Abercrombie & Fitch Co. (NYSE: ANF) today announced results for
the first quarter ended April 30, 2022. These compare to
results for the first quarter ended May 1, 2021. Descriptions
of the use of non-GAAP financial measures and reconciliations of
GAAP and non-GAAP financial measures accompany this release.
Fran Horowitz, Chief Executive Officer, said,
“First quarter net sales exceeded expectations, rising 4% to $813
million, our highest first quarter level since 2014. Results were
driven by ongoing strength at the Abercrombie & Fitch brand,
where global sales were above plan. Net sales at Hollister were in
line with expectations. By region, the U.S. continued to
outperform, EMEA net sales returned to positive territory, and APAC
was impacted by COVID lockdowns in China. We continued to reduce
our promotional activity, contributing to our eighth consecutive
quarter of AUR improvement. This was more than offset by
higher-than-expected freight and product costs.
Looking forward, we expect higher costs to
remain a headwind through at least year-end. We expect freight
relief in the fourth quarter as we anniversary increased air usage
last year due to the Vietnam shutdown. We will continue to manage
expenses tightly and are committed to finding opportunities to
offset these costs while protecting strategic investments in
marketing, technology and our customer experience, which should
drive sustained, long-term sales growth.”
Details related to net income (loss) per diluted
share for the first quarter are as follows:
|
|
|
2022 |
|
|
|
2021 |
|
GAAP |
|
$ |
(0.32) |
|
$ |
0.64 |
|
Excluded items, net of tax
effect (1) |
|
|
(0.05) |
|
|
(0.03 |
) |
Adjusted non-GAAP |
|
$ |
(0.27) |
|
$ |
0.67 |
|
Impact from changes in foreign
currency exchange rates (2) |
|
|
— |
|
|
0.05 |
|
Adjusted non-GAAP constant
currency |
|
$ |
(0.27) |
|
$ |
0.72 |
|
(1) Excluded items consist of pre-tax
store asset impairment charges.
(2) The estimated impact from foreign
currency is calculated by applying current period exchange rates to
prior year results using a 26% tax rate.
A summary of results for the first
quarter ended April 30, 2022 as compared to the first
quarter ended May 1, 2021:
- Net
sales of $813 million, up 4% as compared to last
year.
- Gross
profit rate of 55.3%, down approximately 810 basis points
as compared to last year. The year-over-year decline is driven by
approximately $80 million of higher freight costs, partially offset
by higher average unit retail on lower promotions.
- Operating
expense, excluding other operating income, net, was up 5%
compared to last year. Approximately half of the increase was due
to the lapping of COVID-related rent abatements and payroll credits
last year, and the other half due to an increase in marketing and
digital fulfillment expenses. Operating expense as a percentage of
sales increased to 56.9% from 56.2% last year.
- Operating
loss of $10 million and $6 million on a reported and
adjusted non-GAAP basis, respectively, as compared to operating
income of $57 million and $60 million last year, on a reported and
adjusted non-GAAP basis, respectively.
- Net loss
per diluted share of $0.32 and $0.27 on a reported and
adjusted non-GAAP basis, respectively, as compared to net income
per diluted share last year of $0.64 and $0.67 on a reported and
adjusted non-GAAP basis, respectively
Net sales by brand and region
for the first quarter are as follows:
(in thousands) |
|
2022 |
|
|
2021 |
|
1 YR % Change |
Net sales by
brand: |
|
|
|
|
|
Hollister (1) |
$ |
428,834 |
|
$ |
442,408 |
|
(3)% |
Abercrombie (2) |
|
383,928 |
|
|
338,997 |
|
13% |
Total
company |
$ |
812,762 |
|
$ |
781,405 |
|
4% |
|
|
|
|
|
|
Net sales by
region: (3) |
|
2022 |
|
|
2021 |
|
1 YR % Change |
United States |
$ |
585,106 |
|
$ |
553,846 |
|
6% |
EMEA |
|
163,969 |
|
|
159,002 |
|
3% |
APAC |
|
29,897 |
|
|
46,046 |
|
(35)% |
Other (4) |
|
33,790 |
|
|
22,511 |
|
50% |
International |
$ |
227,656 |
|
$ |
227,559 |
|
0% |
Total
company |
$ |
812,762 |
|
$ |
781,405 |
|
4% |
(1) Hollister includes the
Hollister, Gilly Hicks and Social Tourist brands.
