, 2020 | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
GAAP (1) | Excluded items | Adjusted non-GAAP | |||||||||||||||
Asset impairment, exclusive of flagship store exit charges (2) | $ | 4,148 | $ | 2,284 | $ | 1,864 | |||||||||||
Operating income | 122,331 | (2,284) | 124,615 | ||||||||||||||
Income before income taxes (2) | 119,502 | (2,284) | 121,786 | ||||||||||||||
Income tax expense (3) | 34,302 | (1,528) | 35,830 | ||||||||||||||
Net income attributable to Abercrombie & Fitch Co. | $ | 83,132 | $ | (756) | $ | 83,888 | |||||||||||
Net income per diluted share attributable to Abercrombie & Fitch Co. | $ | 1.29 | $ | (0.01) | $ | 1.31 | |||||||||||
Diluted weighted-average shares outstanding: | 64,198 | 64,198 |
Abercrombie & Fitch Co. | |||||||||||||||||
Schedule of Non-GAAP Financial Measures | |||||||||||||||||
Fifty-Two Weeks Ended January 30, 2021 | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
GAAP (1) | Excluded items | Adjusted non-GAAP | |||||||||||||||
Asset impairment, exclusive of flagship store exit charges (2) | $ | 72,937 | $ | 72,937 | $ | — | |||||||||||
Operating (loss) income | (20,469) | (72,937) | 52,468 | ||||||||||||||
(Loss) income before income taxes | (48,743) | (72,937) | 24,194 | ||||||||||||||
Income tax expense (3) | 60,211 | (4,299) | 64,510 | ||||||||||||||
Net loss attributable to Abercrombie & Fitch Co. | $ | (114,021) | $ | (68,638) | $ | (45,383) | |||||||||||
Net loss per diluted share attributable to Abercrombie & Fitch Co. | $ | (1.82) | $ | (1.10) | $ | (0.73) | |||||||||||
Diluted weighted-average shares outstanding: | 62,551 | 62,551 |
Abercrombie & Fitch Co. | |||||||||||||||||
Schedule of Non-GAAP Financial Measures | |||||||||||||||||
Fifty-Two Weeks Ended February 1, 2020 | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
GAAP (1) | Excluded Items | Adjusted Non-GAAP | |||||||||||||||
Asset impairment, exclusive of flagship store exit charges (2) | $ | 19,135 | $ | 12,752 | $ | 6,383 | |||||||||||
Operating income | 70,068 | (12,752) | 82,820 | ||||||||||||||
Income before income taxes | 62,331 | (12,752) | 75,083 | ||||||||||||||
Income tax expense (3) | 17,371 | (4,013) | 21,384 | ||||||||||||||
Net income attributable to Abercrombie & Fitch Co. | $ | 39,358 | $ | (8,739) | $ | 48,097 | |||||||||||
Net income per diluted share attributable to Abercrombie & Fitch Co. | $ | 0.60 | $ | (0.13) | $ | 0.73 | |||||||||||
Diluted weighted-average shares outstanding: | 65,778 | 65,778 |
Abercrombie & Fitch Co. | |||||||||||||||||
Reconciliation of Constant Currency Financial Measures | |||||||||||||||||
Thirteen Weeks Ended January 30, 2021 | |||||||||||||||||
(in thousands, except percentage and basis point changes and per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Net sales | 2020 | 2019 | % Change | ||||||||||||||
GAAP (1) | $ | 1,122,044 | $ | 1,184,551 | (5)% | ||||||||||||
Impact from changes in foreign currency exchange rates (2) | — | 19,511 | (2)% | ||||||||||||||
Net sales on a constant currency basis | $ | 1,122,044 | $ | 1,204,062 | (7)% | ||||||||||||
Gross profit | 2020 | 2019 | BPS Change (3) | ||||||||||||||
GAAP (1) | $ | 679,019 | $ | 689,264 | 230 | ||||||||||||
Impact from changes in foreign currency exchange rates (2) | — | 19,199 | (60) | ||||||||||||||
Gross profit on a constant currency basis | $ | 679,019 | $ | 708,463 | 170 | ||||||||||||
Operating income | 2020 | 2019 | BPS Change (3) | ||||||||||||||
GAAP (1) | $ | 115,899 | $ | 122,331 | — | ||||||||||||
Excluded items (4) | (15,597) | (2,284) | (120) | ||||||||||||||
Adjusted non-GAAP | $ | 131,496 | $ | 124,615 | 120 | ||||||||||||
Impact from changes in foreign currency exchange rates (2) | — | 15,104 | (110) | ||||||||||||||
Adjusted non-GAAP on a constant currency basis | $ | 131,496 | $ | 139,719 | 10 | ||||||||||||
Net income per diluted share attributable to Abercrombie & Fitch Co. | 2020 | 2019 | $ Change | ||||||||||||||
GAAP (1) | $ | 1.27 | $ | 1.29 | $(0.02) | ||||||||||||
Excluded items, net of tax (4) | (0.23) | (0.01) | (0.22) | ||||||||||||||
Adjusted non-GAAP | $ | 1.50 | $ | 1.31 | $0.19 | ||||||||||||
Impact from changes in foreign currency exchange rates (2) | — | 0.17 | (0.17) | ||||||||||||||
