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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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31-1469076
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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6301 Fitch Path, New Albany, Ohio
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43054
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Class A Common Stock
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Outstanding at September 4, 2015
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$.01 Par Value
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68,982,160 Shares
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Page No.
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ITEM 1.
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FINANCIAL STATEMENTS
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Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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||||||||||||
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August 1, 2015
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August 2, 2014
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August 1, 2015
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August 2, 2014
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||||||||
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NET SALES
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$
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817,756
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$
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890,605
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$
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1,527,178
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$
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1,713,033
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Cost of goods sold
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307,894
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337,649
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605,767
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648,418
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GROSS PROFIT
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509,862
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552,956
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921,411
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1,064,615
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Stores and distribution expense
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389,193
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426,301
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780,831
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843,872
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Marketing, general and administrative expense
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119,846
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111,033
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227,379
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234,614
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Restructuring charge (benefit)
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—
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419
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(1,598
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)
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6,052
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Asset impairment
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—
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—
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6,133
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—
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Other operating income, net
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(1,139
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)
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(4,290
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)
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(3,099
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)
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(7,910
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)
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||||
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OPERATING INCOME (LOSS)
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1,962
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19,493
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(88,235
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)
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(12,013
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)
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Interest expense, net
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4,567
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2,020
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9,206
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4,017
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(LOSS) INCOME BEFORE TAXES
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(2,605
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)
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17,473
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(97,441
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)
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(16,030
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)
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Tax (benefit) expense
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(3,217
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)
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4,596
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(34,807
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)
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(5,236
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)
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NET INCOME (LOSS)
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612
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12,877
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(62,634
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)
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(10,794
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)
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Less: Net income attributable to noncontrolling interest
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1,422
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—
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1,422
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—
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NET (LOSS) INCOME ATTRIBUTABLE TO ABERCROMBIE & FITCH CO.
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$
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(810
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)
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$
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12,877
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$
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(64,056
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)
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$
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(10,794
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)
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NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO ABERCROMBIE & FITCH CO.:
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BASIC
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$
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(0.01
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$
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0.18
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$
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(0.92
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)
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$
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(0.15
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)
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DILUTED
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$
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(0.01
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)
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$
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0.17
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$
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(0.92
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)
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$
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(0.15
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)
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WEIGHTED-AVERAGE SHARES OUTSTANDING:
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BASIC
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69,713
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72,436
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69,612
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73,459
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DILUTED
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69,713
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73,756
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69,612
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73,459
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DIVIDENDS DECLARED PER SHARE
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$
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0.20
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$
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0.20
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$
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0.40
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$
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0.40
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OTHER COMPREHENSIVE (LOSS) INCOME
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Foreign currency translation adjustment
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$
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(9,856
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$
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(11,292
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$
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(9,871
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$
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3,574
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Unrealized (loss) gain on derivative financial instruments, net of tax
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(2,916
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)
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5,403
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(8,336
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2,274
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Other comprehensive (loss) income
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(12,772
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)
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(5,889
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(18,207
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5,848
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||||
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COMPREHENSIVE (LOSS) INCOME
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(12,160
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)
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6,988
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(80,841
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(4,946
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)
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Less: Comprehensive income attributable to noncontrolling interest
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1,422
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—
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1,422
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—
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||||
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COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ABERCROMBIE & FITCH CO.
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$
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(13,582
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)
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$
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6,988
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$
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(82,263
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)
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$
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(4,946
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)
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(unaudited)
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August 1, 2015
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January 31, 2015
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||||
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ASSETS
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||||
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CURRENT ASSETS:
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Cash and equivalents
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$
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408,311
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$
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520,708
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Receivables
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72,477
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52,910
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Inventories, net
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478,618
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460,794
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Deferred income taxes, net
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40,724
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13,986
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Other current assets
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103,012
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116,574
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TOTAL CURRENT ASSETS
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1,103,142
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1,164,972
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PROPERTY AND EQUIPMENT, NET
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947,053
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967,001
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OTHER ASSETS
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372,006
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373,194
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TOTAL ASSETS
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$
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2,422,201
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$
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2,505,167
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||
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CURRENT LIABILITIES:
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||||
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Accounts payable
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$
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199,412
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$
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141,685
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Accrued expenses
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299,301
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282,736
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Short-term portion of deferred lease credits
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25,304
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26,629
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Income taxes payable
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3,094
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32,804
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Short-term portion of borrowings, net
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2,017
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2,102
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TOTAL CURRENT LIABILITIES
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529,128
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485,956
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LONG-TERM LIABILITIES:
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||||
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Long-term portion of deferred lease credits
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98,943
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106,393
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Long-term portion of borrowings, net
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289,834
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291,310
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Leasehold financing obligations
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48,381
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50,521
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Other liabilities
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169,968
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181,286
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TOTAL LONG-TERM LIABILITIES
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607,126
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629,510
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STOCKHOLDERS’ EQUITY:
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||||
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Class A Common Stock - $0.01 par value: 150,000 shares authorized and 103,300 shares issued at each of August 1, 2015 and January 31, 2015
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1,033
|
|
|
1,033
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Paid-in capital
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422,756
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|
|
434,137
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|
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Retained earnings
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2,458,325
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2,550,673
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Accumulated other comprehensive loss, net of tax
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(101,787
|
)
|
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(83,580
|
)
|
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Treasury stock, at average cost: 33,700 and 33,948 shares at August 1, 2015 and January 31, 2015, respectively
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(1,495,802
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)
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(1,512,562
|
)
|
||
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TOTAL ABERCROMBIE & FITCH CO. STOCKHOLDERS’ EQUITY
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1,284,525
|
|
|
1,389,701
|
|
||
|
Noncontrolling interest
|
1,422
|
|
|
—
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|
||
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TOTAL STOCKHOLDERS’ EQUITY
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1,285,947
|
|
|
1,389,701
|
|
||
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$
|
2,422,201
|
|
|
$
|
2,505,167
|
|
|
|
Twenty-Six Weeks Ended
|
||||||
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|
August 1, 2015
|
|
August 2, 2014
|
||||
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OPERATING ACTIVITIES:
|
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|
|
||||
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Net loss
|
$
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(62,634
|
)
|
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$
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(10,794
|
)
|
|
Adjustments to reconcile net loss to net cash used for operating activities:
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|
||||
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Depreciation and amortization
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108,359
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|
|
118,762
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|
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Asset impairment
|
6,133
|
|
|
—
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|
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Loss on disposal
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4,447
|
|
|
2,340
|
|
||
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Amortization of deferred lease credits
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(14,624
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)
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|
(21,053
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)
|
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Benefit from deferred income taxes
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(34,745
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)
|
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(15,027
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)
|
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Share-based compensation
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14,083
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|
|
11,470
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|
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Changes in assets and liabilities:
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|
||||
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Inventories
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(18,560
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)
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(19,729
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)
|
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Accounts payable and accrued expenses
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47,433
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|
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(28,245
|
)
|
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Lessor construction allowances
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2,105
|
|
|
2,753
|
|
||
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Income taxes
|
(35,556
|
)
|
|
(49,769
|
)
|
||
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Other assets
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(16,529
|
)
|
|
(1,540
|
)
|
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Other liabilities
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(20,665
|
)
|
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(13,498
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)
|
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NET CASH USED FOR OPERATING ACTIVITIES
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(20,753
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)
|
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(24,330
|
)
|
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INVESTING ACTIVITIES:
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|
||||
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Purchases of property and equipment
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(69,121
|
)
|
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(80,853
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)
|
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Proceeds from sale of property and equipment
|
11,109
|
|
|
—
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|
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NET CASH USED FOR INVESTING ACTIVITIES
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(58,012
|
)
|
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(80,853
|
)
|
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FINANCING ACTIVITIES:
|
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|
|
||||
|
Purchase of treasury stock
|
—
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|
|
(210,000
|
)
|
||
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Repayments of borrowings
|
(1,500
|
)
|
|
(7,500
|
)
|
||
|
Proceeds from borrowings
|
—
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|
|
60,000
|
|
||
|
Other financing activities
|
(1,053
|
)
|
|
225
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|
||
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Dividends paid
|
(27,785
|
)
|
|
(29,221
|
)
|
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NET CASH USED FOR FINANCING ACTIVITIES
|
(30,338
|
)
|
|
(186,496
|
)
|
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EFFECT OF EXCHANGE RATES ON CASH
|
(3,294
|
)
|
|
2,303
|
|
||
|
NET DECREASE IN CASH AND EQUIVALENTS:
|
(112,397
|
)
|
|
(289,376
|
)
|
||
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Cash and equivalents, beginning of period
|
520,708
|
|
|
600,116
|
|
||
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CASH AND EQUIVALENTS, END OF PERIOD
|
$
|
408,311
|
|
|
$
|
310,740
|
|
|
SIGNIFICANT NON-CASH INVESTING ACTIVITIES:
|
|
|
|
||||
|
Change in accrual for construction in progress
|
$
|
26,030
|
|
|
$
|
(1,931
|
)
|
|
SUPPLEMENTAL INFORMATION:
|
|
|
|
||||
|
Cash paid for interest
|
$
|
7,740
|
|
|
$
|
1,819
|
|
|
Cash paid for income taxes, net of refunds
|
$
|
41,419
|
|
|
$
|
61,285
|
|
|
Standard
|
|
Description
|
|
Date of
Adoption
|
|
Effect on the Financial Statements or Other Significant Matters
|
|
Standard adopted
|
||||||
|
ASU 2015-03,
Simplifying the Presentation of Debt Issuance Costs
|
|
This standard amends ASC 835,
Interest—Imputation of Interest.
