Abercrombie & Fitch Co. (NYSE: ANF) today announced results for
the first quarter ended May 4, 2024. These compare to results
for the first quarter ended April 29, 2023. 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, “Our outstanding
first quarter results reflect the power of our brands and strong
execution of our global playbook. We successfully navigated
seasonal transitions with relevant assortments and compelling
marketing, leveraging agile chase capabilities and inventory
discipline, driving sales above our expectations. Growth was
broad-based across regions and brands with Abercrombie brands
registering 31% growth and Hollister brands delivering growth of
12%. Strong top-line growth, along with gross profit rate
expansion, led to record first quarter operating income and an
operating margin of 12.7%.
With excellent first quarter performance, we are increasing our
full year sales and operating margin outlook. We remain on track to
achieve our 2024 goal of demonstrating sustainable, profitable
growth after a defining year for the company in fiscal 2023. Our
brands are delivering high-quality, on-trend assortments for new
and retained customers across regions and brands. Importantly, we
continue to make strategic investments across stores, digital and
technology to further strengthen the company in pursuit of our
long-term ambition.”
Details related to reported net income per diluted share and
adjusted net income per diluted share for the first quarter are as
follows:
|
|
2024 |
|
|
2023 |
|
GAAP |
$ |
2.14 |
|
$ |
0.32 |
|
Excluded items, net of tax
effect (1) |
|
— |
|
|
(0.06 |
) |
Adjusted non-GAAP |
$ |
2.14 |
|
$ |
0.39 |
|
Impact from changes in foreign
currency exchange rates (2) |
|
— |
|
|
— |
|
Adjusted non-GAAP constant
currency |
$ |
2.14 |
|
$ |
0.39 |
|
|
(1) Excluded items consist of pre-tax store asset
impairment charges in the prior year. |
(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 May 4, 2024 as compared to the first
quarter ended April 29, 2023:
- Net
sales of $1.0 billion, up 22% as compared to last year on
a reported basis and constant currency basis.
-
Comparable sales up 21%.
- Gross
profit rate of 66.4%, up approximately 540 basis points as
compared to last year.
- Operating
expense, excluding other operating income, net, of $549.6
million for the quarter, decreased to 53.8% of sales from 57.3%
last year.
-
Operating income of $130 million
as compared to operating income last year of $34 million and $38
million, on a reported and adjusted non-GAAP basis,
respectively.
-
Net income per diluted
share of $2.14 as compared to net income per diluted share
last year of $0.32 and $0.39 on a reported and adjusted non-GAAP
basis, respectively.
Net sales by segment and brand
for the first quarter are as follows:
(in thousands) |
2024 |
|
2023 |
|
1 YR % Change |
|
Comparable sales (2) |
Net sales by
segment: (1) |
|
|
|
|
|
|
|
Americas (3) |
$ |
820,121 |
|
$ |
665,423 |
|
23% |
|
21% |
EMEA (4) |
|
164,778 |
|
|
138,106 |
|
19% |
|
23% |
APAC (5) |
|
35,831 |
|
|
32,465 |
|
10% |
|
22% |
Total
company |
$ |
1,020,730 |
|
$ |
835,994 |
|
22% |
|
21% |
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
1 YR % Change |
|
Comparable sales (2) |
Net sales by
brand: |
|
|
|
|
|
|
|
Abercrombie (6) |
|
571,513 |
|
|
436,044 |
|
31% |
|
29% |
Hollister (7) |
$ |
449,217 |
|
$ |
399,950 |
|
12% |
|
13% |
Total
company |
$ |
1,020,730 |
|
$ |
835,994 |
|
22% |
|
21% |
|
(1) Net
sales by segment are presented by attributing revenues to an
individual country on the basis of the segment that fulfills the
order. |
(2) Comparable sales are calculated on a constant currency
basis. Refer to "REPORTING AND USE OF GAAP AND NON-GAAP MEASURES,"
for further discussion. |
(3) The
Americas segment includes the results of operations in North
America and South America. |
(4) The EMEA
segment includes the results of operations in Europe, the Middle
East and Africa. |
(5) The APAC
segment includes the results of operations in the Asia-Pacific
region, including Asia and Oceania. |
(6) For
purposes of the above table, Abercrombie includes Abercrombie &
Fitch and abercrombie kids. |
(7) For
purposes of the above table, Hollister includes Hollister and Gilly
Hicks. |
Financial Position and Liquidity |
As of May 4, 2024 the company had:
- Cash and
equivalents of $864 million. This compares to cash and
equivalents of $901 million and $447 million as of February 3,
2024 and April 29, 2023, respectively.
