0001018840false00010188402024-03-062024-03-06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 06, 2024
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| Abercrombie & Fitch Co. |
| (Exact name of registrant as specified in its charter) |
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| Delaware | | 1-12107 | | 31-1469076 |
| (State or other jurisdiction of incorporation or organization) | | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
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| 6301 Fitch Path | , | New Albany | , | Ohio | | | | | 43054 |
| (Address of principal executive offices) | | | | | (Zip Code) |
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| Registrant’s telephone number, including area code: | (614) | | 283-6500 | | |
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| Not Applicable |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading symbol(s) | | Name of each exchange on which registered |
| Class A Common Stock, $0.01 Par Value | | ANF | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On March 6, 2024, Abercrombie & Fitch Co. (the “Company”) issued a news release (the “Release”) reporting the Company’s unaudited financial results for the fourth quarter and fiscal year ended February 3, 2024. A copy of the Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
In conjunction with the Release, the Company also made available additional unaudited quarterly financial information for each of the quarters in the fiscal years ended February 3, 2024 and January 28, 2023, along with additional financial information for the fiscal years ended January 29, 2022, January 30, 2021 and February 1, 2020. The additional financial information is included as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
In conjunction with the Release, the Company also made available an investor presentation of results for the fourth quarter and fiscal year ended February 3, 2024. The presentation, which is available under the “Investors” section of the Company’s website, located at corporate.abercrombie.com, is included as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference. Information on the Company’s website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the Securities and Exchange Commission.
The Company’s management conducted a conference call on March 6, 2024 to review the Company’s financial results for the fourth quarter and fiscal year ended February 3, 2024. A copy of the transcript of the conference call is included as Exhibit 99.4 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(a) through (c) Not applicable
(d) Exhibits:
The following exhibits are included with this Current Report on Form 8-K:
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| Exhibit No. | | Description |
| 99.1 | | |
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| 99.2 | | |
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| 99.3 | | |
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| 99.4 | | |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | Abercrombie & Fitch Co. |
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| March 07, 2024 | By: | /s/ Scott D. Lipesky |
| | | Scott D. Lipesky |
| | | Executive Vice President, Chief Financial Officer and Chief Operating Officer |
ABERCROMBIE & FITCH CO. REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
•Company delivers fourth quarter net sales growth of 21%, led by 35% growth in Abercrombie brands
•Full year net sales of $4.28 billion, up 16% to 2022, driven by comparable sales up 13%
•Full year net sales growth across regions and brands; Abercrombie brands comparable sales up 23%
•Full year operating margin of 11.3%, highest in fifteen years and up 880 basis points to full year 2022
New Albany, Ohio, March 6, 2024: Abercrombie & Fitch Co. (NYSE: ANF) today announced results for the fourteen week fourth quarter and fifty-three week year ended February 3, 2024. These compare to results for the thirteen week fourth quarter and fifty-two week year ended January 28, 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, “I am incredibly proud of how we performed throughout fiscal 2023, finishing with fourth quarter year-over-year net sales growth of 21%, which exceeded our January business update expectations. Our strong fourth quarter was fueled by sales growth across regions and brands. Abercrombie brands grew net sales 35%, continuing an impressive multi-quarter growth trend, while Hollister brands grew 9%, delivering a third consecutive quarter of sales growth. By staying close to our customers, tightly controlling inventories and continuing to operate with financial discipline, our team delivered year-over-year fourth quarter operating margin expansion of 800 basis points, reaching 15.3%.
Following several years of transformation across our brands, people and operating model, fiscal 2023 was a defining year for our company. In the first full year of our Always Forward Plan, we executed our playbook, delivering the right product, voice and experience across regions and brands to our global customers. Abercrombie brands finished an exceptional year with 27% net sales growth over 2022, reflecting a strong 10% compound annual growth rate from fiscal 2019. Hollister brands completed a return to sales growth of 6% over fiscal 2022, reconnecting with teen customers. Operationally, we fueled sales growth using our well-developed inventory chase capabilities while funding critical long-term investments in our people, stores and key technology platforms. Compared to 2022, we grew annual net sales 16%, improved gross profit rate by 600 basis points and delivered an operating margin of 11.3%, our highest in 15 years and above our 2025 Always Forward Plan operating margin target.
We entered fiscal 2024 in a position of strength with momentum across our brand portfolio. The success of our playbook gives us confidence that we can now shift more of our focus to expanding our global customer base. This year, our goal is to deliver sustainable, profitable growth while making the necessary investments to build and support our longer-term ambition of $5 billion in global sales.”
Details related to net income per diluted share for the fourth quarter and full year are as follows:
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| | Fourth Quarter | | Full Year |
| | 2023 | | 2022 | | 2023 | | 2022 |
| GAAP | | $ | 2.97 | | | $ | 0.75 | | | $ | 6.22 | | | $ | 0.05 | |
Excluded items, net of tax effect (1) | | — | | | (0.07) | | | (0.06) | | | (0.20) | |
| Adjusted non-GAAP | | $ | 2.97 | | | $ | 0.81 | | | $ | 6.28 | | | $ | 0.25 | |
Impact from changes in foreign currency exchange rates (2) | | — | | | 0.07 | | | — | | | (0.13) | |
| Adjusted non-GAAP constant currency | | $ | 2.97 | | | $ | 0.88 | | | $ | 6.28 | | | $ | 0.12 | |
(1)Excluded items consist of pre-tax store and other asset impairment charges and the tax effect of pre-tax excluded items.
(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 fourth quarter ended February 3, 2024:
•Net sales of $1.5 billion up 21% as compared to last year on a reported basis and 21% on a constant currency basis. The additional week in fiscal 2023 benefited fourth quarter net sales by approximately $50 million, or 430 basis points.
•Comparable sales up 16%.
•Gross profit rate of 62.9%, up 720 basis points as compared to last year. The year-over-year increase was primarily driven by 430 basis points of higher average unit retail and 290 basis points associated with lower freight and raw material costs.
•Operating expense, excluding other operating income, net, was up 19% as compared to last year, with the increase driven by higher incentive compensation, marketing, inflation, the 53rd reporting week and digital and technology expenses. Operating expense as a percentage of sales decreased to 47.6% from 48.3% last year.
•Operating income of $223 million as compared to $87 million and $92 million last year, on a reported and adjusted non-GAAP basis, respectively.
•Net income per diluted share of $2.97 as compared to net income per diluted share last year of $0.75 and $0.81 on a reported and adjusted non-GAAP basis, respectively.
A summary of results for the full year ended February 3, 2024:
•Net sales of $4.3 billion up 16% as compared to last year on a reported basis and up 16% on a constant currency basis. The additional week in fiscal 2023 benefited net sales by approximately $50 million, or 140 basis points.
•Comparable sales up 13%.
•Gross profit rate of 62.9%, up approximately 600 basis points as compared to last year. The year-over-year increase was primarily driven by 340 basis points of higher average unit retail and 300 basis points from the combination of lower freight costs and higher raw materials. Results were partially offset by 30 basis points from the adverse impact of exchange rates.
•Operating expense, excluding other operating income, net, was up 10% as compared to last year with increases in incentive compensation, inflation, marketing, the 53rd reporting week and digital and technology expenses. Operating expense as a percentage of sales decreased to 51.7% from 54.5% last year.
•Operating income of $485 million and $489 million on a reported and adjusted non-GAAP basis, respectively. This compares to operating income last year of $93 million and $107 million on a reported and adjusted non-GAAP basis, respectively.
•Net income per diluted share of $6.22 and $6.28 on a reported and adjusted non-GAAP basis, respectively, as compared to net income per diluted share last year of $0.05 and $0.25 on a reported and adjusted non-GAAP basis, respectively.
Net sales by segment and brand for the fourth quarter and full year are as follows:
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| Fourth Quarter |
| (in thousands) | 2023 | | 2022 | | 1 YR % Change | | Comparable sales (2) |
Net sales by segment: (1) | | | | | | | |
Americas (3) | $ | 1,191,259 | | | $ | 971,091 | | | 23% | | 17% |
EMEA (4) | 219,050 | | | 193,400 | | | 13% | | 10% |
APAC (5) | 42,598 | | | 35,323 | | | 21% | | 21% |
| Total company | $ | 1,452,907 | | | $ | 1,199,814 | | | 21% | | 16% |
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| Net sales by brand: | 2023 | | 2022 | | 1 YR % Change | | Comparable sales (2) |
Abercrombie (6) | 755,203 | | | 560,438 | | | 35% | | 28% |
Hollister (7) | $ | 697,704 | | | $ | 639,376 | | | 9% | | 6% |
| Total company | $ | 1,452,907 | | | $ | 1,199,814 | | | 21% | | 16% |
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| Full Year | | |
| (in thousands) | 2023 | | 2022 | | 1 YR % Change | | Comparable sales (2) |
Net sales by segment: (1) | | | | | | | |
Americas (3) | $ | 3,455,674 | | | $ | 2,920,157 | | | 18% | | 13% |
EMEA (4) | 687,095 | | | 658,794 | | | 4% | | 7% |
APAC (5) | 137,908 | | | 118,800 | | | 16% | | 26% |
| Total company | $ | 4,280,677 | | | $ | 3,697,751 | | | 16% | | 13% |
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| Net sales by brand: | 2023 | | 2022 | | 1 YR % Change | | Comparable sales (2) |
Abercrombie (6) | 2,201,686 | | | 1,734,866 | | | 27% | | 23% |
Hollister (7) | $ | 2,078,991 | | | $ | 1,962,885 | | | 6% | | 4% |
| Total company | $ | 4,280,677 | | | $ | 3,697,751 | | | 16% | | 13% |
(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)Abercrombie brands includes Abercrombie & Fitch and abercrombie kids.
