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Abercrombie & Fitch Co. (ANF)

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Previous Close15.64
Open15.63
Bid0.00 x 800
Ask17.30 x 1300
Day's Range14.90 - 15.82
52 Week Range7.42 - 18.83
Volume1,737,601
Avg. Volume2,535,373
Market Cap935.598M
Beta (5Y Monthly)1.50
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMar 05, 2020
1y Target EstN/A
  • Abercrombie & Fitch Launches New Miniseries Focused on Mental Health, Hosted by World Champion Soccer Player Megan Rapinoe
    GlobeNewswire

    Abercrombie & Fitch Launches New Miniseries Focused on Mental Health, Hosted by World Champion Soccer Player Megan Rapinoe

    Megan Rapinoe A&F Launches New Miniseries focused on mental health, hosted by World Champion soccer player, Megan Rapinoe. ABERCROMBIE & FITCH LAUNCHES NEW MINISERIES FOCUSED ON MENTAL HEALTH, HOSTED BY WORLD CHAMPION SOCCER PLAYER MEGAN RAPINOE A&F's Instagram series focused on mental health will release episodes throughout October and will feature heartfelt conversations between Megan Rapinoe and other members of A&F’s 2020 Fierce Family, including model and trans rights activist, Leyna Bloom; Paralympian and activist, Scout Bassett; former NFL player and poet, Ryan Russell; cowboy, community trailblazer and founding member of the Compton Cowboys, Randy Savvy; model, singer, actor and LGBTQIA+ activist, Laith Ashley; and influencer and self-love advocate Halle Hathaway. The “A&F Conversations x Megan Rapinoe” IGTV series features fellow Fierce ambassadors Gus Kenworthy, Scout Bassett and more as they explore the importance of mental wellness through their own stories NEW ALBANY, Ohio, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Abercrombie & Fitch, a division of Abercrombie & Fitch Co. (NYSE: ANF), is proud to announce a new seven-part Instagram miniseries dedicated to mental health and wellness. Hosted by World Champion soccer player and activist Megan Rapinoe, the IGTV series will feature in-depth discussions with members of A&F’s 2020 “Fierce Family”. This initiative builds on “A&F Conversations”, an existing video series focused on honest conversations about social justice and other topics that are important to A&F’s customers, communities and partners. The “A&F Conversations x Megan Rapinoe” miniseries will build on that by diving into topics like coming out, intersectionality, racial identity, trans rights, self-love, body acceptance, overcoming adversity, disability representation and more.The series was announced on A&F’s Instagram on Saturday, October 10th, coinciding with World Mental Health Day. The first episode, which features Rapinoe and Olympic skier and LGBTQIA+ activist Gus Kenworthy sharing their stories of coming out, was subsequently released on National Coming Out Day. In the episode, Kenworthy details his mental health challenges and experiences as a gay man in the hypermasculine world of men’s sports.“Through this series, we are incredibly proud to bring conversations about mental health to the forefront, as it is a topic that is extremely important to us and our customers,” said Carey Krug, SVP of Marketing at Abercrombie & Fitch. “These conversations explore the unique journey each member of our Fierce Family has taken, while also highlighting unifying threads of self-love and acceptance, their remarkable resilience in the face of adversity and their courage to share their stories in an effort to tackle the cultural stigma associated with mental health.”The remaining six episodes will be released throughout October and will feature heartfelt conversations between Rapinoe and other members of A&F’s 2020 Fierce Family, including model and trans rights activist, Leyna Bloom; Paralympian and activist, Scout Bassett; former NFL player and poet, Ryan Russell; cowboy, community trailblazer and founding member of the Compton Cowboys, Randy Savvy; model, singer, actor and LGBTQIA+ activist, Laith Ashley; and influencer and self-love advocate Halle Hathaway.   