-
Inventories of $449 million. This compares to
inventories of $469 million and $448 million as of February 3,
2024 and April 29, 2023, respectively.
- Long-term
gross borrowings under the company’s senior secured notes
of $214 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 $293 million.
-
Liquidity, comprised of cash and equivalents and
borrowing available under the ABL Facility, of approximately $1.2
billion. This compares to liquidity of $1.2 billion and $0.8
billion as of February 3, 2024 and April 29, 2023,
respectively.
|
Cash Flow and Capital Allocation |
Details related to the company’s cash flows for
the year-to-date period ended May 4, 2024 are as follows:
- Net
cash provided by operating
activities of $95 million.
- Net
cash used for investing
activities of $39 million.
- Net
cash used for financing
activities of $93 million.
During the first quarter of 2024, the company
purchased approximately $9 million, at a slight premium to par
value, of its outstanding Senior Secured Notes. In addition, in the
2024 first quarter, the company repurchased 119,000 shares for
approximately $15 million. The company has $217 million remaining
on the share repurchase authorization established in November
2021.
Depreciation and amortization was $38 million
for the year-to-date period ended May 4, 2024.
|
Fiscal 2024 Full Year
Outlook |
The following outlook replaces all previous full
year guidance. For fiscal 2024, the company now expects:
- Net
sales up around 10% from $4.3 billion in fiscal 2023. This
is an increase to the previous outlook of growth in the range of 4%
to 6%. We expect Abercrombie brands will continue to outperform
Hollister brands and the Americas will continue to lead the
regional performance.
The following table illustrates the expected
quarterly and full year net sales and related basis point impact of
the calendar shift and loss of one selling week in fiscal 2024
compared to fiscal 2023.
|
Q1 |
Q2 |
Q3 |
Q4 |
Fiscal 2024 |
Net sales impact (in
millions) |
$+10M |
$+30M |
$-10M |
$-80M |
$-50M |
Basis point impact |
+120 bps |
+320 bps |
-90 bps |
-550 bps |
-120 bps |
|
|
|
|
|
|
- Operating
margin to be around 14%. This range improves from the
previous outlook of around 12%. We expect the year-over-year
improvement to be driven by a higher gross profit rate and some
operating expense leverage.
- Effective
tax rate to be in the mid-to-high 20s, with the rate being
sensitive to the jurisdictional mix and level of income.
- Capital
expenditures of approximately $170 million.
|
Fiscal 2024
Second Quarter Outlook |
For the second quarter of fiscal 2024, the company expects:
- Net
sales growth to be up mid-teens compared to fiscal second
quarter 2023 level of $935 million.
- Operating
margin to be in the in the range of 13% to 14% compared to
an operating margin of 9.6% in Q2 2023.
- Effective
tax rate to be mid-20s, with the rate being sensitive to
the jurisdictional mix and level of income.
Today at 8:30 a.m. ET, the company will conduct
a conference call and provide additional details around its
quarterly results and its outlook for the second quarter. To access
the call by phone, participants will need to register at the
following URL address to obtain a dial-in number and passcode:
https://register.vevent.com/register/BIc2b07a146008478c825c3b93c929d4ac
A presentation of first quarter results will be
available in the “Investors” section at corporate.abercrombie.com
at approximately 7:30 a.m. ET, today. Important information may be
disseminated initially or exclusively via the website; investors
should consult the site to access this information.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995 |
This Press Release and related statements by
management or spokespeople of Abercrombie & Fitch Co. (A&F)
contain forward-looking statements (as such term is defined in the
Private Securities Litigation Reform Act of 1995). These
statements, including, without limitation, statements regarding our
second quarter and annual fiscal 2024 results, relate to our
current assumptions, projections and expectations about our
business and future events. Any such forward-looking statements
involve risks and uncertainties and are subject to change based on
various important factors, many of which may be beyond the
company’s control. The inclusion of such information should not be
regarded as a representation by the company, or any other person,
that the objectives of the company will be achieved. Words such as
“estimate,” “project,” “plan,” “goal,” “believe,” “expect,”
“anticipate,” “intend,” “should,” “are confident,” “will,” “could,”
“outlook,” and similar expressions may identify forward-looking
statements. Except as may be required by applicable law, we assume
no obligation to publicly update or revise any forward-looking
statements, including any financial targets or estimates, whether
as a result of new information, future events, or otherwise.