(7)Hollister brands includes Hollister and Gilly Hicks.
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| Financial Position and Liquidity |
As of February 3, 2024 the company had:
•Cash and equivalents of $901 million as compared to $518 million last year.
•Inventories of $469 million, a decrease of approximately 7% over last year.
•Long-term gross borrowings under the company's senior secured notes of $223 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 $299 million.
•Liquidity, comprised of cash and equivalents and borrowing available under the ABL Facility, of approximately $1.2 billion. This compares to liquidity of $0.9 billion as of January 28, 2023.
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| Cash Flow and Capital Allocation |
Details related to the company's cash flows for the full year ended February 3, 2024 are as follows:
•Net cash provided by operating activities of $653 million.
•Net cash used for investing activities of $157 million.
•Net cash used for financing activities of $111 million.
For the full year ended February 3, 2024 the company spent $78 million to purchase $77 million at par value of its outstanding senior secured notes.
Depreciation and amortization was $141 million for fiscal 2023 as compared to $132 million in fiscal 2022.
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Fiscal 2024 Full Year Outlook |
For fiscal 2024, the company expects:
•Net sales growth in the range of 4% to 6% from $4.3 billion in fiscal 2023, which includes the adverse impact of approximately $50 million from the 53rd reporting week in fiscal 2023. We expect Abercrombie brands will continue to outperform Hollister brands and the Americas will continue to lead the regional performance. We also expect the year-over-year growth rate to be higher in the first half of the year, partially due to the calendar shifts from the 53rd week in 2023.
•Operating margin to be around 12%, compared to an adjusted operating margin of 11.4% in fiscal 2023. We expect the year-over-year improvement to be driven by a higher gross profit rate.
•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.
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Fiscal 2024 First Quarter Outlook |
For the first quarter of fiscal 2024, the company expects:
•Net sales to be up low double-digits to fiscal first quarter 2023 level of $836 million.
•Operating margin to be in the range of 8% to 10% compared to adjusted operating margin of 4.6% in Q1 2023.
•Effective tax rate to be around 10%, which is lower than the company’s statutory federal income tax rate primarily due to anticipated discrete federal income tax benefits relating to the vesting of share-based compensation, and is sensitive to the Company's actual stock price on the vesting dates.
Today at 8:30 AM, ET, the company will conduct a conference call and provide additional details around its quarterly and full year results. 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/BI9f8a4719461042eabb81da04d4f562e1
A presentation of fourth quarter and full year results will be available in the “Investors” section at corporate.abercrombie.com at approximately 7:30 AM ET, today. Important information may be disseminated initially or exclusively via the website; investors should consult the site to access this information.
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| 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 first 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 January 28, 2023, 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 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 "Hollister brands" refers to Hollister and Gilly Hicks and "Abercrombie brands" refers to Abercrombie & Fitch and abercrombie kids. 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.
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| 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. 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 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 760 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
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| Investor Contact: | | Media Contact: |
| | |
| Mohit Gupta | | Kate Wagner |
| Abercrombie & Fitch Co. | | Abercrombie & Fitch Co. |
| (614) 283-6751 | | (614) 283-6192 |
| Investor_Relations@anfcorp.com | | Public_Relations@anfcorp.com |
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| Abercrombie & Fitch Co. |
| Condensed Consolidated Statements of Operations |
| (in thousands, except per share data) |
| (Unaudited) |
| | | | | | | |
| Fourteen Weeks Ended | | Thirteen Weeks Ended |
| February 3, 2024 | | % of Net Sales | | January 28, 2023 | | % of Net Sales |
| Net sales | $ | 1,452,907 | | | 100.0 | % | | $ | 1,199,814 | | | 100.0 | % |
| Cost of sales, exclusive of depreciation and amortization | 539,338 | | | 37.1 | % | | 531,529 | | | 44.3 | % |
| Gross profit | 913,569 | | | 62.9 | % | | 668,285 | | | 55.7 | % |
| Stores and distribution expense | 499,075 | | | 34.4 | % | | 441,959 | | | 36.8 | % |
| Marketing, general and administrative expense | 193,234 | | | 13.3 | % | | 138,084 | | | 11.5 | % |
| | | | | | | |
| | | | | | | |
| Other operating (income) expense, net | (1,541) | | | (0.1) | % | | 1,220 | | | 0.1 | % |
| Operating income | 222,801 | | | 15.3 | % | | 87,022 | | | 7.3 | % |
| Interest (income) expense, net | (4,839) | | | (0.3) | % | | 4,113 | | | 0.3 | % |
| Income before income taxes | 227,640 | | | 15.7 | % | | 82,909 | | | 6.9 | % |
| Income tax expense | 66,537 | | | 4.6 | % | | 42,218 | | | 3.5 | % |
| Net income | 161,103 | | | 11.1 | % | | 40,691 | | | 3.4 | % |
| Less: Net income attributable to noncontrolling interests | 2,656 | | | 0.2 | % | | 2,358 | | | 0.2 | % |
| Net income attributable to A&F | $ | 158,447 | | | 10.9 | % | | $ | 38,333 | | | 3.2 | % |
| | | | | | | |
| Net income per share attributable to A&F | | | | | | | |
| Basic | $ | 3.13 | | | | | $ | 0.78 | | | |
| Diluted | $ | 2.97 | | | | | $ | 0.75 | | | |
| | | | | | | |
| Weighted-average shares outstanding: | | | | | | | |
| Basic | 50,559 | | | | | 49,216 | | | |
| Diluted | 53,399 | | | | | 51,217 | | | |
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| Abercrombie & Fitch Co. |
| Condensed Consolidated Statements of Operations |
| (in thousands, except per share data) |
| (Unaudited) |
| | | | | | | |
| Fifty-Three Weeks Ended | | Fifty-Two Weeks Ended |
| February 3, 2024 | | % of Net Sales | | January 28, 2023 | | % of Net Sales |
| Net sales | $ | 4,280,677 | | | 100.0 | % | | $ | 3,697,751 | | | 100.0 | % |
| Cost of sales, exclusive of depreciation and amortization | 1,587,265 | | | 37.1 | % | | 1,593,213 | | | 43.1 | % |
| Gross profit | 2,693,412 | | | 62.9 | % | | 2,104,538 | | | 56.9 | % |
| Stores and distribution expense | 1,571,737 | | | 36.7 | % | | 1,496,962 | | | 40.5 | % |
| Marketing, general and administrative expense | 642,877 | | | 15.0 | % | | 517,602 | | | 14.0 | % |
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| | | | | | | |
| Other operating income, net | (5,873) | | | (0.1) | % | | (2,674) | | | (0.1) | % |
| Operating income | 484,671 | | | 11.3 | % | | 92,648 | | | 2.5 | % |
| Interest expense, net | 372 | | | 0.0 | % | | 25,632 | | | 0.7 | % |
| Income before income taxes | 484,299 | | | 11.3 | % | | 67,016 | | | 1.8 | % |
| Income tax expense | 148,886 | | | 3.5 | % | | 56,631 | | | 1.5 | % |
| Net income | 335,413 | | | 7.8 | % | | 10,385 | | | 0.3 | % |
| Less: Net income attributable to noncontrolling interests | 7,290 | | | 0.2 | % | | 7,569 | | | 0.2 | % |
| Net income attributable to A&F | $ | 328,123 | | | 7.7 | % | | $ | 2,816 | | | 0.1 | % |
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| Net income per share attributable to A&F |
| Basic | $ | 6.53 | | | | | $ | 0.06 | | | |
| Diluted | $ | 6.22 | | | | | $ | 0.05 | | | |
| | | | | | | |
| Weighted-average shares outstanding: | | | | | | | |
| Basic | 50,250 | | | | | 50,307 | | | |
| Diluted | 52,726 | | | | | 52,327 | | | |
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.