(2) Abercrombie includes the
Abercrombie & Fitch and abercrombie kids brands.
(3) Net sales by geographic
area are presented by attributing revenues to an individual country
on the basis of the country in which the merchandise was sold for
in-store purchases and on the basis of the shipping location
provided by customers for digital orders.
(4) Other includes all sales
that do not fall within the United States, EMEA, or APAC
regions.
Financial Position and Liquidity |
As of April 30, 2022 the company had:
- Cash and
equivalents of $468 million. This compares to cash and
equivalents of $823 million and $909 million as of January 29,
2022 and May 1, 2021, respectively.
-
Inventories of $563 million, an increase of
approximately 45% over last year due to increased in-transit
inventory, higher units on hand, and increased average unit costs
driven by freight compared to May 1, 2021.
- Long-term
gross borrowings under the company’s senior secured notes
of $308 million (the “Senior Secured Notes”) which mature in
July 2025 and bear interest at a rate of 8.75% per annum.
- Borrowing
available under the senior-secured asset-based revolving
credit facility (the “ABL Facility”) of $314 million.
-
Liquidity, comprised of cash and equivalents and
borrowing available under the ABL Facility, of approximately $0.8
billion. This compares to liquidity of $1.1 billion and $1.1
billion as of January 29, 2022 and May 1, 2021,
respectively.
Cash Flow and Capital Allocation |
Details related to the company’s cash flows for
the year-to-date period ended April 30, 2022 are as
follows:
- Net cash
used for operating activities of $218 million.
- Net cash
used for investing activities of $19 million.
- Net cash
used for financing activities of $117 million.
In the quarter, the company returned
approximately $100 million to shareholders through the
repurchase of approximately 3.3 million shares. The company has
$258 million remaining on the share repurchase authorization
established in November 2021.
Depreciation and amortization was $34 million
for the year-to-date period ended April 30, 2022.
Fiscal 2022 Full Year Outlook |
To more closely align with industry practices, and
the company’s plans to flex operating expenses in response to
volatility in freight and other costs, beginning this quarter, the
company will no longer provide a full year outlook on gross profit
rate or operating expense. The following outlook replaces all
previous full year guidance. For fiscal 2022, the company now
expects:
- Net
sales to be flat to up 2% from $3.7 billion in 2021, down
from previous outlook of up 2 to 4% driven by a combined 200 basis
point adverse impact from foreign currency and an assumed
inflationary impact on consumer demand, partially offset by
higher-than-expected sales in Q1.
- Operating
margin in the range of 5 to 6%, down from previous outlook
of 7 to 8% reflecting a combined 200 basis point adverse impact
from higher freight and raw material costs, foreign currency, and
lower sales due to an assumed inflationary impact on consumer.
Mitigating these factors will be actions to drive AUR growth,
reduce certain expenses, and adjust inventory flows by region in
response to current market forces.
- Effective tax
rate to be in the mid-30s.
- Capital
expenditures of approximately $150 million.
Fiscal 2022 Second Quarter Outlook |
Consistent with the above, beginning this quarter,
the company will no longer provide a quarterly outlook on gross
profit rate or operating expense. For the second quarter of fiscal
2022, the company expects:
- Net
sales to be down low-single-digits to fiscal second
quarter 2021 level of $865 million, reflecting a combined,
estimated adverse impact of approximately 300 basis points from
foreign currency and COVID-related lockdowns in China and
approximately 300 basis points due to an assumed impact of
inflationary impact on consumer demand.