Factors that may cause results to differ from those expressed in
our forward-looking statements include, but are not limited to, the
factors disclosed in Part I, Item 1A. “Risk Factors” of the
company’s Annual Report on Form 10-K for the fiscal year
ended February 3, 2024, and otherwise in our reports and
filings with the Securities and Exchange Commission, as well as the
following factors: risks related to changes in global economic and
financial conditions, including inflation, and the resulting impact
on consumer spending generally and on our operating results,
financial condition, and expense management, and our ability to
adequately mitigate the impact; risks related to geopolitical
conflict, armed conflict, the conflicts between Russia and Ukraine
or Israel and Hamas and the expansion of conflict in the
surrounding areas, including the impact of such conflicts on
international trade, supplier delivery or increased freight costs,
acts of terrorism, mass casualty events, social unrest, civil
disturbance or disobedience; risks related to our failure to engage
our customers, anticipate customer demand and changing fashion
trends, and manage our inventory; risks related to our failure to
operate effectively in a highly competitive and constantly evolving
industry; risks related to our ability to execute on, and maintain
the success of, our strategic and growth initiatives, including
those outlined in our Always Forward Plan; risks related to
fluctuations in foreign currency exchange rates; risks related to
fluctuations in our tax obligations and effective tax rate,
including as a result of earnings and losses generated from our
global operations, may result in volatility in our results of
operations; risks and uncertainty related to adverse public health
developments; risks associated with climate change and other
corporate responsibility issues; risks related to reputational harm
to the company, its officers, and directors; risks related to
actual or threatened litigation; risks related to cybersecurity
threats and privacy or data security breaches; and the potential
loss or disruption to our information systems.
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. Sub-totals and totals may not foot due
to rounding. Net income and net income per share financial measures
included herein are attributable to Abercrombie & Fitch Co.,
excluding net income attributable to noncontrolling interests.
As used in this document, unless otherwise
defined, "Abercrombie brands" refers to Abercrombie & Fitch and
abercrombie kids and "Hollister brands" refers to Hollister and
Gilly Hicks. Additionally, references to "Americas" includes North
America and South America, "EMEA" includes Europe, the Middle East
and Africa and "APAC" includes the Asia-Pacific region, including
Asia and Oceania.
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. Abercrombie & Fitch 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. Hollister 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 active lifestyle products, is designed to create happiness
through movement.
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 750
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
and www.gillyhicks.com
Investor Contact: |
Media Contact: |
|
|
Mo Gupta |
Kate Wagner |
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 |
|
May 4, 2024 |
|
% of Net Sales |
|
April 29, 2023 |