To view the A&F Conversations series, including the latest A&F Conversations x Megan Rapinoe episode, visit and follow A&F on Instagram at www.instagram.com/abercrombie. To learn more about A&F’s other campaigns and initiatives, visit https://www.abercrombie.com/shop/us/about-us.SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained herein 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 assume no obligation to publicly update or revise our forward-looking statements. Risks and uncertainties related to the duration and impact of the COVID-19 pandemic on the Company and the factors disclosed in “ITEM 1A. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020, 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 2020 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. About Abercrombie & FitchAbercrombie & Fitch believes every day should feel as exceptional as the start of the long weekend. Since 1892, the brand has been a specialty retailer of quality apparel, accessories and fragrance – designed to inspire our global customers to feel confident, be comfortable and face their Fierce.Abercrombie & Fitch is the namesake brand of Abercrombie & Fitch Co. (NYSE: ANF), and is sold through more than 300 stores (includes abercrombie kids) worldwide and www.abercrombie.com globally.Media Contact: Cory Weaver, Ph.D.Abercrombie & Fitch(614) 586-2717Public_Relations@anfcorp.comBusiness Media Contact:Kara FerraraAbercrombie & Fitch Co.(614) 283-6192Public_Relations@anfcorp.comInvestor Contact:Pam Quintiliano Abercrombie & Fitch Co.(614) 283-6877Investor_Relations@anfcorp.comPhotos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e6ea01f6-bcfd-4ef0-ba82-0a9224f74b3ehttps://www.globenewswire.com/NewsRoom/AttachmentNg/8f3334c7-bff5-40bf-92e7-c6f130d2944d

  • GlobeNewswire

    Abercrombie & Fitch Co. Reports Second Quarter Results

    Digital sales growth, gross profit rate expansion and operating expense leverage resulting in positive cash flows and net income per diluted share of $0.09NEW ALBANY, Ohio, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE: ANF) today announced results for the second quarter ended August 1, 2020. These compare to results for the second quarter ended August 3, 2019. Descriptions of the use of non-GAAP financial measures and reconciliations of GAAP and non-GAAP financial measures accompany this release. A summary of results for the second quarter ended August 1, 2020 as compared the second quarter ended August 3, 2019: * Net sales of $698 million, down 17% as compared to last year, reflecting the adverse impact of COVID-19 on store sales. * Digital net sales increased 56% to $386 million, reflecting robust growth in every month of the quarter. * Gross profit rate improved 140 basis points to 60.7% on lower promotional and clearance activity. * Operating expense leveraged, reflecting an ongoing focus on tightly managing costs. Operating expense as a percentage of sales decreased 490 basis points and 610 basis points on a reported and adjusted non-GAAP basis, respectively, reflecting the adverse impact from flagship store exit charges last year of approximately 530 basis points. * Operating income improved to $14 million and $22 million on a reported and adjusted non-GAAP basis, respectively, as compared to an operating loss last year of $39 million, which reflected $45 million of flagship store exit charges. * Net income per diluted share improved to $0.09 and $0.23 on a reported and adjusted non-GAAP basis, respectively, as compared to net loss per diluted share last year of $0.48, which reflected the adverse impact from flagship store exit charges of approximately $0.50 per diluted share, net of estimated tax effect. * Generated positive operating cash flows of $187 million during the second quarter ended August 1, 2020, ending the quarter with $767 million of cash and equivalents and liquidity of approximately $1.1 billion.Fran Horowitz, Chief Executive Officer, said, “We are listening, learning and evolving, and staying nimble in this unprecedented period of turmoil and uncertainty. Since the start of the pandemic, our global teams have been tirelessly at work, rapidly pivoting in response to the changing environment due to COVID-19 and calls for social justice. We have made many difficult decisions with a purpose of strengthening our company for near-term success and long-term growth.”