- Operating
margin in the range of 3 to 4% with the year-over-year
decline driven by higher freight and raw material costs.
- Effective
tax rate to be in the mid-to-high 30s.
Today at 8:30 AM, ET, the company will conduct a
conference call and provide additional details around its quarterly
results and its outlook for the second quarter. To listen to the
conference call, dial (800) 458-4121 or go to
corporate.abercrombie.com. The international call-in number is
(323) 794-2093. This call will be recorded and made available by
dialing the replay number (888) 203-1112 or the international
number (719) 457-0820 followed by the conference ID number 5209585
or through corporate.abercrombie.com. A presentation of first
quarter results will be available in the “Investors” section at
corporate.abercrombie.com at approximately 7:30 AM, ET, today.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995 |
A&F cautions that any forward-looking
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995) contained in this Press Release or
made by management or spokespeople of A&F involve risks and
uncertainties and are subject to change based on various important
factors, many of which may be beyond the company’s control. Words
such as “estimate,” “project,” “plan,” “believe,” “expect,”
“anticipate,” “intend,” “should,” “are confident,” and similar
expressions may identify forward-looking statements. Except as may
be required by applicable law, we undertake no obligation to
publicly update or revise any forward-looking statements. The
following factors, in addition to those disclosed in “ITEM 1A. RISK
FACTORS” of A&F’s Annual Report on Form 10-K for the
fiscal year ended January 29, 2022, in some cases have
affected, and in the future could affect, A&F’s financial
performance and could cause actual results for fiscal 2022 and
beyond to differ materially from those expressed or implied in any
of the forward-looking statements included in this Press Release or
otherwise made by management: COVID‐19 has and may continue to
materially adversely impact and cause disruption to our business;
changes in global economic and financial conditions, and the
resulting impact on consumer confidence and consumer spending, as
well as other changes in consumer discretionary spending habits
could have a material adverse impact on our business; failure to
engage our customers, anticipate customer demand and changing
fashion trends, and manage our inventory commensurately could have
a material adverse impact on our business; our failure to operate
effectively in a highly competitive and constantly evolving
industry could have a material adverse impact on our business;
fluctuations in foreign currency exchange rates could have a
material adverse impact on our business; recent inflationary
pressures and global supply chain constraints could continue to
affect freight and other costs and could have a material adverse
impact on our business; our ability to attract customers to our
stores depends, in part, on the success of the shopping malls or
area attractions that our stores are located in or around; the
impact of geopolitical conflict, including the on-going hostilities
in Ukraine, acts of terrorism, mass casualty events, social unrest,
civil disturbance or disobedience could have a material adverse
impact on our business; the impact of extreme weather, infectious
disease outbreaks, including COVID-19, and other unexpected events
could result in an interruption to our business, as well as to the
operations of our third-party partners, and have a material adverse
impact on our business; failure to successfully develop an
omnichannel shopping experience, a significant component of our
growth strategy, or failure to successfully invest in customer,
digital and omnichannel initiatives could have a material adverse
impact on our business; our failure to optimize our global store
network could have a material adverse impact on our business; our
failure to execute our international growth strategy successfully
and inability to conduct business in international markets as a
result of legal, tax, regulatory, political and economic risks
could have a material adverse impact on our business; our failure
to appropriately address emerging environmental, social and
governance (“ESG”) matters, including the perceived adequacy of our
responses to new laws and regulations relating to ESG, could have a
material adverse impact on our reputation and, as a result, our
business; failure to protect our reputation could have a material
adverse impact on our business; if our information technology
systems are disrupted or cease to operate effectively, it could