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| Abercrombie & Fitch Co. |
| Schedule of Non-GAAP Financial Measures |
| Fifty-Three Weeks Ended February 3, 2024 |
| (in thousands, except per share data) |
| (Unaudited) |
| | | | | | |
| | GAAP (1) | | Excluded items | | Adjusted
non-GAAP |
Asset impairment (2) | | $ | 4,436 | | | $ | 4,436 | | | $ | — | |
Operating income | | 484,671 | | | (4,436) | | | 489,107 | |
Income before income taxes | | 484,299 | | | (4,436) | | | 488,735 | |
Income tax expense (3) | | 148,886 | | | (1,231) | | | 150,117 | |
Net income attributable to A&F | | $ | 328,123 | | | $ | (3,205) | | | $ | 331,328 | |
| | | | | | |
Net income per diluted share attributable to A&F | | $ | 6.22 | | | $ | (0.06) | | | $ | 6.28 | |
| Diluted weighted-average shares outstanding: | | 52,726 | | | | | 52,726 | |
(1)“GAAP” refers to accounting principles generally accepted in the United States of America.
(2)Excluded items consist of pre-tax store impairment charges of $4.4 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 |
| Fifty-Two Weeks Ended January 28, 2023 |
| (in thousands, except per share data) |
| (Unaudited) |
| | | | | | |
| | GAAP (1) | | Excluded
Items | | Adjusted
Non-GAAP |
Asset impairment (2) | | $ | 14,031 | | | $ | 14,031 | | | $ | — | |
Operating income | | 92,648 | | | (14,031) | | | 106,679 | |
Income before income taxes | | 67,016 | | | (14,031) | | | 81,047 | |
Income tax expense (3) | | 56,631 | | | (3,802) | | | 60,433 | |
Net income attributable to A&F | | $ | 2,816 | | | $ | (10,229) | | | $ | 13,045 | |
| | | | | | |
Net income per diluted share attributable to A&F | | $ | 0.05 | | | $ | (0.20) | | | $ | 0.25 | |
| Diluted weighted-average shares outstanding: | | 52,327 | | | | | 52,327 | |
(1) “GAAP” refers to accounting principles generally accepted in the United States of America.
(2) Excluded items consist of pre-tax store and other asset asset impairment charges of $14.0 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 |
Fourteen Weeks Ended February 3, 2024 and Thirteen Weeks Ended January 28, 2023 |
| (in thousands, except percentage and basis point changes and per share data) |
| (Unaudited) |
| | | | | |
| Net sales | 2023 | | 2022 | | % Change |
GAAP (1) | $ | 1,452,907 | | | $ | 1,199,814 | | | 21% |
Impact from changes in foreign currency exchange rates (2) | — | | | 5,287 | | | 0% |
| Net sales on a constant currency basis | $ | 1,452,907 | | | $ | 1,205,101 | | | 21% |
| Gross profit | 2023 | | 2022 | | BPS Change (3) |
GAAP (1) | $ | 913,569 | | | $ | 668,285 | | | 720 |
Impact from changes in foreign currency exchange rates (2) | — | | | 3,702 | | | (10) |
| Gross profit on a constant currency basis | $ | 913,569 | | | $ | 671,987 | | | 710 |
| Operating income | 2023 | | 2022 | | BPS Change (3) |
GAAP (1) | $ | 222,801 | | | $ | 87,022 | | | 800 |
Excluded items (4) | — | | | (4,695) | | | (30) |
| Adjusted non-GAAP | $ | 222,801 | | | $ | 91,717 | | | 770 |
Impact from changes in foreign currency exchange rates (2) | — | | | 4,232 | | | (40) |
| Adjusted non-GAAP constant currency basis | $ | 222,801 | | | $ | 95,949 | | | 730 |
| Net income per share attributable to A&F | 2023 | | 2022 | | $ Change |
GAAP (1) | $ | 2.97 | | | $ | 0.75 | | | $2.22 |
Excluded items, net of tax (4) | — | | | (0.07) | | | (0.07) |
| Adjusted non-GAAP | $ | 2.97 | | | $ | 0.81 | | | $2.16 |
Impact from changes in foreign currency exchange rates (2) | — | | | 0.07 | | | (0.07) |
| Adjusted non-GAAP on a constant currency basis | $ | 2.97 | | | $ | 0.88 | | | $2.09 |
(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 asset store impairment charges of $4.7 million for the prior year.
| | | | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co. |
| Reconciliation of Constant Currency Financial Measures |
Fifty-Three Weeks Ended February 3, 2024 and Fifty-Two Weeks Ended January 28, 2023 |
| (in thousands, except percentage and basis point changes and per share data) |
| (Unaudited) |
| | | | | |
| Net sales | 2023 | | 2022 | | % Change |
GAAP (1) | $ | 4,280,677 | | | $ | 3,697,751 | | | 16% |
Impact from changes in foreign currency exchange rates (2) | — | | | 6,500 | | | 0% |
| Net sales on a constant currency basis | $ | 4,280,677 | | | $ | 3,704,251 | | | 16% |
| Gross profit | 2023 | | 2022 | | BPS Change (3) |
GAAP (1) | $ | 2,693,412 | | | $ | 2,104,538 | | | 600 |
Impact from changes in foreign currency exchange rates (2) | — | | | (8,969) | | | 30 |
| Gross profit on a constant currency basis | $ | 2,693,412 | | | $ | 2,095,569 | | | 630 |
| Operating income | 2023 | | 2022 | | BPS Change (3) |
GAAP (1) | $ | 484,671 | | | $ | 92,648 | | | 880 |
Excluded items (4) | (4,436) | | | (14,031) | | | (30) |
| Adjusted non-GAAP | $ | 489,107 | | | $ | 106,679 | | | 850 |
Impact from changes in foreign currency exchange rates (2) | — | | | (9,608) | | | 30 |
| Adjusted non-GAAP on a constant currency basis | $ | 489,107 | | | $ | 97,071 | | | 880 |
| Net income per share attributable to A&F | 2023 | | 2022 | | $ Change |
GAAP (1) | $ | 6.22 | | | $ | 0.05 | | | $6.17 |
Excluded items, net of tax (4) | (0.06) | | | (0.20) | | | (0.14) |
| Adjusted non-GAAP | $ | 6.28 | | | $ | 0.25 | | | $6.03 |
Impact from changes in foreign currency exchange rates (2) | — | | | (0.13) | | | 0.13 |
| Adjusted non-GAAP on a constant currency basis | $ | 6.28 | | | $ | 0.12 | | | $6.16 |
(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 asset store impairment charges of $4.4 million and $14.0 million for the current year and prior year, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co. |
Reconciliation of Constant Currency Net Sales by Segment and Brand |
Fourteen Weeks Ended February 3, 2024 and Thirteen Weeks Ended January 28, 2023 |
| (in thousands, except percentage changes) |
| (Unaudited) |
| | | | | | | | |
| 2023 | | 2022 | | 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) | $ | 1,191,259 | | | $ | 971,091 | | $ | (58) | | $ | 971,033 | | | 23% | 23% |
EMEA (4) | 219,050 | | | 193,400 | | 6,374 | | 199,774 | | | 13% | 10% |
APAC (5) | 42,598 | | | 35,323 | | (1,029) | | 34,294 | | | 21% | 24% |
| Total company | $ | 1,452,907 | | | $ | 1,199,814 | | $ | 5,287 | | $ | 1,205,101 | | | 21% | 21% |
| | | | | | | | |
| 2023 | | 2022 | | 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) | 755,203 | | | 560,438 | | 843 | | 561,281 | | | 35% | 35% |
Hollister (7) | $ | 697,704 | | | $ | 639,376 | | $ | 4,444 | | $ | 643,820 | | | 9% | 8% |
| Total company | $ | 1,452,907 | | | $ | 1,199,814 | | $ | 5,287 | | $ | 1,205,101 | | | 21% | 21% |
(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)Abercrombie brands includes Abercrombie & Fitch and abercrombie kids.
(7)Hollister brands includes Hollister and Gilly Hicks.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co. |
Reconciliation of Constant Currency Net Sales by Segment and Brand |
Fifty-Three Weeks Ended February 3, 2024 and Fifty-Two Weeks Ended January 28, 2023 |
| (in thousands, except percentage changes) |
| (Unaudited) |
| | | | | | | | |
| 2023 | | 2022 | | 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) | $3,455,674 | | $2,920,157 | $(3,925) | $2,916,232 | | 18% | 18% |
EMEA (4) | 687,095 | | 658,794 | 15,498 | 674,292 | | 4% | 2% |
APAC (5) | 137,908 | | 118,800 | (5,073) | 113,727 | | 16% | 21% |
| Total company | $4,280,677 | | $3,697,751 | $6,500 | $3,704,251 | | 16% | 16% |
| | | | | | | | |
| 2023 | | 2022 | | 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) | $2,201,686 | | $1,734,866 | $(1,234) | $1,733,632 | | 27% | 27% |
Hollister (7) | 2,078,991 | | 1,962,885 | 7,734 | 1,970,619 | | 6% | 5% |
| Total company | $4,280,677 | | $3,697,751 | $6,500 | $3,704,251 | | 16% | 16% |
(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)Abercrombie brands includes Abercrombie & Fitch and abercrombie kids.