“We ended the quarter with approximately $1.1 billion of liquidity, reflecting $187 million of operating cash flow generated in the second quarter. By managing to the tough current environment and our daily demand trends, we were able to grow our highly penetrated digital revenue base by 56% year-over-year to $386 million, expand our gross profit rate by 140 basis points and leverage operating expense, resulting in robust operating margin improvement.”“We are proud of our recent execution, although cognizant and humbled by the many unknowns we as individuals and as a company continue to face. Looking ahead, the physical and mental health and safety of our customers, associates and communities remains a top priority. We will continue to be vigilant, thoughtfully managing operations while leveraging our strong liquidity position to strategically invest in critical functions that support our future global growth opportunities.”Details related to net income (loss) per diluted share for the second quarter are as follows:   2020   2019 (1)  GAAP $0.09  $(0.48) Excluded items, net of tax effect (2) (0.15) —  Adjusted non-GAAP $0.23  $(0.48) Benefit from changes in foreign currency exchange rates (3) —  0.02  Adjusted non-GAAP constant currency $0.23  $(0.46) (1)Results include the adverse impact from flagship store exit charges of approximately $0.50 per diluted share, net of estimated tax effect. (2)Excluded items this year consist of certain pre-tax store impairment charges and the tax effect of pre-tax excluded items. (3)The estimated impact from foreign currency is calculated by applying current period exchange rates to prior year results using a 26% tax rate.   Net Sales Net sales by brand and region for the second quarter are as follows:(in thousands)2020 2019 % Change Net sales by brand:      Hollister$429,248  $504,758  (15)% Abercrombie (1)269,080  336,320  (20)% Total company$698,328  $841,078  (17)%        Net sales by region:2020 2019 % Change United States$458,671  $543,472  (16)% EMEA171,297  200,642  (15)% APAC41,814  67,350  (38)% Other26,546  29,614  (10)% International$239,657  $297,606  (19)% Total company$698,328  $841,078  (17)% (1)Abercrombie includes the Abercrombie & Fitch and abercrombie kids brands. Financial Position and Liquidity As of August 1, 2020 the company had: * Cash and equivalents of $767 million. This compares to cash and equivalents of $671 million and $500 million as of February 1, 2020 and August 3, 2019, respectively. * Inventories of $453 million, down 7% as compared to August 3, 2019. * Long-term gross borrowings under the company’s senior secured notes of $350 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 $295 million. * Liquidity, comprised of cash and equivalents and borrowing available under the ABL Facility, of $1.061 billion. This compares to liquidity of $914 million and $810 million as of February 1, 2020 and August 3, 2019, respectively.Cash Flow and Capital Allocation Details related to the company’s cash flows for the year-to-date period ended August 1, 2020 are as follows: * Net cash provided by operating activities of $96 million, reflecting proceeds from withdrawing the majority of excess funds from the company’s Rabbi Trust assets of $50 million in the first quarter ended May 2, 2020 and $187 million of cash generated in the second quarter ended August 1, 2020. * Net cash used for investing activities of $76 million. Based on actions taken, the company expects capital expenditures for fiscal 2020 to be approximately $100 million as compared to $203 million of capital expenditures in fiscal 2019. * Net cash provided by financing activities of $71 million, reflecting $100 million of cash used in the second quarter ended August 1, 2020 as proceeds from the issuance of the Senior Secured Notes of $350 million were used, along with existing cash on hand, to repay the then outstanding borrowings under the credit facilities.The company has returned $28 million to shareholders during the year-to-date period ended August 1, 2020 through share repurchases and dividends, prior to the company’s decision to temporarily suspend its share repurchase and dividend programs in light of COVID-19.Depreciation and amortization was $83 million for the year-to-date period ended August 1, 2020.Outlook The company has seen, and expects to continue to see, material adverse impacts as a result of COVID-19. As a result, for the third quarter of fiscal 2020, the company expects