have a material adverse impact on our business; we may be exposed
to risks and costs associated with cyber-attacks, state-sponsored
cyberthreats, data protection, credit card fraud and identity theft
that could have a material adverse impact on our business; our
reliance on our distribution centers makes us susceptible to
disruptions or adverse conditions affecting our supply chain; Trade
relations and changes in the cost, availability and quality of raw
materials, labor, and transportation could have a material adverse
impact on our business; we depend upon independent third parties
for the manufacture and delivery of all our merchandise, and a
disruption of the manufacture or delivery of our merchandise could
have a material adverse impact on our business; we rely on the
experience and skills of our executive officers and associates, and
the failure to attract or retain this talent, effectively manage
succession, and establish a diverse workforce could have a material
adverse impact on our business; in the past, we have identified a
material weakness in our internal control over financial reporting
and may identify additional material weaknesses in the future. If
we fail to establish and maintain effective internal control over
financial reporting, our ability to accurately and timely report
our financial results could be adversely affected; fluctuations in
our tax obligations and effective tax rate may result in volatility
in our results of operations could have a material adverse impact
on our business; our litigation exposure, or any securities
litigation and any potential stockholder activism, could have a
material adverse impact on our business; failure to adequately
protect our trademarks could have a negative impact on our brand
image and limit our ability to penetrate new markets which could
have a material adverse impact on our business; changes in the
regulatory or compliance landscape could have a material adverse
impact on our business; and the agreements related to our senior
secured asset-based revolving credit facility and our senior
secured notes include restrictive covenants that limit our
flexibility in operating our business and our inability to obtain
credit on reasonable terms in the future could have an adverse
impact on our business.
This document includes certain adjusted non-GAAP
financial measures where management believes it to be helpful in
understanding the Company's results of operations or financial
position. Additional details about non-GAAP financial measures and
a reconciliation of GAAP financial measures to non-GAAP financial
measures can be found in the "Reporting and Use of GAAP and
Non-GAAP Measures" section. As used in the presentation,
"Hollister" refers to the company's Hollister, Gilly Hicks, and
Social Tourist brands and "Abercrombie" refers to the company's
Abercrombie & Fitch and abercrombie kids brands. Sub-totals and
totals may not foot due to rounding. Net income (loss) and net
income (loss) per share financial measures included herein are
attributable to Abercrombie & Fitch Co., excluding net income
attributable to noncontrolling interests.
About Abercrombie & Fitch Co. |
Abercrombie & Fitch Co. (NYSE: ANF) is a
leading, global, omnichannel specialty retailer of apparel and
accessories for men, women and kids through five renowned brands.
The iconic Abercrombie & Fitch brand was born in 1892 and aims
to make every day feel as exceptional as the start of a long
weekend. abercrombie kids sees the world through kids’ eyes, where
play is life and every day is an opportunity to be anything and
better anything. The Hollister brand believes in liberating the
spirit of an endless summer inside everyone and making teens feel
celebrated and comfortable in their own skin. Gilly Hicks, offering
intimates, loungewear and sleepwear, is designed to give all Gen Z
customers their daily dose of happy. Social Tourist, the creative
vision of Hollister and social media personalities, Dixie and
Charli D’Amelio, offers trend forward apparel that allows teens to
experiment with their style, while exploring the duality of who
they are both on social media and in real life.
The brands share a commitment to offering
products of enduring quality and exceptional comfort that allow
consumers around the world to express their own individuality and
style. Abercrombie & Fitch Co. operates approximately 730
stores under these brands across North America, Europe, Asia and
the Middle East, as well as the e-commerce sites
www.abercrombie.com, www.abercrombiekids.com, www.hollisterco.com,
www.gillyhicks.com and www.socialtourist.com.
