Abercrombie & Fitch Co. (NYSE: ANF) today announced the
election of two new independent board members. Helen McCluskey,
former President and Chief Executive Officer of Warnaco Group, Inc.
and Nigel Travis, Chairman of Dunkin’ Brands Group, Inc., will join
Abercrombie & Fitch Co.’s board of directors effective February
3, 2019. With these additions, Abercrombie & Fitch Co.’s
Board expands to ten directors, four of whom are female.
Commenting on the appointments, Abercrombie
& Fitch Co. Chairman of the Board, Terry Burman, said, “We are
pleased to welcome Helen and Nigel to our board, both
transformative business leaders with deep experience of growing
multi-billion-dollar global consumer brands. They will bring
invaluable additional expertise to A&F, as we continue to
transform and grow our business to become one of the leading global
omnichannel apparel retailers in the world.”
Helen McCluskey, 63, most
recently served as president and chief executive officer of Warnaco
Group, Inc. Prior to serving as its CEO, Ms. McCluskey served
as chief operating officer and group president, where she was
responsible for revitalizing the Company’s core intimate apparel
brands. Prior to her positions at Warnaco Group, McCluskey served
as president, moderate women’s sportswear at Liz Claiborne, Inc.
(now Kate Spade & Company, part of Tapestry, Inc.). Previous
roles include president, Playtex Apparel at Sara Lee Corporation,
where she also held the role of senior vice president,
marketing.
Ms. McCluskey currently serves as a director of
Dean Foods Company and is a member of its Audit and Compensation
Committees. She also serves as a director of Avon Products Inc.,
and is Chair of its Compensation and Management Development
Committee. McCluskey is a member of the Audit Committee and
the Nomination and Corporate Governance Committee Chairman on the
board of directors of Signet Jewelers Ltd. Previous board
memberships include PVH Corp. Ms. McCluskey received a Bachelor of
Science degree in mathematics from The University of
Pittsburgh.
Nigel Travis, 69, currently
serves as chairman of Dunkin’ Brands Group, Inc. having
transitioned from executive Chairman at the end of 2018. Prior to
serving as its executive chairman, Mr. Travis served as its chief
executive officer, where he successfully completed an IPO and
oversaw the development of thousands of restaurants globally.
Prior to his positions at Dunkin’ Brands, Travis was the president
and chief executive officer at Papa John’s International, Inc. His
previous experience included multiple roles at Blockbuster Inc.,
including president and chief operating officer, and executive vice
president, worldwide store and retail operations.
In addition to Dunkin’ Brands, Mr. Travis
currently serves as a director of Advance Auto Parts. He also
serves as a director of Office Depot, and is a member of its Audit
and Compensation Committees. Previous board memberships
include Lorillard Inc., Papa John’s International, Bombay Co. Inc.,
and Limelight Group Plc. Mr. Travis received a Bachelor of
Arts degree in business administration from Middlesex University in
the United Kingdom.
SAFE HARBOR STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995A&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," 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
February 3, 2018 and in A&F's subsequently filed quarterly
reports on Form 10-Q, in some cases have affected, and in the
future could affect, the company's financial performance and could
cause actual results for Fiscal 2018 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: 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 effect on our business, results of operations and
liquidity; failure to anticipate customer demand and changing
fashion trends and to manage our inventory commensurately could
adversely impact our sales levels and profitability; our market
share may be negatively impacted by increasing competition and
pricing pressures from companies with brands or merchandise
competitive with ours; fluctuations in foreign currency exchange
rates could adversely impact our financial condition and results of
operations; 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 war, acts
of terrorism or civil unrest could have a material adverse effect
on our operating results and financial condition; the expansion of
our direct-to-consumer sales channels and omnichannel initiatives
are significant components of our growth strategy, and the failure
to successfully develop our position across all channels could have
an adverse impact on our results of operations; our international
growth strategy and ability to conduct business in international
markets may be adversely affected by legal, regulatory, political
and economic risks; failure to successfully implement our strategic
plans could have a negative impact on our growth and profitability;
failure to protect our reputation could have a material adverse
effect on our brands; our business could suffer if our information
technology systems are disrupted or cease to operate effectively;
we may be exposed to risks and costs associated with cyber-attacks,
credit card fraud and identity theft that would cause us to incur
unexpected expenses and reputation loss; our reliance on DCs makes
us susceptible to disruptions or adverse conditions affecting our
supply chain; changes in cost, availability and quality of raw
materials, labor, transportation, and trade relations could cause
manufacturing delays and increase our costs; 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 result in lost sales and could increase our
costs; we rely on the experience and skills of our senior executive
officers and associates, the loss of whom could have a material
adverse effect on our business; extreme weather conditions,
including natural disasters, pandemic disease and other unexpected
events, could negatively impact our facilities, systems and stores,
as well as the facilities and systems of our vendors and
manufacturers, which could result in an interruption to our
business and adversely affect our operating results; fluctuations
in our tax obligations and effective tax rate may result in
volatility in our results of operations; our litigation exposure
could have a material adverse effect on our financial condition and
results of operations; failure to adequately protect our trademarks
could have a negative impact on our brand image and limit our
ability to penetrate new markets; changes in the regulatory or
compliance landscape and compliance with changing regulations for
accounting, corporate governance and public disclosure could
adversely affect our business, results of operations and reported
financial results; and, our Asset-Based Revolving Credit Agreement
and our Term Loan Agreement include restrictive covenants that
limit our flexibility in operating our business.
About Abercrombie & Fitch Co.
Abercrombie & Fitch Co. (NYSE: ANF) is a
leading, global specialty retailer of apparel and accessories for
Men, Women and Kids through three renowned brands. For more than
125 years, the iconic Abercrombie & Fitch brand has outfitted
innovators, explorers and entrepreneurs. Today, the brand reflects
the updated attitude of modern consumer, while remaining true to
its heritage of creating expertly crafted products with an
effortless, American style. The Hollister brand epitomizes the
liberating and carefree spirit of the endless California summer for
the teen market. abercrombie kids creates smart, playful apparel
for children ages 5-14, celebrating the wide-eyed wonder of
childhood.
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. The Company operates more than 850 stores under these
brands across North America, Europe, Asia and the Middle East, as
well as the e-commerce sites www.abercrombie.com and
www.hollisterco.com.
Investor Contact: |
|
Media Contact: |
|
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|
Pam Quintiliano |
|
Ian Bailey |
Abercrombie &
Fitch |
|
Abercrombie &
Fitch |
(614) 283-6751 |
|
(614) 283-6192 |
Investor_Relations@anfcorp.com |
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Public_Relations@anfcorp.com |
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