The amendment provides guidance on the financial statement presentation of debt issuance costs as a direct reduction of a liability when associated with a liability.
|
|
February 1, 2015
|
|
The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.
|
|
Standards not yet adopted
|
||||||
|
ASU 2014-09,
Revenue from Contracts with Customers
|
|
This standard supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)." The new ASC guidance requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services.
|
|
February 4, 2018
|
|
The Company is currently evaluating the potential impact of this standard.
|
|
ASU 2014-12,
Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period
|
|
This standard amends ASC 718,
Compensation—Stock Compensation
. The amendment provides guidance on the treatment of share-based payment awards with a specific performance target, requiring that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition.
|
|
January 31, 2016
|
|
The adoption of this amendment is not expected to have a material impact on the Company's consolidated financial statements.
|
|
ASU 2015-02,
Consolidation (Topic 810): Amendments to the Consolidation Analysis
|
|
These amendments provide guidance which change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities.
|
|
January 29, 2017
|
|
The adoption of this amendment is not expected to have a material impact on the Company's consolidated financial statements.
|
|
ASU 2015-11,
Simplifying the Measurement of Inventory
|
|
This standard amends ASC 330,
Inventory
. This amendment applies to inventory measured using first-in, first-out (FIFO) or average cost. Under this amendment, inventory should be measured at the lower of cost and net realizable value, which is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.
|
|
January 29, 2017
|
|
The adoption of this amendment is not expected to have a material impact on the Company's consolidated financial statements.
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||
|
(in thousands)
|
August 1, 2015
|
|
August 2, 2014
|
|
August 1, 2015
|
|
August 2, 2014
|
||||
|
Shares of common stock issued
|
103,300
|
|
|
103,300
|
|
|
103,300
|
|
|
103,300
|
|
|
Treasury shares
|
(33,587
|
)
|
|
(30,864
|
)
|
|
(33,688
|
)
|
|
(29,841
|
)
|
|
Weighted-average — basic shares
|
69,713
|
|
|
72,436
|
|
|
69,612
|
|
|
73,459
|
|
|
Dilutive effect of share-based compensation awards
|
—
|
|
|
1,320
|
|
|
—
|
|
|
—
|
|
|
Weighted-average — diluted shares
|
69,713
|
|
|
73,756
|
|
|
69,612
|
|
|
73,459
|
|
|
Anti-dilutive shares
(1)
|
12,258
|
|
|
5,662
|
|
|
12,258
|
|
|
11,403
|
|
|
(1)
|
Reflects the total number of shares related to outstanding share-based compensation awards that have been excluded from the computation of net (loss) income per diluted share because the impact would have been anti-dilutive.
|
|
|
Number of
Underlying
Shares
|
|
Weighted-Average
Exercise Price
|
|
Aggregate
Intrinsic Value
|
|
Weighted-Average
Remaining
Contractual Life
|
|||||
|
Outstanding at January 31, 2015
|
328,100
|
|
|
$
|
64.64
|
|
|
|
|
|
||
|
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
|
Exercised
|
—
|
|
|
—
|
|
|
|
|
|
|||
|
Forfeited or expired
|
(19,500
|
)
|
|
65.87
|
|
|
|
|
|
|||
|
Outstanding at August 1, 2015
|
308,600
|
|
|
$
|
64.56
|
|
|
$
|
—
|
|
|
2.2
|
|
Stock options exercisable at August 1, 2015
|
308,600
|
|
|
$
|
64.56
|
|
|
$
|
—
|
|
|
2.2
|
|
|
Number of
Underlying
Shares
|
|
Weighted-Average
Exercise Price
|
|
Aggregate
Intrinsic Value
|
|
Weighted-Average
Remaining
Contractual Life
|
|||||
|
Outstanding at January 31, 2015
|
8,953,675
|
|
|
$
|
40.28
|
|
|
|
|
|
||
|
Granted
|
662,258
|
|
|
22.43
|
|
|
|
|
|
|||
|
Exercised
|
—
|
|
|
—
|
|
|
|
|
|
|||
|
Forfeited or expired
|
(78,225
|
)
|
|
43.31
|
|
|
|
|
|
|||
|
Outstanding at August 1, 2015
|
9,537,708
|
|
|
$
|
39.02
|
|
|
$
|
—
|
|
|
2.6
|
|
Stock appreciation rights exercisable at August 1, 2015
|
8,345,009
|
|
|
$
|
40.32
|
|
|
$
|
—
|
|
|
1.7
|
|
Stock appreciation rights expected to become exercisable in the future as of August 1, 2015
|
1,044,928
|
|
|
$
|
29.92
|
|
|
$
|
—
|
|
|
9.1
|
|
|
Executive Officers
|
|
All Other Associates
|
||||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
Grant date market price
|
$
|
22.46
|
|
|
$
|
37.85
|
|
|
$
|
22.39
|
|
|
$
|
38.62
|
|
|
Exercise price
|
$
|
22.46
|
|
|
$
|
38.44
|
|
|
$
|
22.39
|
|
|
$
|
38.62
|
|
|
Fair value
|
$
|
9.11
|
|
|
$
|
14.04
|
|
|
$
|
7.99
|
|
|
$
|
13.58
|
|
|
Assumptions:
|
|
|
|
|
|
|
|
||||||||
|
Price volatility
|
49
|
%
|
|
50
|
%
|
|
49
|
%
|
|
50
|
%
|
||||
|
Expected term (years)
|
6.1
|
|
|
4.9
|
|
|
4.4
|
|
|
4.1
|
|
||||
|
Risk-free interest rate
|
1.5
|
%
|
|
1.6
|
%
|
|
1.2
|
%
|
|
1.4
|
%
|
||||
|
Dividend yield
|
1.7
|
%
|
|
2.0
|
%
|
|
1.7
|
%
|
|
1.9
|
%
|
||||
|
|
Service-based Restricted
Stock Units
|
|
Performance-based Restricted
Stock Units
|
|
Market-based Restricted
Stock Units
|
|||||||||||||||
|
|
Number of
Underlying
Shares
|
|
Weighted-
Average Grant
Date Fair Value
|
|
Number of
Underlying
Shares
|
|
Weighted-
Average Grant
Date Fair Value
|
|
Number of
Underlying
Shares
|
|
Weighted-
Average Grant
Date Fair Value
|
|||||||||
|
Unvested at January 31, 2015
|
1,566,272
|
|
|
$
|
37.81
|
|
|
205,420
|
|
|
$
|
32.05
|
|
|
36,374
|
|
|
$
|
40.13
|
|
|
Granted
(1)
|
966,618
|
|
|
20.70
|
|
|
113,331
|
|
|
20.10
|
|
|
113,337
|
|
|
19.04
|
|
|||
|
Adjustments for performance achievement
|
—
|
|
|
—
|
|
|
(28,250
|
)
|
|
36.14
|
|
|
—
|
|
|
—
|
|
|||
|
Vested
|
(394,804
|
)
|
|
42.82
|
|
|
(48,668
|
)
|
|
38.24
|
|
|
—
|
|
|
—
|
|
|||
|
Forfeited
|
(110,900
|
)
|
|
36.29
|
|
|
(7,125
|
)
|
|
36.21
|
|
|
—
|
|
|
—
|
|
|||
|
Unvested at August 1, 2015
|
2,027,186
|
|
|
$
|
28.77
|
|
|
234,708
|
|
|
$
|
24.38
|
|
|
149,711
|
|
|
$
|
24.16
|
|
|
(1)
|
Includes
226,668
shares at
100%
of their target vesting amount related to grants of restricted stock units with performance vesting conditions.