net sales to be down in the range of 15% to 20% as compared to last year.As the current circumstances and the impacts of COVID-19 on the company’s operations, including the duration and impact on overall customer demand, are dynamic, the company is not providing additional details for the third quarter or full year of fiscal 2020.Conference Call Today at 8:30 AM, ET, the company will conduct a conference call. To listen to the conference call, dial (800) 458-4121 or go to corporate.abercrombie.com. The international call-in number is (323) 794-2093. This call will be recorded and made available by dialing the replay number (888) 203-1112 or the international number (719) 457-0820 followed by the conference ID number 9820490 or through corporate.abercrombie.com. A presentation of second quarter results will be available in the “Investors” section at corporate.abercrombie.com at approximately 7:30 AM, ET, today.Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this 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 1, 2020 and Current Report on Form 8-K filed with the Securities and Exchange Commission on June 17, 2020, in some cases have affected, and in the future could affect, A&F’s financial performance and could cause actual results for fiscal 2020 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: the current outbreak of the novel coronavirus, or COVID-19, has materially adversely impacted and disrupted, and may continue to materially adversely impact and cause disruption to, our business, financial performance and condition, operating results, liquidity and cash flows; the spread of the COVID-19 outbreak has caused significant disruptions in the United States and global economy, the extent of the impact and duration of which is not yet known and any future outbreak of any other highly infectious or contagious disease could have a similar impact; 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 impact on our business; failure to engage our customers, anticipate customer demand and changing fashion trends, and manage our inventory commensurately could have a material adverse impact on our business; our failure to operate in a highly competitive and constantly evolving industry could have a material adverse impact on our business; fluctuations in foreign currency exchange rates could have a material adverse impact on our business; 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, mass casualty events or civil unrest could have a material adverse impact on our business; the impact of extreme weather, infectious disease outbreaks, including COVID-19, and other unexpected events could result in an interruption to our business, as well as to the operations of our third-party partners, and have a material adverse impact on our business; failure to successfully develop an omnichannel shopping experience, a significant component of our growth strategy, or failure to successfully invest in customer, digital and omnichannel initiatives could have a material adverse impact on our business; our failure to optimize our global store network could have a material adverse impact on our business; our failure to execute our international growth strategy successfully and inability to conduct business in international markets as a result of legal, tax, regulatory, political and economic risks could have a material adverse impact on our business; failure to protect our reputation could have a material adverse impact on our business; if our information technology systems are disrupted or cease to operate effectively it could have a material adverse impact on our business; we may be exposed to risks and costs associated with cyber-attacks, data protection, credit card fraud and identity theft that could have a material adverse impact on our business; our reliance on our distribution centers makes us susceptible to disruptions or adverse conditions affecting our supply chain; changes in the cost, availability and quality of raw materials, labor, transportation, and trade relations could have a material adverse impact on our business; 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 have a material adverse impact on our business; we rely on the experience and skills of our executive officers and associates, and the failure