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Abercrombie & Fitch Co. Message Board

  • bluecheese4u bluecheese4u Feb 22, 2013 7:22 AM Flag

    ABERCROMBIE & FITCH REPORTS RECORD SALES AND STRONG EARNINGS GROWTH BOARD OF DIRECTORS INCREASES QUARTERLY DIVIDEND TO $0.20 ANNOUNCES CHANGE IN METHOD OF ACCOUNTING FOR INVENTORY

    ABERCROMBIE & FITCH REPORTS RECORD SALES AND STRONG EARNINGS GROWTH BOARD OF DIRECTORS INCREASES QUARTERLY DIVIDEND TO $0.20 ANNOUNCES CHANGE IN METHOD OF ACCOUNTING FOR INVENTORY

    New Albany, Ohio, February 22, 2013: Abercrombie & Fitch Co. (NYSE: ANF) today reported preliminary unaudited fourth quarter results which reflected net income of $173.2 million and net income per diluted share of $2.15 for the fourteen weeks ended February 2, 2013, compared to net income of $19.6 million and net income per diluted share of $0.22 for the thirteen weeks ended January 28, 2012 under the retail method of accounting for inventory. Additionally, the Company reported full year net income of $263.2 million and net income per diluted share of $3.16 for the fifty-three weeks ended February 2, 2013, compared to net income of $127.7 million and net income per diluted share of $1.43 for the fifty-two weeks ended January 28, 2012 under the retail method.

    The Company also announced that it has changed its method of accounting for inventory from the retail method to the cost method effective in the fourth quarter. The Company believes it is useful to investors to provide the fourth quarter and full year results under both the retail and cost methods of accounting for inventory to #$%$ the Company's performance in Fiscal 2012. For more information about the change from the retail method to the cost method of accounting for inventory, see "Cost Method of Accounting for Inventory" below and the appendix to the investor presentation that will be available in the "Investors" section of the Company's website at

    phxDOTcorporate-irDOTnet/phoenixDOTzhtml?c=61701&p=earningsDisclosure_Print&erid=470792&vs=txt

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