|
|
(in thousands)
|
August 1, 2015
|
|
August 2, 2014
|
||||
|
Service-based restricted stock units:
|
|
|
|
||||
|
Total grant date fair value of awards granted
|
$
|
20,009
|
|
|
$
|
19,630
|
|
|
Total grant date fair value of awards vested
|
16,906
|
|
|
15,841
|
|
||
|
|
|
|
|
||||
|
Performance-based restricted stock units:
|
|
|
|
||||
|
Total grant date fair value of awards granted
|
$
|
2,278
|
|
|
$
|
4,470
|
|
|
Total grant date fair value of awards vested
|
1,861
|
|
|
515
|
|
||
|
|
|
|
|
||||
|
Market-based restricted stock units:
|
|
|
|
||||
|
Total grant date fair value of awards granted
|
$
|
2,158
|
|
|
$
|
3,576
|
|
|
Total grant date fair value of awards vested
|
—
|
|
|
—
|
|
||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||
|
Grant date market price
|
$
|
22.46
|
|
|
$
|
38.50
|
|
|
Fair value
|
$
|
19.04
|
|
|
$
|
46.86
|
|
|
Assumptions:
|
|
|
|
||||
|
Price volatility
|
45
|
%
|
|
50
|
%
|
||
|
Expected term (years)
|
2.8
|
|
|
2.8
|
|
||
|
Risk-free interest rate
|
0.9
|
%
|
|
0.8
|
%
|
||
|
Dividend yield
|
3.5
|
%
|
|
2.1
|
%
|
||
|
Average volatility of peer companies
|
34.0
|
%
|
|
37.3
|
%
|
||
|
Average correlation coefficient of peer companies
|
0.3288
|
|
|
0.3786
|
|
||
|
(in thousands)
|
August 1, 2015
|
|
January 31, 2015
|
||||
|
Inventories
|
$
|
519,209
|
|
|
$
|
484,865
|
|
|
Less: lower of cost or market reserve
|
(25,675
|
)
|
|
(12,707
|
)
|
||
|
Less: shrink reserve
|
(14,916
|
)
|
|
(11,364
|
)
|
||
|
Inventories, net
|
$
|
478,618
|
|
|
$
|
460,794
|
|
|
•
|
Level 1—inputs are unadjusted quoted prices for identical assets or liabilities that are available in active markets that the Company can access at the measurement date.
|
|
•
|
Level 2—inputs are other than quoted market prices included within Level 1 that are observable for assets or liabilities, directly or indirectly.
|
|
•
|
Level 3—inputs to the valuation methodology are unobservable.
|
|
|
Assets and Liabilities at Fair Value as of August 1, 2015
|
||||||||||||||
|
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
ASSETS:
|
|
|
|
|
|
|
|
||||||||
|
Money market funds
|
$
|
56,459
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
56,459
|
|
|
Derivative financial instruments
|
—
|
|
|
4,099
|
|
|
—
|
|
|
4,099
|
|
||||
|
Total assets measured at fair value
|
$
|
56,459
|
|
|
$
|
4,099
|
|
|
$
|
—
|
|
|
$
|
60,558
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
|
Derivative financial instruments
|
—
|
|
|
676
|
|
|
—
|
|
|
676
|
|
||||
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
676
|
|
|
$
|
—
|
|
|
$
|
676
|
|
|
|
Assets and Liabilities at Fair Value as of January 31, 2015
|
||||||||||||||
|
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
ASSETS:
|
|
|
|
|
|
|
|
||||||||
|
Money market funds
|
$
|
122,047
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
122,047
|
|
|
Derivative financial instruments
|
—
|
|
|
10,293
|
|
|
—
|
|
|
10,293
|
|
||||
|
Total assets measured at fair value
|
$
|
122,047
|
|
|
$
|
10,293
|
|
|
$
|
—
|
|
|
$
|
132,340
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
|
Derivative financial instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(in thousands)
|
August 1, 2015
|
|
January 31, 2015
|
||||
|
Gross borrowings outstanding, carrying amount
|
$
|
297,750
|
|
|
$
|
299,250
|
|
|
Gross borrowings outstanding, fair value
|
292,539
|
|
|
295,135
|
|
||
|
(in thousands)
|
August 1, 2015
|
|
January 31, 2015
|
||||
|
Property and equipment, at cost
|
$
|
2,802,562
|
|
|
$
|
2,797,250
|
|
|
Less: accumulated depreciation and amortization
|
(1,855,509
|
)
|
|
(1,830,249
|
)
|
||
|
Property and equipment, net
|
$
|
947,053
|
|
|
$
|
967,001
|
|
|
(in thousands)
|
Notional Amount
(1)
|
||
|
Euro
|
$
|
98,666
|
|
|
British Pound
|
$
|
22,590
|
|
|
Canadian Dollar
|
$
|
13,502
|
|
|
(1)
|
Amounts are reported in U.S. Dollar equivalent as of
August 1, 2015
.
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
(in thousands)
|
Balance Sheet Location
|
|
August 1,
2015 |
|
January 31,
2015 |
|
Balance Sheet Location
|
|
August 1,
2015 |
|
January 31,
2015 |
||||||||
|
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Foreign currency exchange forward contracts
|
Other current assets
|
|
$
|
4,099
|
|
|
$
|
10,283
|
|
|
Other liabilities
|
|
$
|
676
|
|
|
$
|
—
|
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Foreign currency exchange forward contracts
|
Other current assets
|
|
$
|
—
|
|
|
$
|
10
|
|
|
Other liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Total
|
Other current assets
|
|
$
|
4,099
|
|
|
$
|
10,293
|
|
|
Other liabilities
|
|
$
|
676
|
|
|
$
|
—
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
|
|
|
August 1, 2015
|
|
August 2, 2014
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
Location
|
|
Gain/(Loss)
|
|
Gain/(Loss)
|
|
Gain/(Loss)
|
|
Gain/(Loss)
|
||||||||
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|||||||||
|
Foreign currency exchange forward contracts
|
Other operating income, net
|
|
$
|
264
|
|
|
$
|
459
|
|
|
$
|
424
|
|
|
$
|
(229
|
)
|
|
|
Effective Portion
|
|
Ineffective Portion and Amount Excluded from Effectiveness Testing
|
||||||||||||||||||||||||
|
|
Amount of Gain (Loss) Recognized in OCI on Derivative Contracts (a)
|
|
Location of Gain (Loss) Reclassified from AOCL into Earnings
|
|
Amount of Gain (Loss) Reclassified from AOCL into Earnings (b)
|
|
Location of Gain Recognized in Earnings on Derivative Contracts
|
|
Amount of Gain Recognized in Earnings on Derivative Contracts (c)
|
||||||||||||||||||
|
|
Thirteen Weeks Ended
|
||||||||||||||||||||||||||
|
(in thousands)
|
August 1,
2015 |
|
August 2,
2014 |
|
|
|
August 1,
2015 |
|
August 2,
2014 |
|
|
|
August 1,
2015 |
|
August 2,
2014 |
||||||||||||
|
Derivatives in cash flow hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Foreign currency exchange forward contracts
|
$
|
2,167
|
|
|
$
|
3,888
|
|
|
Cost of goods sold
|
|
$
|
4,839
|
|
|
$
|
(1,922
|
)
|
|
Other operating income, net
|
|
$
|
204
|
|
|
$
|
167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Twenty-Six Weeks Ended
|
||||||||||||||||||||||||||
|
(in thousands)
|
August 1, 2015
|
|
August 2, 2014
|
|
|
|
August 1, 2015
|
|
August 2, 2014
|
|
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||||||
|
Derivatives in cash flow hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Foreign currency exchange forward contracts
|
$
|
2,386
|
|
|
$
|
(1,136
|
)
|
|
Cost of goods sold
|
|
$
|
10,875
|
|
|
$
|
(3,355
|
)
|
|
Other operating income, net
|
|
$
|
239
|
|
|
$
|
170
|
|
|
(a)
|
The amount represents the change in fair value of derivative contracts due to changes in spot rates.
|
|
(b)
|
The amount represents the reclassification from AOCL into earnings when the hedged item affects earnings, which is when merchandise is sold to the Company’s customers.