to attract or retain this talent, or effectively manage succession could have a material adverse impact on our business; fluctuations in our tax obligations and effective tax rate may result in volatility in our results of operations could have a material adverse impact on our business; our litigation exposure, or any securities litigation and shareholder activism, could have a material adverse impact on our business; failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets which could have a material adverse impact on our business; changes in the regulatory or compliance landscape could have a material adverse impact on our business; and our credit facilities include restrictive covenants that limit our flexibility in operating our business and our inability to obtain credit on reasonable terms in the future could have an adverse impact on 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. Abercrombie & Fitch believes that every day should feel as exceptional as the start of the long weekend. Since 1892, the brand has been a specialty retailer of quality apparel, outerwear and fragrance - designed to inspire our global customers to feel confident, be comfortable and face their Fierce. The quintessential retail brand of the global teen consumer, Hollister Co. believes in liberating the spirit of an endless summer inside everyone. At Hollister, summer isn’t just a season, it’s a state of mind. Hollister creates carefree style designed to make all teens feel celebrated and comfortable in their own skin, so they can live in a summer mindset all year long, whatever the season. A global specialty retailer of quality, comfortable, made-to-play favorites, abercrombie kids sees the world through kids’ eyes, where play is life and every day is an opportunity to be anything and better everything.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 approximately 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:    Pamela QuintilianoMackenzie Gusweiler Abercrombie & Fitch Co.Abercrombie & Fitch Co. (614) 283-6751(614) 283-6192 Investor_Relations@anfcorp.comPublic_Relations@anfcorp.com Abercrombie & Fitch Co. Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited)           Thirteen Weeks Ended Thirteen Weeks Ended  August 1, 2020 % of August 3, 2019 % of Net SalesNet Sales Net sales$698,328  100.0% $841,078  100.0% Cost of sales, exclusive of depreciation and amortization274,720  39.3% 342,445  40.7% Gross profit423,608  60.7% 498,633  59.3% Stores and distribution expense310,370  44.4% 376,347  44.7% Marketing, general and administrative expense97,252  13.9% 115,694  13.8% Flagship store exit (benefits) charges(3,884) (0.6)% 44,994  5.3% Asset impairment, exclusive of flagship store exit charges8,083  1.2% 715  0.1% Other operating (income) loss, net(2,356) (0.3)% 367  0.0% Operating income (loss)14,143  2.0% (39,484) (4.7)% Interest expense, net7,098  1.0% 1,370  0.2% Income (loss) before income taxes7,045  1.0% (40,854) (4.9)% Income tax expense (benefit)1,253  0.2% (11,330) (1.3)% Net income (loss)5,792  0.8% (29,524) (3.5)% Less: Net income attributable to noncontrolling interests328  0.0% 1,618  0.2% Net income (loss) attributable to Abercrombie & Fitch Co.$5,464  0.8% $(31,142) (3.7)%          Net income (loss) per share attributable to Abercrombie & Fitch Co.:        Basic$0.09    $(0.48)   Diluted$0.09    $(0.48)            Weighted-average shares outstanding:        Basic62,527    65,156    Diluted63,286    65,156      Abercrombie & Fitch Co. Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited)           Twenty-six Weeks Ended Twenty-six Weeks Ended  August 1, 2020 % of August 3, 2019 % of Net SalesNet Sales Net sales$1,183,687  100.0% $1,575,050  100.0% Cost of sales, exclusive of depreciation and amortization495,934  41.9% 632,327  40.1% Gross profit687,753  58.1% 942,723  59.9% Stores and distribution expense632,494  53.4% 732,959  46.5% Marketing, general and administrative expense205,509  17.4% 227,641  14.5% Flagship store exit (benefits) charges(4,427) (0.4)% 46,738  3.0% Asset impairment, exclusive of flagship store exit charges51,011  4.3% 2,377  0.2% Other operating income, net(1,850) (0.2)% (250) 0.0% Operating loss(194,984) (16.5)% (66,742) (4.2)% Interest expense, net10,469  0.9% 1,986  0.1% Loss before income taxes(205,453) (17.4)% (68,728) (4.4)% Income tax expense (benefit)32,786  2.8% (20,918) (1.3)% Net loss(238,239) (20.1)% (47,810) (3.0)% Less: Net income attributable to noncontrolling interests445  0.0% 2,487  0.2% Net loss attributable to Abercrombie & Fitch Co.