(7)Hollister brands includes Hollister and Gilly Hicks.
| | | | | | | | | | | | | |
| Abercrombie & Fitch Co. |
| Condensed Consolidated Balance Sheets |
| (in thousands) |
| (Unaudited) |
| | | | | |
| February 3, 2024 | | January 28, 2023 | | |
| Assets | | | | | |
| Current assets: | | | | | |
| Cash and equivalents | $ | 900,884 | | | $ | 517,602 | | | |
| Receivables | 78,346 | | | 104,506 | | | |
| Inventories | 469,466 | | | 505,621 | | | |
| Other current assets | 88,569 | | | 100,289 | | | |
| Total current assets | 1,537,265 | | | 1,228,018 | | | |
| Property and equipment, net | 538,033 | | | 551,585 | | | |
| Operating lease right-of-use assets | 678,256 | | | 723,550 | | | |
| Other assets | 220,679 | | | 209,947 | | | |
| Total assets | $ | 2,974,233 | | | $ | 2,713,100 | | | |
| Liabilities and stockholders’ equity | | | | | |
| Current liabilities: | | | | | |
| Accounts payable | $ | 296,976 | | | $ | 258,895 | | | |
| Accrued expenses | 436,655 | | | 413,303 | | | |
| Short-term portion of operating lease liabilities | 179,625 | | | 213,979 | | | |
| Income taxes payable | 53,564 | | | 16,023 | | | |
| Total current liabilities | 966,820 | | | 902,200 | | | |
| Long-term liabilities: | | | | | |
| Long-term portion of operating lease liabilities | $ | 646,624 | | | $ | 713,361 | | | |
| Long-term borrowings, net | 222,119 | | | 296,852 | | | |
| Other liabilities | 88,683 | | | 94,118 | | | |
| Total long-term liabilities | 957,426 | | | 1,104,331 | | | |
| Total Abercrombie & Fitch Co. stockholders’ equity | 1,035,160 | | | 694,841 | | | |
| Noncontrolling interests | 14,827 | | | 11,728 | | | |
| Total stockholders’ equity | 1,049,987 | | | 706,569 | | | |
| Total liabilities and stockholders’ equity | $ | 2,974,233 | | | $ | 2,713,100 | | | |
| | | | | | | | | | | |
| Abercrombie & Fitch Co. |
| Condensed Consolidated Statements of Cash Flows |
| (in thousands, except per share data) |
| (Unaudited) |
| | | |
| | | |
| Fifty-Three Weeks Ended | | Fifty-Two Weeks Ended |
| |
| February 3, 2024 | | January 28, 2023 |
| Operating activities | | | |
| Net cash provided by (used for) operating activities | $ | 653,422 | | | $ | (2,343) | |
| | | |
| Investing activities | | | |
| Purchases of property and equipment | $ | (157,797) | | | $ | (164,566) | |
| Proceeds from the sale of property and equipment | 615 | | | 11,891 | |
| Withdrawal of Rabbi Trust assets | — | | | 12,000 | |
| Net cash used for investing activities | $ | (157,182) | | | $ | (140,675) | |
| | | |
| Financing activities | | | |
| | | |
| | | |
| | | |
| | | |
| Purchase of senior secured notes | (77,972) | | | (7,862) | |
| Payment of debt issuance costs and fees | (180) | | | (181) | |
| Purchases of common stock | — | | | (125,775) | |
| | | |
| Other financing activities | (33,049) | | | (21,511) | |
| Net cash used for financing activities | $ | (111,201) | | | $ | (155,329) | |
| | | |
| Effect of foreign currency exchange rates on cash | $ | (2,923) | | | $ | (8,452) | |
| Net increase (decrease) in cash and equivalents, and restricted cash and equivalents | $ | 382,116 | | | $ | (306,799) | |
| Cash and equivalents, and restricted cash and equivalents, beginning of period | $ | 527,569 | | | $ | 834,368 | |
| Cash and equivalents, and restricted cash and equivalents, end of period | $ | 909,685 | | | $ | 527,569 | |
Abercrombie & Fitch Co.
Store Count Activity
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| | | | | | | | | | | | | | | | | |
| Fifty-Three Weeks Ended February 3, 2024 |
| AMERICAS (1) | | EMEA (2) | | APAC (3) | | Total Company |
| Abercrombie (4) | | Hollister (5) | | Abercrombie (4) | | Hollister (5) | | Abercrombie (4) | | Hollister (5) | | Abercrombie (4) | | Hollister (5) | | Total (6) |
| January 28, 2023 | 184 | | | 389 | | | 29 | | | 112 | | | 20 | | | 28 | | | 233 | | | 529 | | | 762 | |
| New | 14 | | | 7 | | | 4 | | | 6 | | | 4 | | | — | | | 22 | | | 13 | | | 35 | |
| Permanently closed | (4) | | | (12) | | | (4) | | | (10) | | | — | | | (2) | | | (8) | | | (24) | | | (32) | |
| February 3, 2024 | 194 | | | 384 | | | 29 | | | 108 | | | 24 | | | 26 | | | 247 | | | 518 | | | 765 | |
(1)The Americas segment includes the results of operations in North America and South America.
(2)The EMEA segment includes the results of operations in Europe, the Middle East and Africa.
(3)The APAC segment includes the results of operations in the Asia-Pacific region, including Asia and Oceania.
(4)Abercrombie brands includes Abercrombie & Fitch and abercrombie kids.
(5)Hollister brands includes Hollister and Gilly Hicks.
(6)Store count excludes temporary and international franchise stores.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co. |
| Financial Information |
| (Unaudited) |
| (in thousands, except per share data) |
| | | | | | | Fiscal 2022 | | | | Fiscal 2023 | | |
| 2019 | | 2020 | | 2021 | | Q1 | Q2 | Q3 | Q4 | | 2022 | | Q1 | Q2 | Q3 | Q4 | | 2023 |
| Net sales | $ | 3,623,073 | | | $ | 3,125,384 | | | $ | 3,712,768 | | | $ | 812,762 | | $ | 805,091 | | $ | 880,084 | | $ | 1,199,814 | | | $ | 3,697,751 | | | $ | 835,994 | | $ | 935,345 | | $ | 1,056,431 | | $ | 1,452,907 | | | $ | 4,280,677 | |
| Cost of sales, exclusive of depreciation and amortization | 1,472,155 | | | 1,234,179 | | | 1,400,773 | | | 363,216 | | 339,200 | | 359,268 | | 531,529 | | | 1,593,213 | | | 326,200 | | 350,965 | | 370,762 | | 539,338 | | | 1,587,265 | |
| Gross profit | 2,150,918 | | | 1,891,205 | | | 2,311,995 | | | 449,546 | | 465,891 | | 520,816 | | 668,285 | | | 2,104,538 | | | 509,794 | | 584,380 | | 685,669 | | 913,569 | | | 2,693,412 | |
| Stores and distribution expense | 1,617,635 | | | 1,452,885 | | | 1,440,423 | | | 340,965 | | 342,961 | | 371,077 | | 441,959 | | | 1,496,962 | | | 336,049 | | 352,730 | | 383,883 | | 499,075 | | | 1,571,737 | |
| Marketing, general and administrative expense | 464,615 | | | 463,843 | | | 536,815 | | | 122,149 | | 124,168 | | 133,201 | | 138,084 | | | 517,602 | | | 142,631 | | 144,502 | | 162,510 | | 193,234 | | | 642,877 | |
| Other operating (income) loss, net | (1,400) | | | (5,054) | | | (8,327) | | | (3,842) | | 953 | | (1,005) | | 1,220 | | | (2,674) | | | (2,894) | | (2,694) | | 1,256 | | (1,541) | | | (5,873) | |
| Operating income (loss) | 70,068 | | | (20,469) | | | 343,084 | | | (9,726) | | (2,191) | | 17,543 | | 87,022 | | | 92,648 | | | 34,008 | | 89,842 | | 138,020 | | 222,801 | | | 484,671 | |
| Interest (income) expense, net | 7,737 | | | 28,274 | | | 34,110 | | | 7,307 | | 6,917 | | 7,295 | | 4,113 | | | 25,632 | | | 3,443 | | 1,097 | | 671 | | (4,839) | | | 372 | |
| Income (loss) before income taxes | 62,331 | | | (48,743) | | | 308,974 | | | (17,033) | | (9,108) | | 10,248 | | 82,909 | | | 67,016 | | | 30,565 | | 88,745 | | 137,349 | | 227,640 | | | 484,299 | |
| Income tax expense (benefit) | 17,371 | | | 60,211 | | | 38,908 | | | (2,187) | | 5,634 | | 10,966 | | 42,218 | | | 56,631 | | | 12,718 | | 30,014 | | 39,617 | | 66,537 | | | 148,886 | |
| Net income (loss) | 44,960 | | | (108,954) | | | 270,066 | | | (14,846) | | (14,742) | | (718) | | 40,691 | | | 10,385 | | | 17,847 | | 58,731 | | 97,732 | | 161,103 | | | 335,413 | |
| Less: Net income attributable to noncontrolling interests | 5,602 | | | 5,067 | | | 7,056 | | | 1,623 | | 2,092 | | 1,496 | | 2,358 | | | 7,569 | | | 1,276 | | 1,837 | | 1,521 | | 2,656 | | | 7,290 | |
| Net income (loss) attributable to Abercrombie & Fitch Co. | $ | 39,358 | | | $ | (114,021) | | | $ | 263,010 | | | $ | (16,469) | | $ | (16,834) | | $ | (2,214) | | $ | 38,333 | | | $ | 2,816 | | | $ | 16,571 | | $ | 56,894 | | $ | 96,211 | | $ | 158,447 | | | $ | 328,123 | |
| | | | | | | | | | | | | | | | | | | |
| Net income (loss) per share attributable to Abercrombie & Fitch Co.: | | | | | | | | | | | | | | | | | | | |
| Basic | $0.61 | | $(1.82) | | $4.41 | | $(0.32) | $(0.33) | $(0.04) | $0.78 | | $0.06 | | $0.33 | $1.13 | $1.91 | $3.13 | | $6.53 |
| Diluted | $0.60 | | $(1.82) | | $4.20 | | $(0.32) | $(0.33) | $(0.04) | $0.75 | | $0.05 | | $0.32 | $1.10 | $1.83 | $2.97 | | $6.22 |
| | | | | | | | | | | | | | | | | | | |