|
|
(c)
|
The amount represents the change in fair value of derivative contracts due to changes in the difference between the spot price and forward price that is excluded from the assessment of hedge effectiveness and, therefore, recognized in earnings.
|
|
|
Thirteen Weeks Ended August 1, 2015
|
||||||||||
|
(in thousands)
|
Unrealized Gain (Loss) on Derivative Financial Instruments
|
|
Foreign Currency Translation Adjustment
|
|
Total
|
||||||
|
Beginning balance at May 2, 2015
|
$
|
7,680
|
|
|
$
|
(96,695
|
)
|
|
$
|
(89,015
|
)
|
|
Other comprehensive (loss) income before reclassifications
|
2,167
|
|
|
(9,856
|
)
|
|
(7,689
|
)
|
|||
|
Reclassified from accumulated other comprehensive loss
(1)
|
(4,839
|
)
|
|
—
|
|
|
(4,839
|
)
|
|||
|
Tax effect on other comprehensive (loss) income
|
(244
|
)
|
|
—
|
|
|
(244
|
)
|
|||
|
Unrealized loss on derivative financial instruments, net of taxes
|
(2,916
|
)
|
|
(9,856
|
)
|
|
(12,772
|
)
|
|||
|
Ending balance at August 1, 2015
|
$
|
4,764
|
|
|
$
|
(106,551
|
)
|
|
$
|
(101,787
|
)
|
|
|
Twenty-Six Weeks Ended August 1, 2015
|
||||||||||
|
(in thousands)
|
Unrealized Gain (Loss) on Derivative Financial Instruments
|
|
Foreign Currency Translation Adjustment
|
|
Total
|
||||||
|
Beginning balance at January 31, 2015
|
$
|
13,100
|
|
|
$
|
(96,680
|
)
|
|
$
|
(83,580
|
)
|
|
Other comprehensive (loss) income before reclassifications
|
2,386
|
|
|
(9,871
|
)
|
|
(7,485
|
)
|
|||
|
Reclassified from accumulated other comprehensive loss
(1)
|
(10,875
|
)
|
|
—
|
|
|
(10,875
|
)
|
|||
|
Tax effect on other comprehensive (loss) income
|
153
|
|
|
—
|
|
|
153
|
|
|||
|
Unrealized loss on derivative financial instruments, net of taxes
|
(8,336
|
)
|
|
(9,871
|
)
|
|
(18,207
|
)
|
|||
|
Ending balance at August 1, 2015
|
$
|
4,764
|
|
|
$
|
(106,551
|
)
|
|
$
|
(101,787
|
)
|
|
(1)
|
For the
thirteen
and
twenty-six
weeks ended
August 1, 2015
, a loss was reclassified from other comprehensive (loss) income to the cost of goods sold line item on the Condensed Consolidated Statement of Operations and Comprehensive (Loss) Income.
|
|
|
Thirteen Weeks Ended August 2, 2014
|
||||||||||
|
(in thousands)
|
Unrealized Gain (Loss) on Derivative Financial Instruments
|
|
Foreign Currency Translation Adjustment
|
|
Total
|
||||||
|
Beginning balance at May 3, 2014
|
$
|
(5,295
|
)
|
|
$
|
(3,885
|
)
|
|
$
|
(9,180
|
)
|
|
Other comprehensive (loss) income before reclassifications
|
3,888
|
|
|
(11,292
|
)
|
|
(7,404
|
)
|
|||
|
Reclassified from accumulated other comprehensive loss
(2)
|
1,922
|
|
|
—
|
|
|
1,922
|
|
|||
|
Tax effect on other comprehensive (loss) income
|
(407
|
)
|
|
—
|
|
|
(407
|
)
|
|||
|
Unrealized gain (loss) on derivative financial instruments, net of taxes
|
5,403
|
|
|
(11,292
|
)
|
|
(5,889
|
)
|
|||
|
Ending balance at August 2, 2014
|
$
|
108
|
|
|
$
|
(15,177
|
)
|
|
$
|
(15,069
|
)
|
|
|
Twenty-Six Weeks Ended August 2, 2014
|
||||||||||
|
(in thousands)
|
Unrealized Gain (Loss) on Derivative Financial Instruments
|
|
Foreign Currency Translation Adjustment
|
|
Total
|
||||||
|
Beginning balance at February 1, 2014
|
$
|
(2,166
|
)
|
|
$
|
(18,751
|
)
|
|
$
|
(20,917
|
)
|
|
Other comprehensive (loss) income before reclassifications
|
(1,136
|
)
|
|
3,574
|
|
|
2,438
|
|
|||
|
Reclassified from accumulated other comprehensive loss
(2)
|
3,355
|
|
|
—
|
|
|
3,355
|
|
|||
|
Tax effect on other comprehensive (loss) income
|
55
|
|
|
—
|
|
|
55
|
|
|||
|
Unrealized gain on derivative financial instruments, net of taxes
|
2,274
|
|
|
3,574
|
|
|
5,848
|
|
|||
|
Ending balance at August 2, 2014
|
$
|
108
|
|
|
$
|
(15,177
|
)
|
|
$
|
(15,069
|
)
|
|
(2)
|
For the
thirteen
and
twenty-six
weeks ended
August 2, 2014
, the gain was reclassified from other comprehensive (loss) income to the cost of goods sold line item on the Condensed Consolidated Statement of Operations and Comprehensive (Loss) Income.
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
(in thousands)
|
August 1, 2015
|
|
August 2, 2014
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
Abercrombie
|
$
|
380,615
|
|
|
$
|
420,506
|
|
|
$
|
720,367
|
|
|
$
|
806,785
|
|
|
Hollister
|
437,141
|
|
|
464,579
|
|
|
806,727
|
|
|
886,212
|
|
||||
|
Other
(1)
|
—
|
|
|
5,520
|
|
|
84
|
|
|
20,036
|
|
||||
|
Total
|
$
|
817,756
|
|
|
$
|
890,605
|
|
|
$
|
1,527,178
|
|
|
$
|
1,713,033
|
|
|
(1)
|
Represents net sales from the Company's Gilly Hicks operations. See Note 10,
"GILLY HICKS RESTRUCTURING,"
for additional information on the Company's exit from Gilly Hicks branded stores.
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
(in thousands)
|
August 1, 2015
|
|
August 2, 2014
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
United States
|
$
|
514,526
|
|
|
$
|
546,245
|
|
|
$
|
963,415
|
|
|
$
|
1,050,641
|
|
|
Europe
|
200,150
|
|
|
248,396
|
|
|
366,234
|
|
|
484,010
|
|
||||
|
Other
|
103,080
|
|
|
95,964
|
|
|
197,529
|
|
|
178,382
|
|
||||
|
Total
|
$
|
817,756
|
|
|
$
|
890,605
|
|
|
$
|
1,527,178
|
|
|
$
|
1,713,033
|
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
|
August 1, 2015
|
||||||||||
|
(in thousands, except per share amounts)
|
|
GAAP
|
|
Excluded Items
(1)
|
|
Non-GAAP
|
||||||
|
Thirteen Weeks Ended
|
|
|
|
|
|
|
||||||
|
Gross profit
|
|
$
|
509,862
|
|
|
$
|
(2,621
|
)
|
|
$
|
507,241
|
|
|
Operating income
|
|
1,962
|
|
|
14,526
|
|
|
16,488
|
|
|||
|
Net (loss) income attributable to Abercrombie & Fitch Co.
|
|
(810
|
)
|
|
9,407
|
|
|
8,597
|
|
|||
|
Net (loss) income per diluted share attributable to Abercrombie & Fitch Co.
|
|
$
|
(0.01
|
)
|
|
$
|
0.13
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
||||||
|
Twenty-Six Weeks Ended
|
|
|
|
|
|
|
||||||
|
Gross profit
|
|
$
|
921,411
|
|
|
$
|
24,240
|
|
|
$
|
945,651
|
|
|
Operating (loss) income
|
|
(88,235
|
)
|
|
52,380
|
|
|
(35,855
|
)
|
|||
|
Net (loss) income attributable to Abercrombie & Fitch Co.
|
|
(64,056
|
)
|
|
35,479
|
|
|
(28,577
|
)
|
|||
|
Net (loss) income per diluted share attributable to Abercrombie & Fitch Co.