$(238,684) (20.2)% $(50,297) (3.2)%          Net loss per share attributable to Abercrombie & Fitch Co.:        Basic$(3.82)   $(0.76)   Diluted$(3.82)   $(0.76)            Weighted-average shares outstanding:        Basic62,543    65,848    Diluted62,543    65,848               Reporting and Use of GAAP and Non-GAAP MeasuresThe 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 certain asset impairment charges related to the company’s flagship stores and significant impairments primarily attributable to the COVID-19 pandemic, 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) direct-to-consumer 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.  Abercrombie & Fitch Co. Schedule of Non-GAAP Financial Measures Thirteen Weeks Ended August 1, 2020 (in thousands, except per share data) (Unaudited)         GAAP (1) Excluded items Adjusted non-GAAP Asset impairment, exclusive of flagship store exit charges (2)$8,083  $8,083  $—  Operating income14,143  (8,083) 22,226  Income before income taxes7,045  (8,083) 15,128  Income tax expense (3)1,253  1,166  87  Net income attributable to Abercrombie & Fitch Co.$5,464  $(9,249) $14,713         Net income per diluted share attributable to Abercrombie & Fitch Co.$0.09  $(0.15) $0.23  Diluted weighted-average shares outstanding:63,286    63,286  (1)“GAAP” refers to accounting principles generally accepted in the United States of America. (2)Excluded items consist of pre-tax store asset impairment charges of $8.1 million, which are principally the result of the impact of COVID-19 on store cash flows. (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 Twenty-six Weeks Ended August 1, 2020 (in thousands, except per share data) (Unaudited)         GAAP (1) Excluded items Adjusted non-GAAP Asset impairment, exclusive of flagship store exit charges (2)$51,011  $51,011  $—  Operating loss(194,984) (51,011) (143,973) Loss before income taxes(205,453) (51,011) (154,442) Income tax expense (3)32,786  (3,266) 36,052  Net loss attributable to Abercrombie & Fitch Co.$(238,684) $(47,745) $(190,939)        Net loss per diluted share attributable to Abercrombie & Fitch Co.$(3.82) $(0.76) $(3.05) Diluted weighted-average shares outstanding:62,543    62,543  (1)“GAAP” refers to accounting principles generally accepted in the United States of America. (2)Excluded items consist of pre-tax store asset impairment charges of $51.0 million which are principally the result of the impact of COVID-19 on store cash flows. (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 Thirteen Weeks Ended August 1, 2020 (in thousands, except percentage and basis point changes and per share data) (Unaudited)          2020   2019  % Change Net sales      GAAP (1)$698,328  $841,078   (17)% Adverse impact from changes in foreign currency exchange rates (2)—  (2,125)  —% Non-GAAP constant currency basis$698,328  $838,953   (17)%        Gross profit 2020   2019  BPS Change (3) GAAP (1)$423,608  $498,633   140  Adverse impact from changes in foreign currency exchange rates (2)—  (1,408)  —  Non-GAAP constant currency basis$423,608  $497,225   140         Operating income (loss) 2020   2019  BPS Change (3) GAAP (1)$14,143  $(39,484)  670  Excluded items (4)(8,083) —   (120) Adjusted non-GAAP$22,226  $(39,484)  790  Benefit from changes in foreign currency exchange rates (2)—  926   (10) Adjusted non-GAAP constant currency basis$22,226  $(38,558)  780         Net income (loss) per diluted share attributable to Abercrombie & Fitch Co. 2020   2019  $ Change GAAP (1)$0.09  $(0.48) $0.57  Excluded items, net of tax (4)(0.15) —   (0.15) Adjusted non-GAAP$0.23  $(0.48) $0.71  Benefit from changes in foreign currency exchange rates (2)—  0.02   (0.02) Adjusted non-GAAP constant currency basis$0.23  $(0.46) $0.69  (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 this year consist of pre-tax store asset impairment charges of $8.1 million, which are principally the result of the impact of COVID-19 on store cash flows. Abercrombie & Fitch Co. Condensed Consolidated