|
% of Net Sales |
Net sales |
$ |
1,020,730 |
|
|
100.0 |
% |
|
$ |
835,994 |
|
|
100.0 |
% |
Cost of sales, exclusive of
depreciation and amortization |
|
343,273 |
|
|
33.6 |
% |
|
|
326,200 |
|
|
39.0 |
% |
Gross profit |
|
677,457 |
|
|
66.4 |
% |
|
|
509,794 |
|
|
61.0 |
% |
Stores and distribution
expense |
|
371,686 |
|
|
36.4 |
% |
|
|
336,049 |
|
|
40.2 |
% |
Marketing, general and
administrative expense |
|
177,880 |
|
|
17.4 |
% |
|
|
142,631 |
|
|
17.1 |
% |
Other operating income,
net |
|
(1,958 |
) |
|
(0.2) |
% |
|
|
(2,894 |
) |
|
(0.3) |
% |
Operating income |
|
129,849 |
|
|
12.7 |
% |
|
|
34,008 |
|
|
4.1 |
% |
Interest expense |
|
5,780 |
|
|
0.6 |
% |
|
|
7,458 |
|
|
0.9 |
% |
Interest income |
|
(10,803 |
) |
|
(1.1) |
% |
|
|
(4,015 |
) |
|
(0.5) |
% |
Interest (income) expense,
net |
|
(5,023 |
) |
|
(0.5) |
% |
|
|
3,443 |
|
|
0.4 |
% |
Income before income
taxes |
|
134,872 |
|
|
13.2 |
% |
|
|
30,565 |
|
|
3.7 |
% |
Income tax expense |
|
19,794 |
|
|
1.9 |
% |
|
|
12,718 |
|
|
1.5 |
% |
Net income |
|
115,078 |
|
|
11.3 |
% |
|
|
17,847 |
|
|
2.1 |
% |
Less: Net income attributable
to noncontrolling interests |
|
1,228 |
|
|
0.1 |
% |
|
|
1,276 |
|
|
0.2 |
% |
Net income attributable to
A&F |
$ |
113,850 |
|
|
11.2 |
% |
|
$ |
16,571 |
|
|
2.0 |
% |
|
|
|
|
|
|
|
|
Net income per share
attributable to A&F |
|
|
|
|
|
|
|
Basic |
$ |
2.24 |
|
|
|
|
$ |
0.33 |
|
|
|
Diluted |
$ |
2.14 |
|
|
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
50,893 |
|
|
|
|
|
49,574 |
|
|
|
Diluted |
|
53,276 |
|
|
|
|
|
51,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
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.
In addition, the company provides EBITDA and
Adjusted EBITDA as supplemental measures used by the company's
executive management to assess the company's performance. We also
believe these supplemental performance measures are meaningful
information for investors and other interested parties to use in
computing the company's core financial performance over multiple
periods and with other companies by excluding the impact of
differences in tax jurisdictions, debt service levels and capital
investment.
Abercrombie & Fitch Co. |
Reconciliation of Constant Currency Financial
Measures |
Thirteen Weeks Ended May 4,
2024 and April 29,
2023 |
(in thousands, except percentage and basis point changes
and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
Net
sales |
|
|
|
|
|
GAAP (1) |
$ |
1,020,730 |
|
$ |
835,994 |
|
|
22% |
Impact from changes in foreign currency exchange rates (2) |
|
— |
|
|
(551) |
|
|
—% |
Net sales on a constant currency basis |
$ |
1,020,730 |
|
$ |
835,443 |
|
|
22% |
|
|
|
|
|
|
Gross
profit |
|
2024 |
|
|
2023 |
|
|
BPS Change (3) |
GAAP (1) |
$ |
677,457 |
|
$ |
509,794 |
|
|
540 |
Impact from changes in foreign currency exchange rates (2) |
|
— |
|
|
930 |
|
|
(10) |
Gross profit on a constant currency basis |
$ |
677,457 |
|
$ |
510,724 |
|
|
530 |
|
|
|
|
|
|
Operating
income |
|
2024 |
|
|
2023 |
|
|
BPS Change (3) |
GAAP (1) |
$ |
129,849 |
|
$ |
34,008 |
|
|
860 |
Excluded items (4) |
|
— |
|
|
(4,436) |
|
|
50 |
Adjusted non-GAAP |
$ |
129,849 |
|
$ |
38,444 |
|
|
810 |
Impact from changes in foreign currency exchange rates (2) |
|
— |
|
|
463 |
|
|
(10) |
Adjusted non-GAAP constant currency basis |
$ |
129,849 |
|
$ |
38,907 |
|
|
800 |
|
|
|
|
|
|
Net income