|
|
$
|
(0.92
|
)
|
|
$
|
0.51
|
|
|
$
|
(0.41
|
)
|
|
|
|
August 2, 2014
|
||||||||||
|
(in thousands, except per share amounts)
|
|
GAAP
|
|
Excluded Items
(1)
|
|
Non-GAAP
|
||||||
|
Thirteen Weeks Ended
|
|
|
|
|
|
|
||||||
|
Gross profit
|
|
$
|
552,956
|
|
|
$
|
—
|
|
|
$
|
552,956
|
|
|
Operating income
|
|
19,493
|
|
|
2,383
|
|
|
21,876
|
|
|||
|
Net income attributable to Abercrombie & Fitch Co.
|
|
12,877
|
|
|
1,185
|
|
|
14,062
|
|
|||
|
Net income per diluted share attributable to Abercrombie & Fitch Co.
|
|
$
|
0.17
|
|
|
$
|
0.02
|
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
||||||
|
Twenty-Six Weeks Ended
|
|
|
|
|
|
|
||||||
|
Gross profit
|
|
$
|
1,064,615
|
|
|
$
|
—
|
|
|
$
|
1,064,615
|
|
|
Operating (loss) income
|
|
(12,013
|
)
|
|
17,981
|
|
|
5,968
|
|
|||
|
Net (loss) income attributable to Abercrombie & Fitch Co.
|
|
(10,794
|
)
|
|
11,877
|
|
|
1,083
|
|
|||
|
Net (loss) income per diluted share attributable to Abercrombie & Fitch Co.
|
|
$
|
(0.15
|
)
|
|
$
|
0.16
|
|
|
$
|
0.01
|
|
|
(1)
|
Refer to
"RESULTS OF OPERATIONS"
for details on excluded items.
|
|
•
|
putting the customer at the center of everything we do;
|
|
•
|
defining a clear position for our brands;
|
|
•
|
delivering a compelling and differentiated assortment;
|
|
•
|
optimizing our brand reach domestically and internationally and optimizing our performance in each channel;
|
|
•
|
continuing to improve our efficiency and reduce expense; and,
|
|
•
|
ensuring we are organized to succeed.
|
|
•
|
continued headwind from foreign currency exchange rates;
|
|
•
|
further comparable sales trend improvements skewed towards the fourth quarter;
|
|
•
|
gross margin rate to be approximately flat compared to last year, but up on a constant currency basis;
|
|
•
|
operating expense dollars to be approximately flat compared to last year after absorbing the effect of restoration of incentive compensation provisions, which will skew towards the third quarter, but excluding effects from changes in comparable sales; and,
|
|
•
|
a weighted average diluted share count of approximately 70 million shares excluding the effect of potential share buybacks.
|
|
Store activity
|
|
Abercrombie
(1)
|
|
Hollister
(2)
|
|
Total
|
|||
|
U.S. stores
|
|
|
|
|
|
|
|||
|
May 2, 2015
|
|
354
|
|
|
432
|
|
|
786
|
|
|
New
|
|
1
|
|
|
—
|
|
|
1
|
|
|
Closed
|
|
(1
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
August 1, 2015
|
|
354
|
|
|
429
|
|
|
783
|
|
|
Gross square feet at August 1, 2015 (in thousands)
|
|
2,728
|
|
|
2,955
|
|
|
5,683
|
|
|
|
|
|
|
|
|
|
|||
|
International stores
|
|
|
|
|
|
|
|||
|
May 2, 2015
|
|
33
|
|
|
137
|
|
|
170
|
|
|
New
|
|
1
|
|
|
2
|
|
|
3
|
|
|
Closed
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
August 1, 2015
|
|
34
|
|
|
137
|
|
|
171
|
|
|
Gross square feet at August 1, 2015 (in thousands)
|
|
571
|
|
|
1,182
|
|
|
1,753
|
|
|
Total stores
|
|
388
|
|
|
566
|
|
|
954
|
|
|
Total gross square feet at August 1, 2015 (in thousands)
|
|
3,299
|
|
|
4,137
|
|
|
7,436
|
|
|
|
|
|
|
|
|
|
|||
|
Store activity
|
|
Abercrombie
(1)
|
|
Hollister
|
|
Total
|
|||
|
U.S. stores
|
|
|
|
|
|
|
|||
|
May 3, 2014
|
|
379
|
|
|
456
|
|
|
835
|
|
|
New
|
|
1
|
|
|
—
|
|
|
1
|
|
|
Closed
|
|
(3
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
August 2, 2014
|
|
377
|
|
|
454
|
|
|
831
|
|
|
Gross square feet at August 2, 2014 (in thousands)
|
|
2,885
|
|
|
3,133
|
|
|
6,018
|
|
|
|
|
|
|
|
|
|
|||
|
International stores
|
|
|
|
|
|
|
|||
|
May 3, 2014
|
|
25
|
|
|
129
|
|
|
154
|
|
|
New
|
|
2
|
|
|
2
|
|
|
4
|
|
|
Closed
|
|
—
|
|
|
—
|
|
|
—
|
|
|
August 2, 2014
|
|
27
|
|
|
131
|
|
|
158
|
|
|
Gross square feet at August 2, 2014 (in thousands)
|
|
519
|
|
|
1,146
|
|
|
1,665
|
|
|
Total stores
|
|
404
|
|
|
585
|
|
|
989
|
|
|
Total gross square feet at August 2, 2014 (in thousands)
|
|
3,404
|
|
|
4,279
|
|
|
7,683
|
|
|
(1)
|
Includes Abercrombie & Fitch and abercrombie kids brands. Prior period store counts have been restated to combine abercrombie kids carveouts with Abercrombie & Fitch stores into one store. The change reduced total stores by eight stores as of May 3, 2014 and August 2, 2014.
|
|
(2)
|
Excludes franchises.
|
|
Store activity
|
|
Abercrombie
(1)
|
|
Hollister
(2)
|
|
Total
|
|||
|
U.S. stores
|
|
|
|
|
|
|
|||
|
January 31, 2015
|
|
361
|
|
|
433
|
|
|
794
|
|
|
New
|
|
4
|
|
|
—
|
|
|
4
|
|
|
Closed
|
|
(11
|
)
|
|
(4
|
)
|
|
(15
|
)
|
|
August 1, 2015
|
|
354
|
|
|
429
|
|
|
783
|
|
|
Gross square feet at August 1, 2015 (in thousands)
|
|
2,728
|
|
|
2,955
|
|
|
5,683
|
|
|
|
|
|
|
|
|
|
|||
|
International stores
|
|
|
|
|
|
|
|||
|
January 31, 2015
|
|
32
|
|
|
135
|
|
|
167
|
|
|
New
|
|
2
|
|
|
4
|
|
|
6
|
|
|
Closed
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
August 1, 2015
|
|
34
|
|
|
137
|
|
|
171
|
|
|
Gross square feet at August 1, 2015 (in thousands)
|
|
571
|
|
|
1,182
|
|
|
1,753
|
|
|
Total stores
|
|
388
|
|
|
566
|
|
|
954
|
|
|
Total gross square feet at August 1, 2015 (in thousands)
|
|
3,299
|
|
|
4,137
|
|
|
7,436
|
|
|
|
|
|
|
|
|
|
|||
|
Store activity
|
|
Abercrombie
(1)
|
|
Hollister
|
|
Total
|
|||
|
U.S. stores
|
|
|
|
|
|
|
|||
|
February 1, 2014
|
|
381
|
|
|
458
|
|
|
839
|
|
|
New
|
|
1
|
|
|
1
|
|
|
2
|
|
|
Closed
|
|
(5
|
)
|
|
(5
|
)
|
|
(10
|
)
|
|
August 2, 2014
|
|
377
|
|
|
454
|
|
|
831
|
|
|
Gross square feet at August 2, 2014 (in thousands)
|
|
2,878
|
|
|
3,132
|
|
|
6,010
|
|
|
|
|
|
|
|
|
|
|||
|
International stores
|
|
|
|
|
|
|
|||
|
February 1, 2014
|
|
24
|
|
|
129
|
|
|
153
|
|
|
New
|
|
3
|
|
|
2
|
|
|
5
|
|
|
Closed
|
|
—
|
|
|
—
|
|
|
—
|
|
|
August 2, 2014
|
|
27
|
|
|
131
|
|
|
158
|
|
|
Gross square feet at August 2, 2014 (in thousands)
|
|
519
|
|
|
1,146
|
|
|
1,665
|
|
|
Total stores
|
|
404
|
|
|
585
|
|
|
989
|
|
|
Total gross square feet at August 2, 2014 (in thousands)
|
|
3,397
|
|
|
4,278
|
|
|
7,675
|
|
|
(1)
|
Includes Abercrombie & Fitch and abercrombie kids brands. Prior period store counts have been restated to combine abercrombie kids carveouts with Abercrombie & Fitch stores into one store. The change reduced total stores by eight stores as of January 31, 2015 and August 2, 2015, and by six stores as of February 1, 2014.
|
|
(2)
|
Excludes franchises.