Adjusted non-GAAP on a constant currency basis | $ | 1.50 | $ | 1.48 | $0.02 |
Abercrombie & Fitch Co. | |||||||||||||||||
Reconciliation of Constant Currency Financial Measures | |||||||||||||||||
Fifty-two Weeks Ended January 30, 2021 | |||||||||||||||||
(in thousands, except percentage and basis point changes and per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Net sales | 2020 | 2019 | % Change | ||||||||||||||
GAAP (1) | $ | 3,125,384 | $ | 3,623,073 | (14)% | ||||||||||||
Impact from changes in foreign currency exchange rates (2) | — | 22,459 | (1)% | ||||||||||||||
Net sales on a constant currency basis | $ | 3,125,384 | $ | 3,645,532 | (14)% | ||||||||||||
Gross profit | 2020 | 2019 | BPS Change (3) | ||||||||||||||
GAAP (1) | $ | 1,891,205 | $ | 2,150,918 | 110 | ||||||||||||
Impact from changes in foreign currency exchange rates (2) | — | 26,522 | (30) | ||||||||||||||
Gross profit on a constant currency basis | $ | 1,891,205 | $ | 2,177,440 | 80 | ||||||||||||
Operating (loss) income | 2020 | 2019 | BPS Change (3) | ||||||||||||||
GAAP (1) | $ | (20,469) | $ | 70,068 | (260) | ||||||||||||
Excluded items (4) | (72,937) | (12,752) | (200) | ||||||||||||||
Adjusted non-GAAP | $ | 52,468 | $ | 82,820 | (60) | ||||||||||||
Impact from changes in foreign currency exchange rates (2) | — | 20,325 | (50) | ||||||||||||||
Adjusted non-GAAP on a constant currency basis | $ | 52,468 | $ | 103,145 | (110) | ||||||||||||
Net (loss) income per diluted share attributable to Abercrombie & Fitch Co. | 2020 | 2019 | $ Change | ||||||||||||||
GAAP (1) | $ | (1.82) | $ | 0.60 | $(2.42) | ||||||||||||
Excluded items, net of tax (4) | (1.10) | (0.13) | (0.97) | ||||||||||||||
Adjusted non-GAAP | $ | (0.73) | $ | 0.73 | $(1.46) | ||||||||||||
Impact from changes in foreign currency exchange rates (2) | — | 0.29 | (0.29) | ||||||||||||||
Adjusted non-GAAP on a constant currency basis | $ | (0.73) | $ | 1.02 | $(1.75) |
Abercrombie & Fitch Co. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(in thousands) | |||||||||||
(Unaudited) | |||||||||||
January 30, 2021 | February 1, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 1,104,862 | $ | 671,267 | |||||||
Receivables | 83,857 | 80,251 | |||||||||
Inventories | 404,053 | 434,326 | |||||||||
Other current assets | 68,857 | 78,905 | |||||||||
Total current assets | 1,661,629 | 1,264,749 | |||||||||
Property and equipment, net | 550,587 | 665,290 | |||||||||
Operating lease right-of-use assets | 893,989 | 1,230,954 | |||||||||
Other assets | 208,697 | 388,672 | |||||||||
Total assets | $ | 3,314,902 | $ | 3,549,665 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 289,396 | $ | 219,919 | |||||||
Accrued expenses | 396,365 | 302,214 | |||||||||
Short-term portion of operating lease liabilities | 248,846 | 282,829 | |||||||||
Income taxes payable | 24,792 | 10,392 | |||||||||
Total current liabilities | 959,399 | 815,354 | |||||||||
Long-term liabilities: | |||||||||||
Long-term portion of operating lease liabilities | $ | 957,588 | $ | 1,252,634 | |||||||
Long-term portion of borrowings, net | 343,910 | 231,963 | |||||||||
Other liabilities | 104,693 | 178,536 | |||||||||
Total long-term liabilities | 1,406,191 | 1,663,133 | |||||||||
Total Abercrombie & Fitch Co. stockholders' equity | 936,628 | 1,058,810 | |||||||||
Noncontrolling interests | 12,684 | 12,368 | |||||||||
Total stockholders' equity | 949,312 | 1,071,178 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,314,902 | $ | 3,549,665 |
Abercrombie & Fitch Co. | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(in thousands, except per share data) | |||||||||||
(Unaudited) | |||||||||||
Fifty-Two Weeks Ended | |||||||||||
January 30, 2021 | February 1, 2020 | ||||||||||
Operating activities | |||||||||||
Net cash provided by operating activities (1) | $ | 404,918 | $ | 300,685 | |||||||
Investing activities | |||||||||||
Purchases of property and equipment | $ | (101,910) | $ | (202,784) | |||||||
Withdrawal of Rabbi Trust assets (1) | 50,000 | — | |||||||||
Net cash used for investing activities (1) | $ | (51,910) | $ | (202,784) | |||||||
Financing activities | |||||||||||