attributable to A&F |
|
2024 |
|
|
2023 |
|
|
$ Change |
GAAP (1) |
$ |
2.14 |
|
$ |
0.32 |
|
|
$1.82 |
Excluded items, net of tax (4) |
|
— |
|
|
(0.06) |
|
|
0.06 |
Adjusted non-GAAP |
$ |
2.14 |
|
$ |
0.39 |
|
|
$1.75 |
Impact from changes in foreign currency exchange rates (2) |
|
— |
|
|
— |
|
|
— |
Adjusted non-GAAP constant currency basis |
$ |
2.14 |
|
$ |
0.39 |
|
|
$1.75 |
|
(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 $4.4 million pre-tax store asset
impairment charges for the prior year. |
|
Abercrombie & Fitch Co. |
Reconciliation of Constant Currency Net Sales by Geography
and Brand |
Thirteen Weeks Ended May 4, 2024 and April 29,
2023 |
(in thousands, except percentage changes) |
(Unaudited) |
|
|
2024 |
|
|
2023 |
|
GAAP % Change |
Non-GAAP Constant Currency Basis% Change |
|
GAAP |
GAAP |
Impact From Changes In Foreign Currency Exchanges Rates (1) |
Non-GAAP Constant Currency Basis |
Net sales by segment:
(2) |
|
|
|
|
|
|
|
|
Americas (3) |
$ |
820,121 |
|
$ |
665,423 |
$ |
(62) |
$ |
665,361 |
|
23% |
23% |
EMEA (4) |
|
164,778 |
|
|
138,106 |
|
1,141 |
|
139,247 |
|
19% |
18% |
APAC (5) |
|
35,831 |
|
|
32,465 |
|
(1,630) |
|
30,835 |
|
10% |
16% |
Total
company |
$ |
1,020,730 |
|
$ |
835,994 |
$ |
(551) |
$ |
835,443 |
|
22% |
22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
GAAP % Change |
Non-GAAP Constant Currency Basis% Change |
|
GAAP |
GAAP |
Impact From Changes In Foreign Currency Exchanges Rates
(1) |
Non-GAAP Constant Currency Basis |
Net sales by
brand: |
|
|
|
|
|
|
|
|
Abercrombie (6) |
|
571,513 |
|
|
436,044 |
|
(572) |
|
435,472 |
|
31% |
31% |
Hollister (7) |
$ |
449,217 |
|
$ |
399,950 |
$ |
21 |
$ |
399,971 |
|
12% |
12% |
Total
company |
$ |
1,020,730 |
|
$ |
835,994 |
$ |
(551) |
$ |
835,443 |
|
22% |
22% |
|
(1) 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. |
(2) Net sales by segment are presented by attributing revenues
to an individual country on the basis of the segment that fulfills
the order. |
(3) The Americas segment includes the results of operations in
North America and South America. |
(4) The EMEA segment includes the results of operations in
Europe, the Middle East and Africa. |
(5) The APAC segment includes the results of operations in the
Asia-Pacific region, including Asia and Oceania. |
(6) For purposes of the above table, Abercrombie includes
Abercrombie & Fitch and abercrombie kids. |
(7) For purposes of the above table, Hollister includes
Hollister and Gilly Hicks. |
|
Abercrombie & Fitch Co. |
Reconciliation of EBITDA and Adjusted EBITDA |
Thirteen Weeks Ended May 4,
2024 and April 29,
2023 |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
2024 |
|
|
% of Net Sales |
|
2023 |
|
% of Net Sales |
Net income |
$ |
115,078 |
|
|
11.3 |
% |
$ |
17,847 |
|
2.1 |
% |
Income tax expense |
|
19,794 |
|
|
1.9 |
|
|
12,718 |
|
1.5 |
|
Interest (income) expense, net |
|
(5,023 |
) |
|
(0.5 |
) |
|
3,443 |
|
0.4 |
|
Depreciation and amortization |
|
37,689 |
|
|
3.7 |
|
|
36,028 |
|
4.3 |
|
EBITDA (1) |
$ |
167,538 |
|
|
16.4 |
% |
$ |
70,036 |
|
8.4 |
% |
|
|
|
|
|
|
|
Adjustments to EBITDA |
|
|
|
|
|
|
Asset impairment |
|
— |
|
|
— |
|
|
4,436 |
|
0.5 |
|
Adjusted EBITDA (1) |
$ |
167,538 |
|
|
16.4 |
% |
$ |
74,472 |
|
8.9 |
% |
|
(1) EBITDA
and Adjusted EBITDA are supplemental financial measures that are
not defined or prepared in accordance with GAAP. EBITDA is defined