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 |
|
April 30, 2022 |
|
% of Net Sales |
|
May 1, 2021 |
|
% of Net Sales |
Net sales |
$ |
812,762 |
|
|
100.0% |
|
$ |
781,405 |
|
|
100.0% |
Cost of sales, exclusive of
depreciation and amortization |
|
363,216 |
|
|
44.7% |
|
|
286,271 |
|
|
36.6% |
Gross profit |
|
449,546 |
|
|
55.3% |
|
|
495,134 |
|
|
63.4% |
Stores and distribution
expense |
|
337,543 |
|
|
41.5% |
|
|
316,608 |
|
|
40.5% |
Marketing, general and
administrative expense |
|
122,149 |
|
|
15.0% |
|
|
120,947 |
|
|
15.5% |
Flagship store exit
benefits |
|
— |
|
|
0.0% |
|
|
(1,100 |
) |
|
(0.1)% |
Asset impairment |
|
3,422 |
|
|
0.4% |
|
|
2,664 |
|
|
0.3% |
Other operating income,
net |
|
(3,842 |
) |
|
(0.5)% |
|
|
(1,418 |
) |
|
(0.2)% |
Operating (loss) income |
|
(9,726 |
) |
|
(1.2)% |
|
|
57,433 |
|
|
7.3% |
Other expense, net |
|
7,307 |
|
|
0.9% |
|
|
8,606 |
|
|
1.1% |
(Loss) income before income
taxes |
|
(17,033 |
) |
|
(2.1)% |
|
|
48,827 |
|
|
6.2% |
Income tax (benefit)
expense |
|
(2,187 |
) |
|
(0.3)% |
|
|
6,121 |
|
|
0.8% |
Net (loss) income |
|
(14,846 |
) |
|
(1.8)% |
|
|
42,706 |
|
|
5.5% |
Less: Net income attributable
to noncontrolling interests |
|
1,623 |
|
|
0.2% |
|
|
938 |
|
|
0.1% |
Net (loss) income attributable
to A&F |
$ |
(16,469 |
) |
|
(2.0)% |
|
$ |
41,768 |
|
|
5.3% |
|
|
|
|
|
|
|
|
Net (loss) income per share
attributable to A&F |
|
|
|
|
|
|
|
Basic |
$ |
(0.32 |
) |
|
|
|
$ |
0.67 |
|
|
|
Diluted |
$ |
(0.32 |
) |
|
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
52,077 |
|
|
|
|
|
62,380 |
|
|
|
Diluted |
|
52,077 |
|
|
|
|
|
65,305 |
|
|
|
|
|
|
|
|
|
|
|
Reporting and Use of GAAP and Non-GAAP
Measures
The company believes that each of the non-GAAP
financial measures presented are useful to investors as they
provide a measure of the company’s operating performance excluding
the effect of certain items which the company believes do not
reflect its future operating outlook, such as asset impairment
charges, therefore supplementing investors’ understanding of
comparability of operations across periods. Management used these
non-GAAP financial measures during the periods presented to assess
the company’s performance and to develop expectations for future
operating performance. Non-GAAP financial measures should be used
supplemental to, and not as an alternative to, the company’s GAAP
financial results, and may not be calculated in the same manner as
similar measures presented by other companies.
In addition, at times the company provides
comparable sales, defined as the percentage year-over-year change
in the aggregate of: (1) sales for stores that have been open as
the same brand at least one year and whose square footage has not
been expanded or reduced by more than 20% within the past year,
with prior year’s net sales converted at the current year’s foreign
currency exchange rate to remove the impact of foreign currency
rate fluctuation, and (2) digital net sales with prior year’s net
sales converted at the current year’s foreign currency exchange
rate to remove the impact of foreign currency rate fluctuation.
The company also provides certain financial
information on a constant currency basis to enhance investors’
understanding of underlying business trends and operating
performance, by removing the impact of foreign currency exchange
rate fluctuations. The effect from foreign currency, calculated on
a constant currency basis, is determined by applying current year
average exchange rates to prior year results and is net of the
year-over-year impact from hedging. The per diluted share effect
from foreign currency is calculated using a 26% tax rate.