| Weighted-average shares outstanding: | | | | | | | | | | | | | | | | | | | |
| Basic | 64,428 | | 62,551 | | 59,597 | | 52,077 | 50,441 | 49,486 | 49,216 | | 50,307 | | 49,574 | 50,322 | 50,504 | 50,559 | | 50,250 |
| Diluted | 65,778 | | 62,551 | | 62,636 | | 52,077 | 50,441 | 49,486 | 51,217 | | 52,327 | | 51,467 | 51,548 | 52,624 | 53,399 | | 52,726 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co. |
| Financial Information |
| (Unaudited) |
| | | | | | | Fiscal 2022 | | | | Fiscal 2023 | | |
| 2019 | | 2020 | | 2021 | | Q1 | Q2 | Q3 | Q4 | | 2022 | | Q1 | Q2 | Q3 | Q4 | | 2023 |
| Reportable segment comparable sales |
Americas comparable sales (1) (2) | Not provided | | Not provided | | Not provided | | Not provided | Not provided | Not provided | Not provided | | Not provided | | Not provided | 14 | % | 16 | % | 17 | % | | 13 | % |
EMEA comparable sales (1) (3) | Not provided | | Not provided | | Not provided | | Not provided | Not provided | Not provided | Not provided | | Not provided | | Not provided | 6 | % | 15 | % | 10 | % | | 7 | % |
APAC comparable sales (1) (4) | Not provided | | Not provided | | Not provided | | Not provided | Not provided | Not provided | Not provided | | Not provided | | Not provided | 26 | % | 32 | % | 21 | % | | 26 | % |
Comparable sales (1) | 1 | % | | Not provided | | Not provided | | Not provided | Not provided | Not provided | Not provided | | Not provided | | 3 | % | 13 | % | 16 | % | 16 | % | | 13 | % |
| | | | | | | | | | | | | | | | | | | |
| Branded comparable sales |
Abercrombie comparable sales (1) (5) | 3 | % | | Not provided | | Not provided | | Not provided | Not provided | Not provided | Not provided | | Not provided | | 14 | % | 23 | % | 26 | % | 28 | % | | 23 | % |
Hollister comparable sales (1) (6) | -1 | % | | Not provided | | Not provided | | Not provided | Not provided | Not provided | Not provided | | Not provided | | -6 | % | 5 | % | 7 | % | 6 | % | | 4 | % |
Comparable sales (1) | 1 | % | | Not provided | | Not provided | | Not provided | Not provided | Not provided | Not provided | | Not provided | | 3 | % | 13 | % | 16 | % | 16 | % | | 13 | % |
| | | | | | | | | | | | | | | | | | | |
(1) 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, fiscal 2021 or fiscal 2022 due to temporary store closures as a result of COVID-19. |
(2) The Americas reportable segment includes the results of operations in North America and South America. |
(3) The EMEA reportable segment includes the results of operations in Europe, the Middle East and Africa. |
(4) The APAC reportable segment includes the results of operations in the Asia-Pacific region, including Asia and Oceania. |
(5) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands. |
(6) Hollister includes the Company's Hollister and Gilly Hicks brands. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co. |
| Store Count Information |
| (Unaudited) |
| AMERICAS (1) | | EMEA (2) | | APAC (3) | | Total Company |
| Abercrombie (4) | | Hollister (5) | | Abercrombie (4) | | Hollister (5) | | Abercrombie (4) | | Hollister (5) | | Abercrombie (4) | | Hollister (5) | | Total (6) |
| January 28, 2023 | 184 | | | 389 | | | 29 | | | 112 | | | 20 | | | 28 | | | 233 | | | 529 | | | 762 | |
| New | 14 | | | 7 | | | 4 | | | 6 | | | 4 | | | — | | | 22 | | | 13 | | | 35 | |
| Permanently closed | (4) | | | (12) | | | (4) | | | (10) | | | — | | | (2) | | | (8) | | | (24) | | | (32) | |
| February 3, 2024 | 194 | | | 384 | | | 29 | | | 108 | | | 24 | | | 26 | | | 247 | | | 518 | | | 765 | |
| | | | | | | | | | | | | | | | | |
Gross square footage (in thousands): |
| January 28, 2023 | 1,176 | | | 2,487 | | | 181 | | | 907 | | | 132 | | | 185 | | | 1,489 | | | 3,579 | | | 5,068 | |
| February 3, 2024 | 1,188 | | | 2,459 | | | 187 | | | 828 | | | 149 | | | 169 | | | 1,524 | | | 3,456 | | | 4,980 | |
| | | | | | | | | | | | | | | | | |
(1) The Americas segment includes the results of operations in North America and South America. |
(2) The EMEA segment includes the results of operations in Europe, the Middle East and Africa. |
(3) The APAC segment includes the results of operations in the Asia-Pacific region, including Asia and Oceania. |
(4) Abercrombie brands includes Abercrombie & Fitch and abercrombie kids. |
(5) Hollister brands includes Hollister and Gilly Hicks. |
(6) Store count excludes temporary and international franchise stores. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co. |
| Store Count Information |
| (Unaudited) |
| Abercrombie (1) | | Hollister (2) | | Total Company (3) |
| 2019 | 2020 | 2021 | 2022 | 2023 | | 2019 | 2020 | 2021 | 2022 | 2023 | | 2019 | 2020 | 2021 | 2022 | 2023 |
| Legacy stores | 190 | | 123 | | 97 | | 88 | | 78 | | | 240 | | 199 | | 185 | | 173 | | 158 | | | 430 | | 322 | | 282 | | 261 | | 236 | |
| Updated formats | 63 | | 69 | | 86 | | 106 | | 130 | | | 290 | | 285 | | 304 | | 334 | | 344 | | | 353 | | 354 | | 390 | | 440 | | 474 | |
| Outlet stores | 41 | | 40 | | 37 | | 37 | | 38 | | | 15 | | 12 | | 15 | | 22 | | 16 | | | 56 | | 52 | | 52 | | 59 | | 54 | |
| Flagship stores | 14 | | 6 | | 4 | | 2 | | 1 | | | 1 | | 1 | | 1 | | — | | — | | | 15 | | 7 | | 5 | | 2 | | 1 | |
| Total stores | 308 | | 238 | | 224 | | 233 | | 247 | | | 546 | | 497 | | 505 | | 529 | | 518 | | | 854 | | 735 | | 729 | | 762 | | 765 | |
| | | | | | | | | | | | | | | | | |
(1) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands. |
(2) Hollister includes the Company's Hollister and Gilly Hicks brands. |
(3) Store count excludes temporary and international franchise stores. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co. |
| Store Count Information |
| (Unaudited) |
| Abercrombie (1) | | Hollister (2) | | Total Company |
| 2019 | 2020 | 2021 | 2022 | 2023 | | 2019 | 2020 | 2021 | 2022 | 2023 | | 2019 | 2020 | 2021 | 2022 | 2023 |
| New stores | 21 | | 9 | | 16 | | 21 | | 22 | | | 19 | | 6 | | 22 | | 38 | | 13 | | | 40 | | 15 | | 38 | | 59 | | 35 | |
| Remodels | — | | — | | — | | — | | 4 | | | 24 | | 4 | | 2 | | 1 | | 9 | | | 24 | | 4 | | 2 | | 1 | | 13 | |
| Right-sizes | 14 | | 2 | | 3 | | 4 | | 5 | | | 12 | | 4 | | 2 | | 4 | | 4 | | | 26 | | 6 | | 5 | | 8 | | 9 | |
| New experiences | 35 | | 11 | | 19 | | 25 | | 31 | | | 55 | | 14 | | 26 | | 43 | | 26 | | | 90 | | 25 | | 45 | | 68 | | 57 | |
| Permanent closures | (32) | | (81) | | (30) | | (12) | | (8) | | | (15) | | (56) | | (14) | | (14) | | (24) | | | (47) | | (137) | | (44) | | (26) | | (32) | |
| Net store openings (closures) | (11) | | (72) | | (14) | | 9 | | 14 | | | 4 | | (50) | | 8 | | 24 | | (11) | | | (7) | | (122) | | (6) | | 33 | | 3 | |
| | | | | | | | | | | | | | | | | |
(1) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands. |
(2) Hollister includes the Company's Hollister and Gilly Hicks brands. |
INVESTOR PRESENTATION: FOURTH QUARTER 2023
Safe Harbor and Other Information 3 Company Overview 5 Q4 2023 and Full Year Results 15 Appendix 21 TABLE OF CONTENTS 2
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation and related statements by management or spokespeople of 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 first 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 January 28, 2023, 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 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. OTHER INFORMATION As used in this presentation, unless otherwise defined, references to "Abercrombie" or "Abercrombie brands" includes Abercrombie & Fitch and abercrombie kids and references to "Hollister" or "Hollister brands" includes 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. 3
4 REPORTING AND USE OF GAAP AND NON-GAAP MEASURES The following presentation includes certain adjusted non-GAAP financial measures. Additional details about non-GAAP financial measures and a reconciliation of GAAP financial measures to non-GAAP financial measures is included in the Appendix to this presentation. As used in the presentation, "GAAP" refers to accounting principles generally accepted in the United States of America. 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. 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, 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.