Proceeds from issuance of senior secured notes | $ | 350,000 | $ | — | |||||||
Proceeds from borrowings under the asset-based senior secured credit facility | 210,000 | — | |||||||||
Repayment of term loan facility borrowings | (233,250) | (20,000) | |||||||||
Repayment of borrowings under the asset-based senior secured credit facility | (210,000) | — | |||||||||
Payment of debt issuance costs and fees | (7,318) | — | |||||||||
Purchases of common stock | (15,172) | (63,542) | |||||||||
Dividends paid | (12,556) | (51,510) | |||||||||
Other financing activities | (11,987) | (12,821) | |||||||||
Net cash provided by (used for) financing activities | $ | 69,717 | $ | (147,873) | |||||||
Effect of foreign currency exchange rates on cash | $ | 9,168 | $ | (3,593) | |||||||
Net increase (decrease) in cash and equivalents, and restricted cash and equivalents | $ | 431,893 | $ | (53,565) | |||||||
Cash and equivalents, and restricted cash and equivalents, beginning of period | $ | 692,264 | $ | 745,829 | |||||||
Cash and equivalents, and restricted cash and equivalents, end of period | $ | 1,124,157 | $ | 692,264 |
Thirteen Weeks Ended January 30, 2021 | |||||||||||||||||||||||||||||||||||
Hollister (1) | Abercrombie (2) | Total (3) | |||||||||||||||||||||||||||||||||
United States | International | United States | International | United States | International | ||||||||||||||||||||||||||||||
October 31, 2020 (4) | 388 | 154 | 256 | 55 | 644 | 209 | |||||||||||||||||||||||||||||
New | — | 1 | — | 1 | — | 2 | |||||||||||||||||||||||||||||
Closed | (41) | (5) | (66) | (8) | (107) | (13) | |||||||||||||||||||||||||||||
January 30, 2021 | 347 | 150 | 190 | 48 | 537 | 198 | |||||||||||||||||||||||||||||
Fifty-Two Weeks Ended January 30, 2021 | |||||||||||||||||||||||||||||||||||
Hollister (1) | Abercrombie (2) | Total (3) | |||||||||||||||||||||||||||||||||
United States | International | United States | International | United States | International | ||||||||||||||||||||||||||||||
February 1, 2020 (4) | 392 | 155 | 257 | 53 | 649 | 208 | |||||||||||||||||||||||||||||
New | 3 | 3 | 4 | 5 | 7 | 8 | |||||||||||||||||||||||||||||
Closed | (48) | (8) | (71) | (10) | (119) | (18) | |||||||||||||||||||||||||||||
January 30, 2021 | 347 | 150 | 190 | 48 | 537 | 198 |
Abercrombie & Fitch Co. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data and store data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2019 | Fiscal 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 2017 (1) | 2018 | Q1 | Q2 | Q3 | Q4 | 2019 | Q1 | Q2 | Q3 | Q4 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 3,326,740 | $ | 3,492,690 | $ | 3,590,109 | $ | 733,972 | $ | 841,078 | $ | 863,472 | $ | 1,184,551 | $ | 3,623,073 | $ | 485,359 | $ | 698,328 | $ | 819,653 | $ | 1,122,044 | $ | 3,125,384 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales, exclusive of depreciation and amortization | 1,298,172 | 1,408,848 | 1,430,193 | 289,882 | 342,445 | 344,541 | 495,287 | 1,472,155 | 221,214 | 274,720 | 295,220 | 443,025 | 1,234,179 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 2,028,568 | 2,083,842 | 2,159,916 | 444,090 | 498,633 | 518,931 | 689,264 | 2,150,918 | 264,145 | 423,608 | 524,433 | 679,019 | 1,891,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stores and distribution expense | 1,562,703 | 1,540,032 | 1,536,216 | 356,612 | 376,347 | 377,697 | 440,587 | 1,551,243 | 322,124 | 310,370 | 346,263 | 412,827 | 1,391,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing, general and administrative expense | 453,202 | 471,914 | 484,863 | 111,947 | 115,694 | 114,075 | 122,899 | 464,615 | 108,257 | 97,252 | 121,000 | 137,334 | 463,843 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flagship store exit charges (benefits) | 15,757 | 2,393 | 5,806 | 1,744 | 44,994 | 285 | 234 | 47,257 | (543) | (3,884) | (8,063) | 854 | (11,636) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairment, exclusive of flagship store exit charges | 7,930 | 14,391 | 11,580 | 1,662 | 715 | 12,610 | 4,148 | 19,135 | 42,928 | 8,083 | 6,329 | 15,597 | 72,937 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating (income) loss, net | (26,212) | (16,938) | (5,915) | (617) | 367 | (215) | (935) | (1,400) | 506 | (2,356) | 288 | (3,492) | (5,054) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 15,188 | 72,050 | 127,366 | (27,258) | (39,484) | 14,479 | 122,331 | 70,068 | (209,127) | 14,143 | 58,616 | 115,899 | (20,469) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 18,666 | 16,889 | 10,999 | 616 | 1,370 | 2,922 | 2,829 | 7,737 | 3,371 | 7,098 | 8,808 | 8,997 | 28,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (3,478) | 55,161 | 116,367 | (27,874) | (40,854) | 11,557 | 119,502 | 62,331 | (212,498) | 7,045 | 49,808 | 106,902 | (48,743) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (11,196) | 44,636 | 37,559 | (9,588) | (11,330) | 3,987 | 34,302 | 17,371 | 31,533 | 1,253 | 5,779 | 21,646 | 60,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 7,718 | 10,525 | 78,808 | (18,286) | (29,524) | 7,570 | 85,200 | 44,960 | (244,031) | 5,792 | 44,029 | 85,256 | (108,954) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 3,762 | 3,431 | 4,267 | 869 | 1,618 | 1,047 | 2,068 | 5,602 | 117 | 328 | 1,758 | 2,864 | 5,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Abercrombie & Fitch Co. | $ | 3,956 | $ | 7,094 | $ | 74,541 | $ | (19,155) | $ | (31,142) | $ | 6,523 | $ | 83,132 | $ | 39,358 | $ | (244,148) | $ | 5,464 | $ | 42,271 | $ | 82,392 | $ | (114,021) |
Fiscal 2019 | Fiscal 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 2017 (1) | 2018 | Q1 | Q2 | Q3 | Q4 | 2019 | Q1 | Q2 | Q3 | Q4 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share attributable to Abercrombie & Fitch Co.: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | 0.10 | $ | 1.11 | $ | (0.29) | $ | (0.48) | $ | 0.10 | $ | 1.32 | $ | 0.61 | $ | (3.90) | $ | 0.09 | $ | 0.68 | $ | 1.32 | $ | (1.82) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | $ | 0.06 | $ | 0.10 | $ | 1.08 | $ | (0.29) | $ | (0.48) | $ | 0.10 | $ | 1.29 | $ | 0.60 | $ | (3.90) | $ | 0.09 | $ | 0.66 | $ | 1.27 | $ | (1.82) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 67,878 | 68,391 | 67,350 | 66,540 | 65,156 | 63,099 | 62,916 | 64,428 | 62,541 | 62,527 | 62,558 | 62,581 | 62,551 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 68,284 | 69,403 | 69,137 | 66,540 | 65,156 | 63,911 | 64,198 | 65,778 | 62,541 | 63,286 | 63,877 | 64,788 | 62,551 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hollister comparable sales (2) | 0 | % | 8 | % | 5 | % | 2 | % | 0 | % | (2) | % | (2) | % | (1) | % | Not provided | Not provided | Not provided | Not provided | Not provided | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abercrombie comparable sales (2) (3) | (11) | % | (2) | % | 1 | % | 1 | % | 0 | % | 3 | % | 8 | % | 3 | % | Not provided | Not provided | Not provided | Not provided | Not provided | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comparable sales (2) | (5) | % | 3 | % | 3 | % | 1 | % | 0 | % | 0 | % | 1 | % | 1 | % | Not provided | Not provided | Not provided | Not provided | Not provided | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares outstanding | 67,758 | 68,195 | 66,227 | 66,637 | 63,146 | 62,757 | 62,786 | 62,786 | 62,284 | 62,365 | 62,384 | 62,399 | 62,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of stores - end of period (4) | 898 | 868 | 861 | 857 | 864 | 882 | 857 | 857 | 853 | 854 | 853 | 735 | 735 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross square feet - end of period (4) | 7,007 | 6,710 | 6,566 | 6,503 | 6,477 | 6,558 | 6,314 | 6,314 | 6,285 | 6,296 | 6,235 | 5,232 | 5,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Fiscal 2017 was a fifty-three week year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Comparable sales are calculated on a constant currency basis and exclude revenue other than store and online sales. The Company did not provide comparable sales results for fiscal 2020 due to widespread temporary store closures as a result of COVID-19. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Prior period numbers have been revised due to a change in the temporary store definition to only include store leases with original terms of 18 months or less. |
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