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
||||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
|
|
|
|
||||||||||
|
(in thousands)
|
Net Sales
|
|
Change in
Comparable
Sales
(1)
|
|
Net Sales
|
|
Change in
Comparable
Sales
(1)
|
|
Net Sales
$ Change
|
|
Net Sales
% Change
|
||||||
|
Abercrombie
(2)
|
$
|
380,615
|
|
|
(7)%
|
|
$
|
420,506
|
|
|
(1)%
|
|
$
|
(39,891
|
)
|
|
(9)%
|
|
Hollister
|
437,141
|
|
|
(1)%
|
|
464,579
|
|
|
(10)%
|
|
(27,438
|
)
|
|
(6)%
|
|||
|
Other
(3)
|
—
|
|
|
|
|
5,520
|
|
|
|
|
(5,520
|
)
|
|
(100)%
|
|||
|
Total net sales
|
$
|
817,756
|
|
|
(4)%
|
|
$
|
890,605
|
|
|
(7)%
|
|
$
|
(72,849
|
)
|
|
(8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S.
|
$
|
514,526
|
|
|
(4)%
|
|
$
|
546,245
|
|
|
(5)%
|
|
$
|
(31,719
|
)
|
|
(6)%
|
|
International
|
303,230
|
|
|
(4)%
|
|
344,360
|
|
|
(9)%
|
|
(41,130
|
)
|
|
(12)%
|
|||
|
Total net sales
|
$
|
817,756
|
|
|
(4)%
|
|
$
|
890,605
|
|
|
(7)%
|
|
$
|
(72,849
|
)
|
|
(8)%
|
|
|
Twenty-Six Weeks Ended
|
|
|
|
|
||||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
|
|
|
|
||||||||||
|
(in thousands)
|
Net Sales
|
|
Change in
Comparable
Sales
(1)
|
|
Net Sales
|
|
Change in
Comparable
Sales
(1)
|
|
Net Sales
$ Change
|
|
Net Sales
% Change
|
||||||
|
Abercrombie
(2)
|
$
|
720,367
|
|
|
(8)%
|
|
$
|
806,785
|
|
|
(1)%
|
|
$
|
(86,418
|
)
|
|
(11)%
|
|
Hollister
|
806,727
|
|
|
(4)%
|
|
886,212
|
|
|
(9)%
|
|
(79,485
|
)
|
|
(9)%
|
|||
|
Other
(3)
|
84
|
|
|
|
|
20,036
|
|
|
|
|
(19,952
|
)
|
|
(100)%
|
|||
|
Total net sales
|
$
|
1,527,178
|
|
|
(6)%
|
|
$
|
1,713,033
|
|
|
(6)%
|
|
$
|
(185,855
|
)
|
|
(11)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S.
|
$
|
963,415
|
|
|
(6)%
|
|
$
|
1,050,641
|
|
|
(5)%
|
|
$
|
(87,226
|
)
|
|
(8)%
|
|
International
|
563,763
|
|
|
(6)%
|
|
662,392
|
|
|
(7)%
|
|
(98,629
|
)
|
|
(15)%
|
|||
|
Total net sales
|
$
|
1,527,178
|
|
|
(6)%
|
|
$
|
1,713,033
|
|
|
(6)%
|
|
$
|
(185,855
|
)
|
|
(11)%
|
|
(1)
|
Changes in comparable sales are calculated on a constant currency basis by converting prior year store and online sales at current year exchange rates. For the purpose of this calculation, a store must have been open as the same brand at least one year and its square footage must not have been expanded or reduced by more than 20% within the past year.
|
|
(2)
|
Includes Abercrombie & Fitch and abercrombie kids brands.
|
|
(3)
|
Represents net sales from the Company's Gilly Hicks operations. See Note 10,
"GILLY HICKS RESTRUCTURING,"
of the Notes to Condensed Consolidated Financial Statements included in "ITEM 1. FINANCIAL STATEMENTS," for additional information on the Company's exit from Gilly Hicks branded stores.
|
|
|
Thirteen Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Cost of goods sold
|
$
|
307,894
|
|
|
37.7%
|
|
$
|
337,649
|
|
|
37.9%
|
|
Recovery on inventory write-down
(1)
|
2,621
|
|
|
0.3%
|
|
—
|
|
|
—%
|
||
|
Adjusted non-GAAP cost of goods sold
|
$
|
310,515
|
|
|
38.0%
|
|
$
|
337,649
|
|
|
37.9%
|
|
|
|
|
|
|
|
|
|
||||
|
Gross profit
|
$
|
509,862
|
|
|
62.3%
|
|
$
|
552,956
|
|
|
62.1%
|
|
Recovery on inventory write-down
(1)
|
(2,621
|
)
|
|
(0.3)%
|
|
—
|
|
|
—%
|
||
|
Adjusted non-GAAP gross profit
|
$
|
507,241
|
|
|
62.0%
|
|
$
|
552,956
|
|
|
62.1%
|
|
|
Twenty-Six Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Cost of goods sold
|
$
|
605,767
|
|
|
39.7%
|
|
$
|
648,418
|
|
|
37.9%
|
|
Inventory write-down
(1)
|
(24,240
|
)
|
|
(1.6)%
|
|
—
|
|
|
—%
|
||
|
Adjusted non-GAAP cost of goods sold
|
$
|
581,527
|
|
|
38.1%
|
|
$
|
648,418
|
|
|
37.9%
|
|
|
|
|
|
|
|
|
|
||||
|
Gross profit
|
$
|
921,411
|
|
|
60.3%
|
|
$
|
1,064,615
|
|
|
62.1%
|
|
Inventory write-down
(1)
|
24,240
|
|
|
1.6%
|
|
—
|
|
|
—%
|
||
|
Adjusted non-GAAP gross profit
|
$
|
945,651
|
|
|
61.9%
|
|
$
|
1,064,615
|
|
|
62.1%
|
|
(1)
|
In the first quarter of fiscal 2015 the Company recognized a $26.9 million charge to write-down the carrying value of inventory to net realizable value as the Company elected to accelerate the disposition of certain aged merchandise that no longer supported the Company's brand positioning strategy.
|
|
|
Thirteen Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Stores and distribution expense
|
$
|
389,193
|
|
|
47.6%
|
|
$
|
426,301
|
|
|
47.9%
|
|
Store fixture disposal
(1)
|
(2,236
|
)
|
|
(0.3)%
|
|
—
|
|
|
—%
|
||
|
Recovery on store closure costs
(2)
|
842
|
|
|
0.1%
|
|
—
|
|
|
—%
|
||
|
Profit improvement initiative
(3)
|
—
|
|
|
—%
|
|
(1,245
|
)
|
|
(0.1)%
|
||
|
Adjusted non-GAAP stores and distribution expense
|
$
|
387,799
|
|
|
47.4%
|
|
$
|
425,056
|
|
|
47.7%
|
|
|
Twenty-Six Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Stores and distribution expense
|
$
|
780,831
|
|
|
51.1%
|
|
$
|
843,872
|
|
|
49.3%
|
|
Store fixture disposal
(1)
|
(3,617
|
)
|
|
(0.2)%
|
|
—
|
|
|
—%
|
||
|
Lease termination and store closure costs
(2)
|
(1,756
|
)
|
|
(0.1)%
|
|
—
|
|
|
—%
|
||
|
Profit improvement initiative
(3)
|
(709
|
)
|
|
—%
|
|
(2,009
|
)
|
|
(0.1)%
|
||
|
Adjusted non-GAAP stores and distribution expense
|
$
|
774,749
|
|
|
50.7%
|
|
$
|
841,863
|
|
|
49.1%
|
|
(1)
|
Accelerated depreciation and disposal costs related to the discontinued use of certain store fixtures.
|
|
(2)
|
Lease termination and store closure costs (benefit) related to the Company's exit from its two Hollister stores in Australia.
|
|
(3)
|
Costs related to the Company's profit improvement initiative.
