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Net income dips 58% at Abercrombie in quarter ending Feb 1

February 27, 2014 (United States Of America)

Abercrombie & Fitch Co. reported unaudited fourth quarter results that reflected GAAP net income of $66.1 million and net income per diluted share of $0.85 for the thirteen weeks ended February 1, 2014, compared to GAAP net income of $157.2 million and net income per diluted share of $1.95 for the fourteen weeks ended February 2, 2013.

Additionally, the Company reported full year GAAP net income of $54.6 million and net income per diluted share of $0.69 for the fifty-two week period ended February 1, 2014, compared to GAAP net income of $237.0 million and net income per diluted share of $2.85 for the fifty-three week period ended February 2, 2013.

Excluding restructuring charges related to Gilly Hicks, other asset impairment charges, and charges related to its profit improvement initiative, the Company reported adjusted non-GAAP net income of $104.3 million and net income per diluted share of $1.34 for the fourth quarter and adjusted non-GAAP net income of $150.6 million and net income per diluted share of $1.91 for the full year.

Relative to initial guidance for the quarter, results for the fourth quarter and full year benefited from a lower tax rate, primarily resulting from a higher proportion of earnings being generated from international operations, as well as an acceleration of expense savings driven by the profit improvement initiative.

Net sales for the thirteen weeks ended February 1, 2014 are compared to net sales for the fourteen weeks ended February 2, 2013.  Net sales for the thirteen week period ended February 2, 2013 were approximately $82 million less than net sales for the reported fourteen week period ended February 2, 2013. Net sales for U.S. and International include direct-to-consumer net sales.

Fourth quarter comparable sales are compared to the thirteen week period ended February 2, 2013. Direct-to-consumer net sales include shipping and handling revenue.

Net sales by brand for the fourth quarter were $477.9 million for Abercrombie & Fitch, $107.9 million for abercrombie kids and $684.1 million for Hollister Co. Comparable sales by brand, including direct-to-consumer, decreased 6% for Abercrombie & Fitch, decreased 8% for abercrombie kids, and decreased 10% for Hollister Co.

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Abercrombie & Fitch
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