Abercrombie & Fitch Reports First Quarter EPS Growth of 19%
May 11 2004 - 5:00PM
PR Newswire (US)
Abercrombie & Fitch Reports First Quarter EPS Growth of 19% NEW
ALBANY, Ohio, May 11 /PRNewswire-FirstCall/ -- Abercrombie &
Fitch today reported that earnings per share on a fully diluted
basis for the first quarter ended May 1, 2004 rose 19% to $0.31
versus $0.26 for the comparable period last year. Net sales for the
thirteen weeks ended May 1, 2004 increased 19% to $411.9 million
from $346.7 million for the thirteen weeks ended May 3, 2003.
Comparable store sales were flat for the quarter. Net income for
the quarter increased 16% to $29.7 million compared to net income
of $25.6 million for the first quarter of fiscal 2003. Mike
Jeffries, Chairman and Chief Executive Officer, said, "I am very
pleased with our results for the quarter. Our sales trend has
improved and we continued to keep our focus on the bottom line.
Although it is difficult to predict the retail environment, I feel
confident about the position of our business and our merchandise
strategies. Assuming a continuation of the first quarter comp store
sales trend, we are comfortable with EPS estimates in the range of
$0.38 to $0.40 per diluted share for the second quarter."
Abercrombie & Fitch operated a total of 706 stores at the end
of the first quarter, including 170 abercrombie stores and 177
Hollister Co. stores. The Company operates e-commerce websites at
http://www.abercrombie.com/ , http://www.abercrombiekids.com/ , and
http://www.hollisterco.com/ . Today at 4:30 pm Eastern Time the
Company will conduct a conference call. Management will discuss the
Company's performance, its plans for the future and will accept
questions from participants. To listen to the conference call, dial
(800) 811-0667 or internationally at (913) 981-4901. To listen via
the internet, go to http://www.abercrombie.com/ , select the
Investor Relations page and click on Calendar of Events. Replays of
the call will be available shortly after its completion. The audio
replay can be accessed for two weeks following the reporting date
by calling (888) 203-1112 or internationally at (719) 457- 0820
followed by the conference ID number 302163; or for 12 months by
visiting the Company's website at http://www.abercrombie.com/ .
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 Release, the
Company's Form 10-K or made by management 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," and similar expressions may
identify forward-looking statements. The following factors, in
addition to those included in the disclosure under the heading
"RISK FACTORS" in "ITEM 1. BUSINESS" of A&F's Annual Report on
Form 10-K for the fiscal year ended January 31, 2004, in some cases
have affected and in the future could affect the Company's
financial performance and could cause actual results for the 2004
fiscal year and beyond to differ materially from those expressed or
implied in any of the forward-looking statements included in this
Release or otherwise made by management: changes in consumer
spending patterns and consumer preferences; the effects of
political and economic events and conditions domestically and in
foreign jurisdictions in which the Company operates, including, but
not limited to, acts of terrorism or war; the impact of competition
and pricing; changes in weather patterns; postal rate increases and
changes; paper and printing costs; market price of key raw
materials; ability to source product from its global supplier base;
political stability; currency and exchange risks and changes in
existing or potential duties, tariffs or quotas; availability of
suitable store locations at appropriate terms; ability to develop
new merchandise; and ability to hire, train and retain associates.
Future economic and industry trends that could potentially impact
revenue and profitability are difficult to predict. Therefore,
there can be no assurance that the forward-looking statements
included in this Release will prove to be accurate. In light of the
significant uncertainties in the forward-looking statements
included herein, 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. The
forward-looking statements herein are based on information
presently available to the management of the Company. Except as may
be required by applicable law, the Company assumes no obligation to
publicly update or revise its forward-looking statements even if
experience or future changes make it clear that any projected
results expressed or implied therein will not be realized.
Abercrombie & Fitch Co. Condensed Consolidated Statements of
Income (Unaudited) Thirteen Weeks Ended May 1, 2004 and Thirteen
Weeks Ended May 3, 2003 (in thousands except per share data) ACTUAL
ACTUAL 2004 % of Sales 2003 % of Sales Net Sales $411,930 100.0%
$346,722 100.0% Gross Income 165,590 40.2% 128,188 37.0% Gen'l,
Admin. & Store Oper. Exp. 118,269 28.7% 87,898 25.4% Operating
Income 47,321 11.5% 40,290 11.6% Interest Income, Net (985) -0.2%
(991) -0.3% Income Before Income Taxes 48,306 11.7% 41,281 11.9%
Income Tax Expense 18,630 4.5% 15,730 4.5% Effective Rate 38.6%
38.1% Net Income $29,676 7.2% $25,551 7.4% Net Income Per Share:
Basic $0.31 $0.26 Diluted $0.31 $0.26 Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets (in thousands) (unaudited)
ASSETS May 1, 2004 January 31, 2004 Current Assets Cash and
Equivalents $527,355 $511,073 Marketable Securities 10,000 10,000
Receivables 13,286 7,197 Inventories 132,268 170,703 Store Supplies
30,370 29,993 Other 24,612 23,689 Total Current Assets 737,891
752,655 Property and Equipment, Net 450,154 445,956 Other Assets
496 552 Total Assets $1,188,541 $1,199,163 LIABILITIES AND
SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $67,764
$91,364 Accrued Expenses 157,165 138,232 Income Taxes Payable
25,581 50,406 Total Current Liabilities 250,510 280,002 Long-Term
Liabilities Debt - - Deferred Income Taxes 22,717 19,516 Other
Long-Term Liabilities 27,034 28,388 Total Long-Term Liabilities
49,751 47,904 Total Shareholders' Equity 888,280 871,257 TOTAL
LIABILITIES AND $1,188,541 $1,199,163 SHAREHOLDERS' EQUITY
DATASOURCE: Abercrombie & Fitch CONTACT: Thomas D. Lennox,
Director, Investor Relations and Corporate Communications of
Abercrombie & Fitch, +1-614-283-6751 Web site:
http://www.abercrombie.com/ http://www.abercrombiekids.com/
http://www.hollisterco.com/
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