Abercrombie & Fitch reports 64% jump in fiscal Q2 earnings
20 Aug '11
4 min read
Net income was $32.0 million and net income per diluted share was $0.35 for the thirteen weeks ended July 30, 2011, compared to net income of $19.5 million and net income per diluted share of $0.22 for the comparable period last year.
During the second quarter of Fiscal 2011, the Company repurchased 950,142 shares of its common stock at an aggregate cost of approximately $64.4 million. As of July 30, 2011, the Company had approximately 8.4 million remaining shares available for purchase under its publicly announced stock repurchase authorizations.
In addition, the company repaid outstanding borrowings of $44.3 million and ended the quarter with $539.6 million in cash and cash equivalents, compared to $596.5 million in cash and cash equivalents at the comparable point last year.
2011 Outlook The Company continues to anticipate opening five Abercrombie & Fitch flagship locations during Fiscal 2011, including the flagship opened in Paris in May. The Company expects to open up to 40 international mall-based Hollister stores, of which six had opened in the first half of the year.
The Company expects to open two domestic stores in Fiscal 2011 and now expects to close approximately 60 to 65 domestic stores, primarily at the end of the year through natural lease expirations.
Based on current new store plans and other planned expenditures, the Company continues to expect total capital expenditures for fiscal 2011 to be approximately $350 million.
Other Developments On August 16, 2011, the Board of Directors declared a quarterly cash dividend of $0.175 per share on the Class A Common Stock of Abercrombie & Fitch Co. payable on September 13, 2011 to shareholders of record at the close of business on August 29, 2011.
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