as net income before interest, income taxes and depreciation and
amortization. Adjusted EBITDA is EBITDA adjusted for asset
impairment. |
|
Abercrombie & Fitch Co. |
Condensed Consolidated Balance Sheets |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
May 4, 2024 |
|
February 3, 2024 |
|
April 29, 2023 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and equivalents |
$ |
864,195 |
|
|
$ |
900,884 |
|
$ |
446,952 |
|
Receivables |
|
93,605 |
|
|
|
78,346 |
|
|
106,149 |
|
Inventories |
|
449,267 |
|
|
|
469,466 |
|
|
447,806 |
|
Other current assets |
|
102,516 |
|
|
|
88,569 |
|
|
107,684 |
|
Total current assets |
|
1,509,583 |
|
|
|
1,537,265 |
|
|
1,108,591 |
|
Property and equipment,
net |
|
540,697 |
|
|
|
538,033 |
|
|
550,810 |
|
Operating lease right-of-use
assets |
|
699,471 |
|
|
|
678,256 |
|
|
692,699 |
|
Other assets |
|
220,334 |
|
|
|
220,679 |
|
|
205,978 |
|
Total assets |
$ |
2,970,085 |
|
|
$ |
2,974,233 |
|
$ |
2,558,078 |
|
|
|
|
|
|
|
Liabilities and stockholders’
equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
266,925 |
|
|
$ |
296,976 |
|
$ |
221,587 |
|
Accrued expenses |
|
402,786 |
|
|
|
436,655 |
|
|
340,331 |
|
Short-term portion of operating lease liabilities |
|
188,851 |
|
|
|
179,625 |
|
|
188,520 |
|
Income taxes payable |
|
61,137 |
|
|
|
53,564 |
|
|
19,023 |
|
Total current liabilities |
|
919,699 |
|
|
|
966,820 |
|
|
769,461 |
|
Long-term liabilities: |
|
|
|
|
|
Long-term portion of operating lease liabilities |
$ |
656,862 |
|
|
$ |
646,624 |
|
$ |
682,996 |
|
Long-term borrowings, net |
|
213,102 |
|
|
|
222,119 |
|
|
297,172 |
|
Other liabilities |
|
89,252 |
|
|
|
88,683 |
|
|
97,476 |
|
Total long-term
liabilities |
|
959,216 |
|
|
|
957,426 |
|
|
1,077,644 |
|
Total Abercrombie & Fitch Co. stockholders’ equity |
|
1,078,886 |
|
|
|
1,035,160 |
|
|
701,857 |
|
Noncontrolling interests |
|
12,284 |
|
|
|
14,827 |
|
|
9,116 |
|
Total stockholders’
equity |
|
1,091,170 |
|
|
|
1,049,987 |
|
|
710,973 |
|
Total liabilities and
stockholders’ equity |
$ |
2,970,085 |
|
|
$ |
2,974,233 |
|
$ |
2,558,078 |
|
|
Abercrombie & Fitch Co. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
May 4, 2024 |
|
April 29, 2023 |
Operating
activities |
|
|
|
Net cash provided by (used for) operating activities |
$ |
95,010 |
|
|
$ |
(560 |
) |
|
|
|
|
Investing
activities |
|
|
|
Purchases of property and equipment |
$ |
(38,886 |
) |
|
$ |
(46,391 |
) |
Net cash used for investing
activities |
$ |
(38,886 |
) |
|
$ |
(46,391 |
) |
|
|
|
|
Financing
activities |
|
|
|
Purchase of senior secured notes |
|
(9,425 |
) |
|
|
— |
|
Purchases of common stock |
|
(15,000 |
) |
|
|
— |
|
Acquisition of common stock for tax withholding obligations |
|
(65,173 |
) |
|
|
(18,359 |
) |
Other financing activities |
|
(3,353 |
) |
|
|
(3,597 |
) |
Net cash used for financing
activities |
$ |
(92,951 |
) |
|
$ |
(21,956 |
) |
|
|
|
|
Effect of foreign currency
exchange rates on cash |
$ |
(857 |
) |
|
$ |
(1,998 |
) |
Net decrease in cash and
equivalents, and restricted cash and equivalents |
$ |
(37,684 |
) |
|
$ |
(70,905 |
) |
Cash and equivalents, and
restricted cash and equivalents, beginning of period |
$ |
909,685 |
|
|
$ |
527,569 |
|
Cash and equivalents, and
restricted cash and equivalents, end of period |
$ |
872,001 |
|
|
$ |
456,664 |
|
|
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