Balance Sheets (in thousands) (Unaudited)         August 1, 2020 February 1, 2020 August 3, 2019 Assets      Current assets:      Cash and equivalents$766,721  $671,267  $499,757  Receivables88,323  80,251  98,691  Inventories453,239  434,326  487,109  Other current assets75,160  78,905  86,586  Total current assets1,383,443  1,264,749  1,172,143  Property and equipment, net635,703  665,290  649,360  Operating lease right-of-use assets1,073,464  1,230,954  1,216,998  Other assets216,204  388,672  368,503  Total assets$3,308,814  $3,549,665  $3,407,004         Liabilities and stockholders’ equity      Current liabilities:      Accounts payable$284,221  $219,919  $226,234  Accrued expenses351,849  302,214  279,050  Short-term portion of operating lease liabilities278,495  282,829  273,989  Income taxes payable6,425  10,392  10,903  Total current liabilities920,990  815,354  790,176  Long-term liabilities:      Long-term portion of operating lease liabilities$1,122,853  $1,252,634  $1,229,609  Long-term borrowings, net343,250  231,963  251,033  Other liabilities108,111  178,536  132,891  Total long-term liabilities1,574,214  1,663,133  1,613,533  Total Abercrombie & Fitch Co. stockholders’ equity805,681  1,058,810  991,977  Noncontrolling interests7,929  12,368  11,318  Total stockholders’ equity813,610  1,071,178  1,003,295  Total liabilities and stockholders’ equity$3,308,814  $3,549,665  $3,407,004               Abercrombie & Fitch Co. Condensed Consolidated Statements of Cash Flows (in thousands, except per share data) (Unaudited)            Twenty-six Weeks Ended  August 1, 2020 August 3, 2019 Operating activities    Net cash provided by (used for) operating activities$96,233  $(36,055)      Investing activities    Purchases of property and equipment$(75,621) $(94,224) Net cash used for investing activities$(75,621) $(94,224)      Financing activities    Proceeds from issuance of senior secured notes$350,000  $—  Proceeds from borrowings under the asset-based senior secured credit facility210,000  —  Repayment of term loan facility borrowings(233,250) —  Repayment of borrowings under the asset-based senior secured credit facility(210,000) —  Payment of debt issuance costs and fees(6,558) —  Purchases of common stock(15,172) (57,812) Dividends paid(12,556) (26,385) Other financing activities(11,135) (7,727) Net cash provided by (used for) financing activities$71,329  $(91,924)      Effect of foreign currency exchange rates on cash$1,785  $(2,455) Net increase (decrease) in cash and equivalents, and restricted cash and equivalents$93,726  $(224,658) Cash and equivalents, and restricted cash and equivalents, beginning of period$692,264  $745,829  Cash and equivalents, and restricted cash and equivalents, end of period$785,990  $521,171           Abercrombie & Fitch Co. Store Count Hollister (1) Abercrombie (2) Total  United States International United States International United States International May 2, 2020390 153 253 53 643 206 New1 2 1 3 2 5 Permanently closed(5) — (1) — (6) — August 1, 2020386 155 253 56 639 211 New— — — — — — Permanently closed— — — (1) — (1) August 24, 2020386 155 253 55 639 210 Number of stores currently open (3)331 155 217 55 548 210 Percent of stores currently open (3)86% 100% 86% 100% 86% 100% (1)Locations with Gilly Hicks carveouts within Hollister stores are represented as a single store count. Excludes nine and 10 international franchise stores as of August 1, 2020 and May 2, 2020, respectively. Excludes 15 and 14 Company-operated temporary stores as of August 1, 2020 and May 2, 2020, respectively. (2)Abercrombie includes the company's Abercrombie & Fitch and abercrombie kids brands. Locations with abercrombie kids carveouts within Abercrombie & Fitch stores are represented as a single store count. Excludes eight international franchise stores as of each of August 1, 2020 and May 2, 2020. Excludes six and four Company-operated temporary stores as of August 1, 2020 and May 2, 2020, respectively. (3)In response to COVID-19, the company temporarily closed certain of its Company-operated stores. These amounts relate to the number of stores open as of August 24, 2020. Stores that have reopened after being temporarily closed as a result of the COVID-19 pandemic may reflect modified operating hours.