5 Abercrombie & Fitch Co. is a global, digitally-led, omnichannel apparel and accessories retailer catering to kids through millennials with assortments curated for their specific lifestyle needs Our corporate purpose of 'We are here for you on the journey to being and becoming who you are' fuels our customer-led brands and our global associates
COMPANY OVERVIEW 6 OUR GLOBAL BRANDS
$1.46B $1.29B $1.56B $1.73B $2.20B FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 60% 40% 7 PRODUCT 247 GLOBAL NET SALES CUSTOMER VOICE EXPERIENCE STORES GLOBALLY STORES DIGITAL +10% GROWTH CAGR NET SALES BY CHANNEL (FY 2023) POST GRAD LOVES TO TRAVEL FASHION OBSESSED DIGITALLY-LED TARGETING MILLENNIALS ~ ~
EXPERIENCE $2.16B $1.83B $2.15B $1.96B $2.08B FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 8 518 PRODUCT CUSTOMER VOICE TEENS ENGAGE DIGITALLY GLOBAL NET SALES NET SALES BY CHANNEL (FY 2023) PURCHASE IN-STORE 30% 70% STORES DIGITAL STORES GLOBALLY 2023 BACK TO GROWTH +6% Y/Y COMING INTO THEIR OWN COMFORT OBSESSED VALUE VERSATILITY FINANCIALLY RELIANT TARGETING GEN Z W/ MILLENNIAL PARENTS ~ ~
COMPANY OVERVIEW Fiscal 2017 - 2022 STABILIZE & TRANSFORM 9 FOCUS ON SUSTAINABLE, PROFITABLE GROWTH 2022: $3.7B Sales 3% Op Margin 2025 Target1: $4.1-$4.3B Sales 8%+ Op Margin Longer-Term Ambition1: $5B Sales 10%+ Op Margin 2023 - 2025 ALWAYS FORWARD PLAN BUILT ON YEARS OF TRANSFORMATION 2023 Results: $4.3B Sales 11% Op Margin BEYOND 2025 (1) As presented in our June 2022 Investor Day
COMPANY OVERVIEW STABILIZE & TRANSFORM STABILIZE & TRANSFORM SALES & PROFITABILITY 10 Net Sales (in $ billions) Operating Income (Loss) (in $ millions) COVID CLOSURE IMPACT COVID CLOSURE IMPACT EXPECT +4-6% GROWTH OP MARGIN 11%3%9%(1%)2%4%2% EXPECT ~12% MARGIN Y/Y GROWTH $3.5 $3.6 $3.6 $3.1 $3.7 $3.7 $4.3 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 16%0%19%(14%)1%3%5% $72 $127 $70 $(20) $343 $93 $485 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
COMPANY OVERVIEW ALWAYS FORWARD PLAN EXECUTE GLOBAL BRAND GROWTH PLANS •Data driven approach to store expansion •Grow brand lovers through digital marketing and social selling ACCELERATE AN ENTERPRISE-WIDE DIGITAL REVOLUTION •"Know Them Better" - continued expansion and acceleration of investments in customer analytics to improve customer engagement •"Wow Them Everywhere" - continued investments in people, systems, and processes to improve the end-to-end customer experience OPERATE WITH FINANCIAL DISCIPLINE •Operate with a more agile cost structure •Seek expense efficiencies while protecting investments in digital, technology and store growth 2025 TARGETS: $4.1B - $4.3B REVENUES 8%+ OPERATING MARGIN $600M MINIMUM FREE CASH FLOW GENERATION OVER 3 YEARS LONG-TERM GOAL OF $5B IN REVENUES AND A 10%+ OPERATING MARGIN 1 2 3 11 ALWAYS FORWARD PLAN INTRODUCED AT JUNE 2022 INVESTOR DAY ALWAYS FORWARD PLAN PILLARS
COMPANY OVERVIEW 1 PRODUCT GLOBAL BRAND GROWTH 12 COLLECTIONS & EXTENSIONS • Active (YPB in A&F) • A&F Best Dressed Guest • Graphics Licensing DIGITAL CUSTOMER ACQUISITION • Influencer Channel • Social Commerce (Instagram, TikTok, WeChat) • Affiliate Sales GEOGRAPHIC EXPANSION • Localized Physical/Digital Experiences • Fuel Regional Growth (Americas, EMEA, APAC) • Digital Marketplaces VOICE EXPERIENCE
COMPANY OVERVIEW 13 • Lead with Personalization • Fast, Digital Product Testing • Real Estate Location Analytics • Modernize Foundation (Retail ERP, Data Infrastructure) • Consistent Omnichannel experience (Digital and In-Store) • Powerful, Modern Loyalty Program ENTERPRISE-WIDE DIGITAL REVOLUTION2
COMPANY OVERVIEW (1) Reflected as a percent of net sales. 14 $4.3B 62.9% 2023 51.7% 11.3% OPERATING EXPENSE (1) $4.1B-$4.3B 60% - 63% 52% - 53% 8%+OPERATING INCOME (1) GROSS PROFIT (1) NET SALES FINANCIAL DISCIPLINE3 $3.7B 56.9% 2022 54.5% 2.5% 2025 TARGET GROSS PROFIT RATE expansion from 2022 on improved AUR and lower freight costs OPERATING EXPENSE leverage from sales growth, net of expected inflation and investments in digital infrastructure, marketing 2023 SIGNIFICANT ACHIEVEMENT TO 2025 TARGETS
GROSS MARGIN 62.9% 15.3% "I am incredibly proud of how we performed throughout fiscal 2023, finishing with fourth quarter year-over-year net sales growth of 21%, which exceeded our January business update expectations. We entered fiscal 2024 in a position of strength with momentum across our brand portfolio. The success of our playbook gives us confidence that we can now shift more of our focus to expanding our global customer base." Fran Horowitz, CEO Abercrombie & Fitch Co. 15 2023 21% Y/Y OPERATING MARGIN NET SALES GLOBAL SALES GROWTH FINANCIAL DISCIPLINE 800 BPS Y/Y 720 BPS Y/Y $1.45B AMERICAS +23%Y/Y EMEA +13%Y/Y APAC +21%Y/Y Q4 UPDATE
2023 Q4 RESULTS $35 $32 $32 $31 $43 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $971 $665 $731 $868 $1,191 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $193 $138 $172 $158 $219 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 16 Americas Net Sales (in $ millions) EMEA Net Sales (in $ millions) APAC Net Sales (in $ millions) • Net sales up 23% to last year • Comparable sales up 17% to last year(1) • Net sales up 13% to last year • Comparable sales up 10% to last year(1) • Net sales up 21% to last year • Comparable sales up 21% to last year(1) (1) Comparable sales are calculated on a constant currency basis. Refer to "Reporting and Use of GAAP and Non-GAAP Measures" for further discussion. 2023 Q4 NET SALES RESULTS BY SEGMENT +23% Y/Y +13% Y/Y +21% Y/Y
2023 Q4 RESULTS $639 $400 $473 $509 $698 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $1,200 $836 $935 $1,056 $1,453 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $560 $436 $463 $548 $755 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 17 Total Company Net Sales (in $ millions) Abercrombie Brands Net Sales (in $ millions) Hollister Brands Net Sales (in $ millions) • Net sales up 21.1% to last year • Comparable sales up 16% to last year(1) • Third consecutive quarter of sales growth rate acceleration • 52% of total net sales • Third consecutive quarter of sales growth; balance across regions • 48% of total net sales (1) Comparable sales are calculated on a constant currency basis. Refer to "Reporting and Use of GAAP and Non-GAAP Measures" for further discussion. 2023 Q4 NET SALES RESULTS BY BRAND +21% Y/Y +35% Y/Y +9% Y/Y
2023 Q4 RESULTS • Benefit from AUR growth (approx. 430 bps) and lower freight and raw material costs (approx. 290 bps) 55.7% 61.0% 62.5% 64.9% 62.9% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $87 $34 $90 $138 $223 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 18 Gross Profit Rate (as a % of net sales) Operating Income (in $ millions) • Driven by 21% increase in sales compared to LY, gross profit rate expansion and expense leverage 2023 Q4 GROSS PROFIT/ OPERATING INCOME +$136M Y/Y +720 bps Y/Y
2023 Q4 RESULTS CASH & EQUIVALENTS • $901M as compared to $518M last year INVENTORIES • $469M, down 7% from last year • Clean, current inventory position with regained chase capability in 2023 SHORT-TERM BORROWINGS • No borrowings outstanding under the company's senior secured revolving credit facility ("ABL Facility") • $299M of borrowing available under ABL Facility as of February 3, 2024 GROSS LONG-TERM BORROWINGS • $223M outstanding compared with 300M last year TOTAL LIQUIDITY (1) • $1.2B as compared to $866M last year $506M $448M $493M $595M $469M Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 $0M $100M $200M $300M $400M $500M $600M $700M (1) Liquidity is comprised of cash and equivalents and borrowing available under the ABL Facility. 19 Inventory FINANCIAL POSITION2023 Q4
OUTLOOK 20 2024 FISCAL OUTLOOK PREVIOUS FULL YEAR OUTLOOK (1) Q1 2024 Q1 OUTLOOK NET SALES UP LOW DOUBLE-DIGITS OPERATING MARGIN IN THE RANGE OF 8% TO 10%(1) EFFECTIVE TAX RATE AROUND 10%(2) FY 2024 FULL YEAR OUTLOOK NET SALES GROWTH IN THE RANGE OF 4% TO 6% OPERATING MARGIN AROUND 12% EFFECTIVE TAX RATE MID-TO-HIGH 20s(3) CAPITAL EXPENDITURES ~$170 MILLION (1) We expect the year-over-year improvement to be driven by a higher gross profit rate and higher AURs. (2) The current outlook assumes a tax rate lower than the company’s statutory federal income tax rate primarily due to anticipated discrete federal income tax benefits relating to the vesting of share-based compensation, with the rate also being sensitive to the jurisdictional mix and level of income. (3) The current outlook assumes a tax rate sensitive to the jurisdictional mix and level of income.