|
|
|
Thirteen Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Marketing, general and administrative expense
|
$
|
119,846
|
|
|
14.7%
|
|
$
|
111,033
|
|
|
12.5%
|
|
Legal settlement charges
(1)
|
(15,753
|
)
|
|
(1.9)%
|
|
—
|
|
|
—%
|
||
|
Profit improvement initiative
(2)
|
—
|
|
|
—%
|
|
(719
|
)
|
|
(0.1)%
|
||
|
Adjusted non-GAAP marketing, general and administrative expense
|
$
|
104,093
|
|
|
12.7%
|
|
$
|
110,314
|
|
|
12.4%
|
|
|
Twenty-Six Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Marketing, general and administrative expense
|
$
|
227,379
|
|
|
14.9%
|
|
$
|
234,614
|
|
|
13.7%
|
|
Legal settlement charges
(1)
|
(15,753
|
)
|
|
(1.0)%
|
|
—
|
|
|
—%
|
||
|
Profit improvement initiative
(2)
|
(1,770
|
)
|
|
(0.1)%
|
|
(3,017
|
)
|
|
(0.2)%
|
||
|
Corporate governance matters
(3)
|
—
|
|
|
—%
|
|
(6,903
|
)
|
|
(0.4)%
|
||
|
Adjusted non-GAAP marketing, general and administrative expense
|
$
|
209,856
|
|
|
13.7%
|
|
$
|
224,694
|
|
|
13.1%
|
|
(1)
|
Accrued expense for certain proposed legal settlements.
|
|
(2)
|
Costs related to the Company's profit improvement initiative.
|
|
(3)
|
Legal, advisory and other charges related to certain corporate governance matters.
|
|
|
Thirteen Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Operating income
|
$
|
1,962
|
|
|
0.2%
|
|
$
|
19,493
|
|
|
2.2%
|
|
Legal settlement charges
(1)
|
15,753
|
|
|
1.9%
|
|
—
|
|
|
—%
|
||
|
Recovery on inventory write-down
(2)
|
(2,621
|
)
|
|
(0.3)%
|
|
—
|
|
|
—%
|
||
|
Store fixture disposal
(3)
|
2,236
|
|
|
0.3%
|
|
—
|
|
|
—%
|
||
|
Recovery on store closure costs
(4)
|
(842
|
)
|
|
(0.1)%
|
|
—
|
|
|
—%
|
||
|
Profit improvement initiative
(5)
|
—
|
|
|
—%
|
|
1,964
|
|
|
0.2%
|
||
|
Restructuring charges
(6)
|
—
|
|
|
—%
|
|
419
|
|
|
—%
|
||
|
Adjusted non-GAAP operating income
|
$
|
16,488
|
|
|
2.0%
|
|
$
|
21,876
|
|
|
2.5%
|
|
|
Twenty-Six Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Operating loss
|
$
|
(88,235
|
)
|
|
(5.8)%
|
|
$
|
(12,013
|
)
|
|
(0.7)%
|
|
Inventory write-down
(2)
|
24,240
|
|
|
1.6%
|
|
—
|
|
|
—%
|
||
|
Legal settlement charges
(1)
|
15,753
|
|
|
1.0%
|
|
—
|
|
|
—%
|
||
|
Asset impairment
(7)
|
6,133
|
|
|
0.4%
|
|
—
|
|
|
—%
|
||
|
Store fixture disposal
(3)
|
3,617
|
|
|
0.2%
|
|
—
|
|
|
—%
|
||
|
Profit improvement initiative
(5)
|
2,479
|
|
|
0.2%
|
|
5,026
|
|
|
0.3%
|
||
|
Lease termination and store closures costs
(4)
|
1,756
|
|
|
0.1%
|
|
—
|
|
|
—%
|
||
|
Restructuring (benefit) charges
(6)
|
(1,598
|
)
|
|
(0.1)%
|
|
6,052
|
|
|
0.4%
|
||
|
Corporate governance matters
(8)
|
—
|
|
|
—%
|
|
6,903
|
|
|
0.4%
|
||
|
Adjusted non-GAAP operating (loss) income
|
$
|
(35,855
|
)
|
|
(2.3)%
|
|
$
|
5,968
|
|
|
0.3%
|
|
(1)
|
Accrued expense for certain proposed legal settlements.
|
|
(2)
|
In the first quarter of fiscal 2015 the Company recognized a $26.9 million charge to write-down the carrying value of inventory to net realizable value as the Company elected to accelerate the disposition of certain aged merchandise that does not support the Company's prospective brand positioning strategy.
|
|
(3)
|
Accelerated depreciation and disposal costs related to the discontinued use of certain store fixtures.
|
|
(4)
|
Lease termination and store closure costs related to the Company's exit from its two Hollister stores in Australia.
|
|
(5)
|
Costs related to the Company's profit improvement initiative.
|
|
(6)
|
Charges related to the closure of the Company's 24 stand-alone Gilly Hicks stores.
|
|
(7)
|
Asset impairment charges related to the discontinued use of certain store fixtures.
|
|
(8)
|
Legal, advisory and other charges related to certain corporate governance matters.
|
|
|
Thirteen Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Interest expense
|
$
|
5,657
|
|
|
0.7%
|
|
$
|
2,964
|
|
|
0.3%
|
|
Interest income
|
(1,090
|
)
|
|
(0.1)%
|
|
(944
|
)
|
|
(0.1)%
|
||
|
Interest expense, net
|
$
|
4,567
|
|
|
0.6%
|
|
$
|
2,020
|
|
|
0.2%
|
|
|
Twenty-Six Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands)
|
|
|
% of Net Sales
|
|
|
|
% of Net Sales
|
||||
|
Interest expense
|
$
|
11,324
|
|
|
0.7%
|
|
$
|
5,923
|
|
|
0.3%
|
|
Interest income
|
(2,118
|
)
|
|
(0.1)%
|
|
(1,906
|
)
|
|
(0.1)%
|
||
|
Interest expense, net
|
$
|
9,206
|
|
|
0.6%
|
|
$
|
4,017
|
|
|
0.2%
|
|
|
Thirteen Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands, except ratios)
|
|
|
Effective Tax Rate
|
|
|
|
Effective Tax Rate
|
||||
|
Tax (benefit) expense
|
$
|
(3,217
|
)
|
|
123.5%
|
|
$
|
4,596
|
|
|
26.3%
|
|
Tax effect of excluded items
(1)
|
5,119
|
|
|
|
|
1,198
|
|
|
|
||
|
Adjusted non-GAAP tax expense
|
$
|
1,902
|
|
|
16.0%
|
|
$
|
5,794
|
|
|
29.2%
|
|
|
Twenty-Six Weeks Ended
|
||||||||||
|
|
August 1, 2015
|
|
August 2, 2014
|
||||||||
|
(in thousands, except ratios)
|
|
|
Effective Tax Rate
|
|
|
|
Effective Tax Rate
|
||||
|
Tax benefit
|
$
|
(34,807
|
)
|
|
35.7%
|
|
$
|
(5,236
|
)
|
|
32.7%
|
|
Tax effect of excluded items
(1)
|
16,901
|
|
|
|
|
6,104
|
|
|
|
||
|
Adjusted non-GAAP tax (benefit) expense
|
$
|
(17,906
|
)
|
|
39.7%
|
|
$
|
868
|
|
|
44.5%
|
|
(1)
|
Refer to
"OPERATING INCOME"
for details of excluded items.