  • GlobeNewswire

    Abercrombie & Fitch Co. to Report Second Quarter 2020 Results on August 27, 2020

    NEW ALBANY, Ohio, July 31, 2020 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE: ANF) will host its quarterly earnings conference call for all interested parties on Thursday, August 27, 2020, at 8:30 a.m. ET.  A press release detailing the company’s second quarter results is expected to be issued shortly after 7:30 a.m. ET.  In addition, a presentation of the second quarter results will be available on the company’s website at approximately 7:30 a.m. ET. What:Abercrombie & Fitch Co. Second Quarter 2020 Earnings Conference Call    When:8:30 a.m. ET, Thursday, August 27, 2020    Where:http://corporate.abercrombie.com/investors    How:Log on to the above website, or call:     Domestic Dial-In Number: 1-800-458-4121  Domestic Replay Number: 1-888-203-1112, conference ID number 9820490     International Dial-In Number: 1-323-794-2093  International Replay Number: 1-719-457-0820, conference ID number 9820490 The call will be archived and can be accessed by visiting the company’s website at corporate.abercrombie.com. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this 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 A&F’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 1, 2020 and Current Report on Form 8-K filed with the Securities and Exchange Commission on June 17, 2020, in some cases have affected, and in the future could affect, A&F’s financial performance and could cause actual results for fiscal 2020 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: the current outbreak of the novel coronavirus, or COVID-19, has materially adversely impacted and disrupted, and may continue to materially adversely impact and cause disruption to, our business, financial performance and condition, operating results, liquidity and cash flows; the spread of the COVID-19 outbreak has caused significant disruptions in the United States and global economy, the extent of the impact and duration of which is not yet known and any future outbreak of any other highly infectious or contagious disease could have a similar impact; 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 impact on our business; failure to engage our customers, anticipate customer demand and changing fashion trends, and manage our inventory commensurately could have a material adverse impact on our business; our failure to operate in a highly competitive and constantly evolving industry could have a material adverse impact on our business; fluctuations in foreign currency exchange rates could have a material adverse impact on our business; 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, mass casualty events or civil unrest could have a material adverse impact on our business; the impact of extreme weather, infectious disease outbreaks, including COVID-19, and other unexpected events could result in an interruption to our business, as well as to the operations of our third-party partners, and have a material adverse impact on our business; failure to successfully develop an omnichannel shopping experience, a significant component of our growth strategy, or failure to successfully invest in customer, digital and omnichannel initiatives could have a material adverse impact on our business; our failure to optimize our global store network could have a material adverse impact on our business; our failure to execute our international growth strategy successfully and inability to conduct business in international markets as a result of legal, tax, regulatory, political and economic risks could have a material adverse impact on our business; failure to protect our reputation could have a material adverse impact on our business; if our information technology systems are disrupted or cease to operate effectively it could have a material adverse impact on our business; we may be exposed to risks and costs associated with cyber-attacks, data protection, credit card fraud and identity theft that could have a material adverse impact on our business; our reliance on our distribution centers makes us susceptible to disruptions or adverse conditions affecting our supply chain; changes in the cost, availability and quality of raw materials, labor, transportation, and trade relations could have a material adverse impact on our business; 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 have a material adverse impact on our business; we rely on the experience and skills of our executive officers and associates, and the failure to attract or retain this talent, or effectively manage succession could have a material adverse impact on our business; fluctuations in our tax obligations and effective tax rate may result in volatility in our results of operations and could have a material adverse impact on our business; our litigation exposure, or any securities litigation and shareholder activism, could have a material adverse impact on our business; failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets which could have a material adverse impact on our business; changes in the regulatory or compliance landscape could have a material adverse impact on our business; and our credit facilities include restrictive covenants that limit our flexibility in operating our business and our inability to obtain credit on reasonable terms in the future could have an adverse impact on 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:    Pamela Quintiliano Abercrombie & Fitch Co. (614) 283-6751 Investor_Relations@anfcorp.comMackenzie Gusweiler Abercrombie & Fitch Co. (614) 283-6192 Public_Relations@anfcorp.com