APPENDIX 21
APPENDIX INCOME STATEMENT (1) Gross profit is derived from cost of sales, exclusive of depreciation and amortization. 22 Q4 GAAP FULL YEAR GAAP (in thousands) Q4 2023 % OF NET SALES Q4 2022 % OF NET SALES 2023 % OF NET SALES 2022 % OF NET SALES NET SALES $1,452,907 100.0% $1,199,814 100.0% $4,280,677 100.0% $3,697,751 100.0% GROSS PROFIT (1) 913,569 62.9% 668,285 55.7% 2,693,412 62.9% 2,104,538 56.9% OPERATING EXPENSE 692,309 47.6% 580,043 48.3% 2,214,614 51.7% 2,014,564 54.5% OTHER OPERATING (INCOME) EXPENSE, NET (1,541) (0.1)% 1,220 0.1% (5,873) (0.1)% (2,674) (0.1)% OPERATING INCOME 222,801 15.3% 87,022 7.3% 484,671 11.3% 92,648 2.5% INTEREST (INCOME) EXPENSE, NET (4,839) (0.3)% 4,113 0.3% 372 0.0% 25,632 0.7% INCOME BEFORE INCOME TAXES 227,640 15.7% 82,909 6.9% 484,299 11.3% 67,016 1.8% INCOME TAX EXPENSE 66,537 4.6% 42,218 3.5% 148,886 3.5% 56,631 1.5% NET INCOME $158,447 10.9% $38,333 3.2% $328,123 7.7% $2,816 0.1% NET INCOME PER SHARE BASIC $3.13 $0.78 $6.53 $0.06 DILUTED $2.97 $0.75 $6.22 $0.05 WEIGHTED-AVERAGE SHARES BASIC 50,559 49,216 50,250 50,307 DILUTED 53,399 51,217 52,726 52,327
APPENDIX (in thousands) Q4 2023 % OF NET SALES Q4 2022 % OF NET SALES 1 YR Δ BPS (3) STORES AND DISTRIBUTION 499,075 34.4% 441,959 36.8% (240) MARKETING, GENERAL & ADMINISTRATIVE 193,234 13.3% 138,084 11.5% 180 TOTAL OPERATING EXPENSE - GAAP $692,309 47.6% $580,043 48.3% (70) RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSE TOTAL OPERATING EXPENSE - GAAP $692,309 47.6% $580,043 48.3% (70) EXCLUDED ITEMS (4) — —% 4,695 0.3% (30) TOTAL ADJUSTED OPERATING EXPENSE - NON-GAAP $692,309 47.6% $575,348 48.0% (40) (1) Includes operating lease costs, other landlord charges, utilities, depreciation and other occupancy expense. (2) Includes selling payroll, store management and support, other store expense, direct-to-consumer expense, and distribution center costs. (3) Rounded based on reported percentages. (4) Excluded items consist of pre-tax store and other asset impairment charges for the current year and pre-tax store asset impairment charges for the prior year, respectively. Refer to the Appendix for further details. Q4 OPERATING EXPENSE 23
APPENDIX 24 FULL YEAR OPERATING EXPENSE (in thousands) 2023 % OF NET SALES 2022 % OF NET SALES 1 YR Δ BPS (3) STORES AND DISTRIBUTION 1,571,737 36.7% 1,496,962 40.5% (380) MARKETING, GENERAL & ADMINISTRATIVE 642,877 15.0% 517,602 14.0% 100 ASSET IMPAIRMENT — —% — —% — TOTAL OPERATING EXPENSE - GAAP $2,214,614 51.7% $2,014,564 54.5% (280) RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSE TOTAL OPERATING EXPENSE - GAAP $2,214,614 51.7% $2,014,564 54.5% (280) EXCLUDED ITEMS (4) 4,436 0.1% 14,031 0.4% (30) TOTAL ADJUSTED OPERATING EXPENSE - NON-GAAP $2,210,178 51.6% $2,000,533 54.1% (250) (1) Includes operating lease costs, other landlord charges, utilities, depreciation and other occupancy expense. (2) Includes selling payroll, store management and support, other store expense, direct-to-consumer expense, and distribution center costs. (3) Rounded based on reported percentages. (4) Excluded items consist of pre-tax store and other asset impairment charges for the current year and pre-tax store asset impairment charges for the prior year, respectively. Refer to the Appendix for further details.