Abercrombie & Fitch Co. |
Schedule of Non-GAAP Financial Measures |
Thirteen Weeks Ended April 30, 2022 |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
GAAP (1) |
|
Excluded items |
|
Adjusted non-GAAP |
Asset impairment, exclusive of flagship store exit charges (2) |
$ |
3,422 |
|
|
$ |
3,422 |
|
|
$ |
— |
|
Operating loss |
|
(9,726 |
) |
|
|
(3,422 |
) |
|
|
(6,304 |
) |
Loss before income taxes |
|
(17,033 |
) |
|
|
(3,422 |
) |
|
|
(13,611 |
) |
Income tax benefit (3) |
|
(2,187 |
) |
|
|
(918 |
) |
|
|
(1,269 |
) |
Net loss attributable to
Abercrombie & Fitch Co. |
$ |
(16,469 |
) |
|
$ |
(2,504 |
) |
|
$ |
(13,965 |
) |
|
|
|
|
|
|
Net loss per diluted share
attributable to Abercrombie & Fitch Co. |
$ |
(0.32 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.27 |
) |
Diluted weighted-average
shares outstanding: |
|
52,077 |
|
|
|
|
|
52,077 |
|
(1) “GAAP” refers to accounting
principles generally accepted in the United States of America.
(2) Excluded items consist of
pre-tax store asset impairment charges of $3.4 million.
(3) The tax effect of excluded
items is the difference between the tax provision calculated on a
GAAP basis and an adjusted non-GAAP basis.
Abercrombie & Fitch Co. |
Schedule of Non-GAAP Financial Measures |
Thirteen Weeks Ended May 1, 2021 |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
GAAP (1) |
|
Excluded items |
|
Adjusted non-GAAP |
Asset impairment, exclusive of flagship store exit charges (2) |
$ |
2,664 |
|
$ |
2,664 |
|
|
$ |
— |
Operating income |
|
57,433 |
|
|
(2,664 |
) |
|
|
60,097 |
Income before income
taxes |
|
48,827 |
|
|
(2,664 |
) |
|
|
51,491 |
Income tax expense (3) |
|
6,121 |
|
|
(449 |
) |
|
|
6,570 |
Net income attributable to
Abercrombie & Fitch Co. |
$ |
41,768 |
|
$ |
(2,215 |
) |
|
$ |
43,983 |
|
|
|
|
|
|
Net income per diluted share
attributable to Abercrombie & Fitch Co. |
$ |
0.64 |
|
$ |
(0.03 |
) |
|
$ |
0.67 |
Diluted weighted-average
shares outstanding: |
|
65,305 |
|
|
|
|
65,305 |
(1) “GAAP” refers to accounting
principles generally accepted in the United States of America.
(2) Excluded items consist of
pre-tax store asset impairment charges of $2.7 million.
(3) The tax effect of excluded
items is the difference between the tax provision calculated on a
GAAP basis and an adjusted non-GAAP basis.
