The Company ended the first quarter of Fiscal 2011 with $741.8 million in cash and cash equivalents, borrowings under the credit agreement of $44.3 million and outstanding letters of credit of $0.1 million, compared to $590.5 million in cash and cash equivalents, borrowings under the credit agreement of $49.0 million and outstanding letters of credit of $45.6 million at the comparable point last year.
During the first quarter of Fiscal 2011, the Company repurchased 428,800 shares of its common stock at an aggregate cost of approximately $25.5 million. As of April 30, 2011, the Company had approximately 9.3 million remaining shares available for purchase under its publicly announced stock repurchase authorizations.
2011 Outlook
The Company continues to anticipate opening five international Abercrombie & Fitch flagship locations during Fiscal 2011. In addition the Company expects to open up to 40 international mall-based Hollister stores, primarily in the latter part of the year. The Company expects a minimal number of domestic store openings in 2011. In addition, the Company continues to expect to close approximately 50 domestic stores during Fiscal 2011, primarily at the end of the year through natural lease expirations.
Based on current new store plans and other planned expenditures, the Company expects total capital expenditures for 2011 to be approximately $350 million, predominately related to new stores, store refreshes and remodels.
The Company continues to expect margin pressure in the second quarter as a result of year over year erosion in the gross margin rate, and significantly less expense leverage than in the first quarter.
Other Developments
On May 17, 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 June 14, 2011 to shareholders of record at the close of business on May 27, 2011.