|
|
(in thousands)
|
August 1, 2015
|
||
|
Borrowings, gross at carrying amount
|
$
|
297,750
|
|
|
Unamortized discount
|
(2,571
|
)
|
|
|
Unamortized fees
|
(3,328
|
)
|
|
|
Borrowings, net
|
$
|
291,851
|
|
|
Less: short-term portion of borrowings, net of discount and fees of $983
|
(2,017
|
)
|
|
|
Long-term portion of borrowings, net
|
$
|
289,834
|
|
|
•
|
changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits, could have a material adverse effect on our business, results of operations and liquidity;
|
|
•
|
the inability to manage our inventory commensurate with customer demand and changing fashion trends could adversely impact our sales levels and profitability;
|
|
•
|
fluctuations in the cost, availability and quality of raw materials, labor and transportation, could cause manufacturing delays and increase our costs;
|
|
•
|
we are currently involved in a selection process for a new Chief Executive Officer and if this selection process is delayed our business could be negatively impacted;
|
|
•
|
failure to realize the anticipated benefits of our recent transition to a brand-based organizational model could have a negative impact on our business;
|
|
•
|
a significant component of our growth strategy is international expansion, which requires significant capital investment, the success of which is dependent on a number of factors that could delay or prevent the profitability of our international operations;
|
|
•
|
direct-to-consumer sales channels are a focus of our growth strategy, and the failure to successfully develop our position in these channels could have an adverse impact on our results of operations;
|
|
•
|
our inability to successfully implement our strategic plans, including our restructuring efforts, could have a negative impact on our growth and profitability;
|
|
•
|
fluctuations in foreign currency exchange rates could adversely impact our financial condition and results of operations;
|
|
•
|
our business could suffer if our information technology systems are disrupted or cease to operate effectively;
|
|
•
|
we may be exposed to risks and costs associated with cyber-attacks, credit card fraud and identity theft that would cause us to incur unexpected expenses and loss of revenues;
|
|
•
|
our market share may be negatively impacted by increasing competition and pricing pressures from companies with brands or merchandise competitive with ours;
|
|
•
|
our ability to attract customers to our stores depends, in part, on the success of the shopping malls or area attractions in which most of our stores are located;
|
|
•
|
our failure to protect our reputation could have a material adverse effect on our brands;
|
|
•
|
we rely on the experience and skills of our senior executive officers, the loss of whom could have a material adverse effect on our business;
|
|
•
|
we depend upon independent third parties for the manufacture and delivery of all our merchandise, a disruption of which could result in lost sales and could increase our costs;
|
|
•
|
our reliance on two distribution centers domestically and third-party distribution centers internationally makes us susceptible to disruptions or adverse conditions affecting our distribution centers;
|
|
•
|
we may be exposed to liabilities under the Foreign Corrupt Practices Act, and any determination that we violated the Foreign Corrupt Practices Act could have a material adverse effect on our business;
|
|
•
|
in a number of our European stores, associates are represented by workers’ councils and unions, whose demands could adversely affect our profitability or operating standards for our brands;
|
|
•
|
our facilities, systems and stores, as well as the facilities and systems of our vendors and manufacturers, are vulnerable to natural disasters, pandemic disease and other unexpected events, any of which could result in an interruption to our business and adversely affect our operating results;
|
|
•
|
our litigation and regulatory compliance exposure could have a material adverse effect on our financial condition and results of operations;
|
|
•
|
our inability or failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets;
|
|
•
|
fluctuations in our tax obligations and effective tax rate may result in volatility in our operating results;
|
|
•
|
extreme weather conditions and the seasonal nature of our business may cause net sales to fluctuate and negatively impact our results of operations;
|
|
•
|
the impact of war or acts of terrorism could have a material adverse effect on our operating results and financial condition;
|
|
•
|
changes in the regulatory or compliance landscape could adversely affect our business and results of operations;
|
|
•
|
our Asset-Based Revolving Credit Agreement and our Term Loan Agreement include restrictive covenants that limit our flexibility in operating our business; and,
|
|
•
|
compliance with changing regulations and standards for accounting, corporate governance and public disclosure could adversely affect our business, results of operations and reported financial results.
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
|
ITEM 1A.
|
RISK FACTORS
|
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
|
Period (Fiscal Month)
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
|
Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs
(3)
|
|||||
|
May 3, 2015 through May 30, 2015
|
2,410
|
|
|
$
|
19.44
|
|
|
—
|
|
|
8,964,176
|
|
|
May 31, 2015 through July 4, 2015
|
8,322
|
|
|
$
|
20.64
|
|
|
—
|
|
|
8,964,176
|
|
|
July 5, 2015 through August 1, 2015
|
2,662
|
|
|
$
|
21.60
|
|
|
—
|
|
|
8,964,176
|
|
|
Total
|
13,394
|
|
|
$
|
20.61
|
|
|
—
|
|
|
8,964,176
|
|
|
(1)
|
All of the
13,394
shares of A&F’s Common Stock purchased during the
thirteen
weeks ended
August 1, 2015
represented shares which were withheld for tax payments due upon the vesting of employee restricted stock unit and restricted share awards.
|
|
(2)
|
No shares were repurchased during the
thirteen
weeks ended
August 1, 2015
pursuant to A&F's publicly announced stock repurchase authorization. On August 14, 2012, A&F's Board of Directors authorized the repurchase of 10.0 million shares of A&F's Common Stock, which was announced on August 15, 2012.
|
|
(3)
|
The number shown represents, as of the end of each period, the maximum number of shares of Common Stock that may yet be purchased under A&F’s publicly announced stock repurchase authorization described in footnote 2 above. The shares may be purchased, from time-to-time, depending on market conditions
.
|
|
Exhibit No.
|
Document
|
|
10.1
|
Agreement entered into between Abercrombie & Fitch Management Co. and Jonathan E. Ramsden as of July 7, 2015, the execution date by Abercrombie & Fitch Management Co., incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of Abercrombie & Fitch Co., dated and filed July 9, 2015 (File No. 001-12107).
|
|
10.2
|
Form of Agreement entered into between Abercrombie & Fitch Management Co. and each of Joanne C. Crevoiserat, Christos E. Angelides and Fran Horowitz as of July 7, 2015, the execution date by Abercrombie & Fitch Management Co., incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K of Abercrombie & Fitch Co., dated and filed July 9, 2015 (File No. 001-12107).
|
|
10.3
|
Form of Agreement entered into between Abercrombie & Fitch Management Co. and each of Robert E. Bostrom and Amy L. Zehrer as of July 7, 2015, the execution date by Abercrombie & Fitch Management Co.*
|
|
15
|
Letter re: Unaudited Interim Financial Information to Securities and Exchange Commission re: Inclusion of Report of Independent Registered Public Accounting Firm – PricewaterhouseCoopers LLP.*
|
|
31.1
|
Certifications by Chief Operating Officer (Interim Principal Executive Officer) pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
31.2
|
Certifications by Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
32
|
Certifications by Chief Operating Officer (Interim Principal Executive Officer) and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
|
|
101
|
The following materials from Abercrombie & Fitch Co.’s Quarterly Report on Form 10-Q for the quarterly period ended August 1, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Thirteen and Twenty-Six Weeks Ended August 1, 2015 and August 2, 2014; (ii) Condensed Consolidated Balance Sheets at August 1, 2015 and January 31, 2015; (iii) Condensed Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended August 1, 2015 and August 2, 2014; and (iv) Notes to Condensed Consolidated Financial Statements*
|
|
|
|
*
|
Filed herewith.
|
|
**
|
Furnished herewith.
|
|
|
ABERCROMBIE & FITCH CO.
|
|
|
Date: September 10, 2015
|
By
|
/s/ Joanne C. Crevoiserat
|
|
|
|
Joanne C. Crevoiserat
|
|
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Authorized Officer)
|
|
Exhibit No.
|
Document
|
|
10.1
|
Agreement entered into between Abercrombie & Fitch Management Co. and Jonathan E. Ramsden as of July 7, 2015, the execution date by Abercrombie & Fitch Management Co., incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of Abercrombie & Fitch Co., dated and filed July 9, 2015 (File No. 001-12107).
|
|
10.2
|
Form of Agreement entered into between Abercrombie & Fitch Management Co. and each of Joanne C. Crevoiserat, Christos E. Angelides and Fran Horowitz as of July 7, 2015, the execution date by Abercrombie & Fitch Management Co., incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K of Abercrombie & Fitch Co., dated and filed July 9, 2015 (File No. 001-12107).
|
|
10.3
|
Form of Agreement entered into between Abercrombie & Fitch Management Co. and each of Robert E. Bostrom and Amy L. Zehrer as of July 7, 2015, the execution date by Abercrombie & Fitch Management Co.*
|
|
15
|
Letter re: Unaudited Interim Financial Information to Securities and Exchange Commission re: Inclusion of Report of Independent Registered Public Accounting Firm – PricewaterhouseCoopers LLP.*
|
|
31.1
|
Certifications by Chief Operating Officer (Interim Principal Executive Officer) pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
31.2
|
Certifications by Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
32
|
Certifications by Chief Operating Officer (Interim Principal Executive Officer) and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
|
|
101
|
The following materials from Abercrombie & Fitch Co.’s Quarterly Report on Form 10-Q for the quarterly period ended August 1, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Thirteen and Twenty-Six Weeks Ended August 1, 2015 and August 2, 2014; (ii) Condensed Consolidated Balance Sheets at August 1, 2015 and January 31, 2015; (iii) Condensed Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended August 1, 2015 and August 2, 2014; and (iv) Notes to Condensed Consolidated Financial Statements*
|
|
|
|
*
|
Filed herewith.
|
|
**
|
Furnished herewith.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
| Customer name | Ticker |
|---|---|
| Target Corporation | TGT |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|