Abercrombie & Fitch Co. |
Reconciliation of Constant Currency Financial
Measures |
Thirteen Weeks Ended April 30, 2022 |
(in thousands, except percentage and basis point changes
and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
Net sales |
|
|
|
|
|
GAAP (1) |
$ |
812,762 |
|
|
$ |
781,405 |
|
|
4% |
Impact from changes in foreign currency exchange rates (2) |
|
— |
|
|
|
(8,529 |
) |
|
1% |
Net sales on a constant currency basis |
$ |
812,762 |
|
|
$ |
772,876 |
|
|
5% |
|
|
|
|
|
|
Gross profit |
|
2022 |
|
|
|
2021 |
|
|
BPS Change (3) |
GAAP (1) |
$ |
449,546 |
|
|
$ |
495,134 |
|
|
(810) |
Impact from changes in foreign currency exchange rates (2) |
|
— |
|
|
|
(3,283 |
) |
|
(20) |
Gross profit on a constant currency basis |
$ |
449,546 |
|
|
$ |
491,851 |
|
|
(830) |
|
|
|
|
|
|
Operating (loss) income |
|
2022 |
|
|
|
2021 |
|
|
BPS Change (3) |
GAAP (1) |
$ |
(9,726 |
) |
|
$ |
57,433 |
|
|
(850) |
Excluded items (4) |
|
(3,422 |
) |
|
|
(2,664 |
) |
|
(10) |
Adjusted non-GAAP |
$ |
(6,304 |
) |
|
$ |
60,097 |
|
|
(860) |
Impact from changes in foreign currency exchange rates (2) |
|
— |
|
|
|
4,341 |
|
|
(50) |
Adjusted non-GAAP constant currency basis |
$ |
(6,304 |
) |
|
$ |
64,438 |
|
|
(910) |
|
|
|
|
|
|
Net income (loss) per diluted share attributable to
Abercrombie & Fitch Co. |
|
2022 |
|
|
|
2021 |
|
|
$ Change |
GAAP (1) |
$ |
(0.32 |
) |
|
$ |
0.64 |
|
|
$(0.96) |
Excluded items, net of tax (4) |
|
(0.05 |
) |
|
|
(0.03 |
) |
|
(0.02) |
Adjusted non-GAAP |
$ |
(0.27 |
) |
|
$ |
0.67 |
|
|
$(0.94) |
Impact from changes in foreign currency exchange rates (2) |
|
— |
|
|
|
0.05 |
|
|
(0.05) |
Adjusted non-GAAP constant currency basis |
$ |
(0.27 |
) |
|
$ |
0.72 |
|
|
$(0.99) |
(1) “GAAP” refers to accounting
principles generally accepted in the United States of America.
(2) The estimated impact from
foreign currency is determined by applying current period exchange
rates to prior year results and is net of the year-over-year impact
from hedging. The per diluted share estimated impact from foreign
currency is calculated using a 26% tax rate.
(3) The estimated basis point
change has been rounded based on the percentage change.
(4) Excluded items consist of
pre-tax store asset impairment charges of $3.4 million and $2.7
million for the current year and prior year, respectively.
Abercrombie & Fitch Co. |
Condensed Consolidated Balance Sheets |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
April 30, 2022 |
|
January 29, 2022 |
|
May 1, 2021 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and equivalents |
$ |
468,378 |
|
$ |
823,139 |
|
$ |
909,008 |
Receivables |
|
88,807 |
|
|
69,102 |
|
|
107,821 |
Inventories |
|
562,510 |
|
|
525,864 |
|
|
388,633 |
Other current assets |
|
93,179 |
|
|
89,654 |
|
|
78,727 |
Total current assets |
|
1,212,874 |
|
|
1,507,759 |
|
|
1,484,189 |
Property and equipment, net |
|
497,976 |
|
|
508,336 |
|
|
533,773 |
Operating lease right-of-use assets |
|
671,991 |
|
|
698,231 |
|
|
839,003 |
Other assets |
|
224,462 |
|
|
225,165 |
|
|
213,585 |
Total assets |
$ |
2,607,303 |
|
$ |
2,939,491 |
|
$ |
3,070,550 |
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
311,352 |
|
$ |
374,829 |
|
$ |
236,667 |
Accrued expenses |
|
320,681 |
|
|
395,815 |
|
|
321,906 |
Short-term portion of operating lease liabilities |
|
195,599 |
|
|
222,823 |
|
|
231,750 |
Income taxes payable |
|
25,400 |
|
|
21,773 |
|
|
26,672 |
Total current liabilities |