APPENDIX BALANCE SHEET 25 (in thousands) FEBRUARY 3, 2024 JANUARY 28, 2023 CASH AND EQUIVALENTS $900,884 $517,602 RECEIVABLES 78,346 104,506 INVENTORIES 469,466 505,621 OTHER CURRENT ASSETS 88,569 100,289 TOTAL CURRENT ASSETS $1,537,265 $1,228,018 PROPERTY AND EQUIPMENT, NET 538,033 551,585 OPERATING LEASE RIGHT-OF-USE ASSETS 678,256 723,550 OTHER ASSETS 220,679 209,947 TOTAL ASSETS $2,974,233 $2,713,100 ACCOUNTS PAYABLE $296,976 $258,895 ACCRUED EXPENSES 436,655 413,303 SHORT-TERM PORTION OF OPERATING LEASE LIABILITIES 179,625 213,979 INCOME TAXES PAYABLE 53,564 16,023 TOTAL CURRENT LIABILITIES $966,820 $902,200 LONG-TERM PORTION OF OPERATING LEASE LIABILITIES 646,624 713,361 LONG-TERM BORROWINGS, NET 222,119 296,852 OTHER LIABILITIES 88,683 94,118 TOTAL LONG-TERM LIABILITIES $957,426 $1,104,331 TOTAL ABERCROMBIE & FITCH CO. STOCKHOLDERS EQUITY 1,035,160 694,841 NONCONTROLLING INTEREST 14,827 11,728 TOTAL STOCKHOLDERS' EQUITY $1,049,987 $706,569 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,974,233 $2,713,100
APPENDIX STATEMENT OF CASH FLOWS 26 YEAR TO DATE PERIOD ENDED (in thousands) FEBRUARY 3, 2024 JANUARY 28, 2023 NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES $653,422 $(2,343) PURCHASES OF PROPERTY AND EQUIPMENT (157,797) (164,566) PROCEEDS FROM THE SALE OF PROPERTY AND EQUIPMENT 615 11,891 WITHDRAWAL OF RABBI TRUST ASSETS — 12,000 NET CASH USED FOR INVESTING ACTIVITIES $(157,182) $(140,675) PURCHASE OF SENIOR SECURED NOTES (77,972) (7,862) PAYMENT OF DEBT ISSUANCE COSTS AND FEES (180) (181) PURCHASES OF COMMON STOCK — (125,775) OTHER FINANCING ACTIVITIES (33,049) (21,511) NET CASH USED FOR FINANCING ACTIVITIES $(111,201) $(155,329) EFFECT OF FOREIGN CURRENCY EXCHANGE RATES ON CASH (2,923) (8,452) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS $382,116 $(306,799) CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS, BEGINNING OF PERIOD $527,569 $834,368 CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS, END OF PERIOD $909,685 $527,569
APPENDIX SHARE REPURCHASES 27 SINCE THE START OF 2021, THE COMPANY REPURCHASED APPROXIMATELY 15 MILLION SHARES FOR APPROXIMATELY $503 MILLION. THERE IS APPROXIMATELY 232 MILLION REMAINING UNDER OUR PREVIOUSLY AUTHORIZED SHARE REPURCHASE PROGRAM. SHARE REPURCHASES (in thousands, except for average cost) NUMBER OF SHARES COST AVERAGE COST TOTAL FY 2021 10,200 $377,290 $36.99 $377,290 FY 2022 4,770 $125,775 $26.37 $125,775 FY 2023 — $— $— $— (in thousands) FY 2020 FY 2021 FY 2022 FY 2023 ENDING SHARES OUTSTANDING 62,399 52,985 49,002 50,500
APPENDIX (1) The tax effect of excluded items, calculated as the difference between the tax provision on a GAAP basis and an adjusted non-GAAP basis. FULL YEAR RECONCILIATION OF GAAP TO NON-GAAP RESULTS STATEMENT OF OPERATIONS FY 2023 GAAP EXCLUDED ITEMS FY 2023 NON-GAAP ASSET IMPAIRMENT $4,436 $4,436 $— OPERATING INCOME 484,671 (4,436) 489,107 INCOME BEFORE INCOME TAXES 484,299 (4,436) 488,735 INCOME TAX EXPENSE (1) 148,886 (1,231) 150,117 NET INCOME $328,123 $(3,205) $331,328 NET INCOME PER DILUTED SHARE $6.22 $(0.06) $6.28 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 52,726 52,726 FY 2022 GAAP EXCLUDED ITEMS FY 2022 NON-GAAP ASSET IMPAIRMENT $14,031 $14,031 $— OPERATING INCOME 92,648 (14,031) 106,679 INCOME BEFORE INCOME TAXES 67,016 (14,031) 81,047 INCOME TAX EXPENSE (1) 56,631 (3,802) 60,433 NET INCOME $2,816 $(10,229) $13,045 NET INCOME PER DILUTED SHARE $0.05 $(0.20) $0.25 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 52,327 52,327 28
APPENDIX Q4 RECONCILIATION OF CONSTANT CURRENCY RESULTS NET SALES Q4 2023 Q4 2022 Δ % GAAP $1,452,907 $1,199,814 21% IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — 5,287 0% NON-GAAP CONSTANT CURRENCY BASIS $1,452,907 $1,205,101 21% GROSS PROFIT Q4 2023 Q4 2022 Δ BPS (2) GAAP $913,569 $668,285 720 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — 3,702 (10) NON-GAAP CONSTANT CURRENCY BASIS $913,569 $671,987 710 OPERATING INCOME Q4 2023 Q4 2022 Δ BPS (2) GAAP $222,801 $87,022 800 EXCLUDED ITEMS (3) — (4,695) (30) ADJUSTED NON-GAAP $222,801 $91,717 770 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — 4,232 (40) ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $222,801 $95,949 730 NET INCOME PER DILUTED SHARE Q4 2023 Q4 2022 Δ $ GAAP $2.97 $0.75 $2.22 EXCLUDED ITEMS, NET OF TAX (3) — (0.07) (0.07) ADJUSTED NON-GAAP $2.97 $0.81 $2.16 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — 0.07 (0.07) ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $2.97 $0.88 $2.09 (1) The 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 impact from foreign currency is calculated using a 26% tax rate. (2) The estimated basis point impact has been rounded based on the percentage change. (3) Excluded items consist of pre-tax store and other asset impairment charges for the current year and pre-tax store asset impairment charges for the prior year, respectively. 29
APPENDIX FULL YEAR RECONCILIATION OF CONSTANT CURRENCY RESULTS NET SALES FY 2023 FY 2022 Δ % GAAP $4,280,677 $3,697,751 16% IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — 6,500 0% NON-GAAP CONSTANT CURRENCY BASIS $4,280,677 $3,704,251 16% GROSS PROFIT FY 2023 FY 2022 Δ BPS (2) GAAP $2,693,412 $2,104,538 600 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (8,969) 30 NON-GAAP CONSTANT CURRENCY BASIS $2,693,412 $2,095,569 630 OPERATING (LOSS) INCOME FY 2023 FY 2022 Δ BPS (2) GAAP $484,671 $92,648 880 EXCLUDED ITEMS (3) (4,436) (14,031) (30) ADJUSTED NON-GAAP $489,107 $106,679 850 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (9,608) 30 ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $489,107 $97,071 880 NET (LOSS) INCOME PER DILUTED SHARE FY 2023 FY 2022 Δ $ GAAP $6.22 $0.05 $6.17 EXCLUDED ITEMS, NET OF TAX (3) (0.06) (0.20) (0.14) ADJUSTED NON-GAAP $6.28 $0.25 $6.03 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (0.13) 0.13 ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $6.28 $0.12 $6.16 (1) The 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 impact from foreign currency is calculated using a 26% tax rate. (2) The estimated basis point impact has been rounded based on the percentage change. (3) Excluded items consist of pre-tax store and other asset impairment charges for the current year and pre-tax store asset impairment charges for the prior year, respectively. 30
APPENDIX (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. The per diluted share estimated impact from foreign currency is calculated using a 26% tax rate. (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) Abercrombie includes Abercrombie & Fitch and abercrombie kids. (4) Hollister includes Hollister and Gilly Hicks. (in thousands) Q4 2023 Q4 2022 GAAP Δ % NON-GAAP CONSTANT CURRENCY BASIS Δ %GAAP IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) NON-GAAP CONSTANT CURRENCY BASIS NET SALES BY REGION: (2) AMERICAS $ 1,191,259 $ 971,091 $ (58) $ 971,033 23% 23% EMEA 219,050 193,400 6,374 199,774 13% 10% APAC 42,598 35,323 (1,029) 34,294 21% 24% TOTAL COMPANY $ 1,452,907 $ 1,199,814 $ 5,287 $ 1,205,101 21% 21% (in thousands) Q4 2023 Q4 2022 GAAP Δ % NON-GAAP CONSTANT CURRENCY BASIS Δ % GAAP IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) NON-GAAP CONSTANT CURRENCY BASIS NET SALES BY BRAND: ABERCROMBIE (3) 755,203 560,438 843 561,281 35% 35% HOLLISTER (4) $ 697,704 $ 639,376 $ 4,444 $ 643,820 9% 8% TOTAL COMPANY $ 1,452,907 $ 1,199,814 $ 5,287 $ 1,205,101 21% 21% Q4 RECONCILIATION OF GAAP TO NON-GAAP RESULTS NET SALES BY BRAND AND GEOGRAPHY 31
APPENDIX (in thousands) FY 2023 FY 2022 GAAP Δ % NON-GAAP CONSTANT CURRENCY BASIS Δ %GAAP IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) NON-GAAP CONSTANT CURRENCY BASIS NET SALES BY REGION: (2) AMERICAS $ 3,455,674 $ 2,920,157 $ (3,925) $ 2,916,232 18% 18% EMEA 687,095 658,794 15,498 674,292 4% 2% APAC 137,908 118,800 (5,073) 113,727 16% 21% TOTAL COMPANY $ 4,280,677 $ 3,697,751 $ 6,500 $ 3,704,251 16% 16% (in thousands) FY 2023 FY 2022 GAAP Δ % NON-GAAP CONSTANT CURRENCY BASIS Δ % GAAP IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) NON-GAAP CONSTANT CURRENCY BASIS NET SALES BY BRAND: ABERCROMBIE (3) 2,201,686 1,734,866 (1,234) 1,733,632 27% 27% HOLLISTER (4) $ 2,078,991 $ 1,962,885 $ 7,734 $ 1,970,619 6% 5% TOTAL COMPANY $ 4,280,677 $ 3,697,751 $ 6,500 $ 3,704,251 16% 16% FULL YEAR RECONCILIATION OF GAAP TO NON-GAAP RESULTS NET SALES BY BRAND AND GEOGRAPHY 32 (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. The per diluted share estimated impact from foreign currency is calculated using a 26% tax rate. (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) Abercrombie includes Abercrombie & Fitch and abercrombie kids. (4) Hollister includes Hollister and Gilly Hicks.
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