|
853,032 |
|
|
1,015,240 |
|
|
816,995 |
Long-term liabilities: |
|
|
|
|
|
Long-term portion of operating lease liabilities |
$ |
662,322 |
|
$ |
697,264 |
|
$ |
844,401 |
Long-term borrowings, net |
|
303,901 |
|
|
303,574 |
|
|
344,278 |
Other liabilities |
|
83,243 |
|
|
86,089 |
|
|
114,926 |
Total long-term liabilities |
|
1,049,466 |
|
|
1,086,927 |
|
|
1,303,605 |
Total Abercrombie & Fitch Co. stockholders’ equity |
|
695,361 |
|
|
826,090 |
|
|
941,174 |
Noncontrolling interests |
|
9,444 |
|
|
11,234 |
|
|
8,776 |
Total stockholders’ equity |
|
704,805 |
|
|
837,324 |
|
|
949,950 |
Total liabilities and stockholders’ equity |
$ |
2,607,303 |
|
$ |
2,939,491 |
|
$ |
3,070,550 |
Abercrombie & Fitch Co. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
April 30, 2022 |
|
May 1, 2021 |
Operating activities |
|
|
|
Net cash used for operating activities |
$ |
(217,787 |
) |
|
$ |
(131,350 |
) |
|
|
|
|
Investing activities |
|
|
|
Purchases of property and equipment |
$ |
(26,292 |
) |
|
$ |
(14,404 |
) |
Proceeds from sale of property and equipment |
|
7,751 |
|
|
|
— |
|
Net cash used for investing activities |
$ |
(18,541 |
) |
|
$ |
(14,404 |
) |
|
|
|
|
Financing activities |
|
|
|
Payment of debt issuance or modification costs and fees |
|
— |
|
|
|
(1,490 |
) |
Purchases of common stock |
|
(100,000 |
) |
|
|
(35,249 |
) |
Other financing activities |
|
(16,945 |
) |
|
|
(16,452 |
) |
Net cash used for financing activities |
$ |
(116,945 |
) |
|
$ |
(53,191 |
) |
|
|
|
|
Effect of foreign currency exchange rates on cash |
$ |
(2,617 |
) |
|
$ |
(1,021 |
) |
Net decrease in cash and equivalents, and restricted cash and
equivalents |
$ |
(355,890 |
) |
|
$ |
(199,966 |
) |
Cash and equivalents, and restricted cash and equivalents,
beginning of period |
$ |
834,368 |
|
|
$ |
1,124,157 |
|
Cash and equivalents, and restricted cash and equivalents, end of
period |
$ |
478,478 |
|
|
$ |
924,191 |
|
|
|
|
|
|
|
|
|
Abercrombie & Fitch
Co.Store Count
|
Thirteen Weeks Ended April 30, 2022 |
|
Hollister (1) |
|
Abercrombie (2) |
|
Total Company (3) |
|
United States |
|
International |
|
United States |
|
International |
|
United States |
|
International |
|
Total |
January 29, 2022 |
351 |
|
154 |
|
173 |
|
51 |
|
524 |
|
205 |
|
729 |
New |
1 |
|
2 |
|
1 |
|
— |
|
2 |
|
2 |
|
4 |
Permanently closed |
— |
|
— |
|
(3) |
|
(2) |
|
(3) |
|
(2) |
|
(5) |
April 30, 2022 |
352 |
|
156 |
|
171 |
|
49 |
|
523 |
|
205 |
|
728 |
(1) Hollister includes the
company’s Hollister and Gilly Hicks brands. Locations with Gilly
Hicks carveouts within Hollister stores are represented as a single
store count. Excludes 9 international franchise stores as of
April 30, 2022, and January 29, 2022. Excludes 13
Company-operated temporary stores as of April 30, 2022 and 14
Company-operated temporary stores January 29, 2022.
(2) Abercrombie includes the
company's Abercrombie & Fitch and abercrombie kids brands.
Locations with abercrombie kids carveouts within Abercrombie &
Fitch stores are represented as a single store count. Excludes 14
international franchise stores as of April 30, 2022 and
January 29, 2022. Excludes 5 Company-operated temporary stores
as of each of April 30, 2022 and January 29, 2022.
(3) This store count excludes
one international third-party operated multi-brand outlet store as
of each of April 30, 2022, January 29, 2022, and
January 29, 2022.
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