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Net income was $15.5 million and net income per diluted share was $0.19 for the thirteen weeks ended July 28, 2012, compared to net income of $32.0 million and net income per diluted share of $0.35 for the comparable period last year.
The Company ended the second quarter of fiscal 2012 with $312.2 million in cash and cash equivalents, $20.1 million in current marketable securities, and borrowings under the revolving credit agreement of $75.0 million.
The Company did not repurchase shares of its common stock during the quarter.
During the quarter the Company opened a combined Hollister Co. and Gilly Hicks store in London on Regent Street, seven international Hollister Co. chain stores and three international Gilly Hicks chain stores. Subsequent to quarter end, the Company has opened an Abercrombie & Fitch flagship store in Hong Kong.
Based on a lower sales trend than previously projected, the Company now expects full year diluted earnings per share of approximately $2.50 to $2.75. This projection assumes comparable store sales will decline 10% for the second half of the year.
The Company continues to expect substantial recovery of the gross margin rate erosion seen in 2011 on a 2012 full year basis. In addition to lower sales, the reduction in projected earnings per share also reflects the impact of a stronger US dollar and the impact of an increase in the effective tax rate. The Company now expects the tax rate for the year as a whole to be in the high 30s.
The Company will provide a strategic update on its international expansion plans, capital allocation plans, and its initiatives to increase domestic store profitability, as well as additional information on productivity, profitability and return on investment related to the Company's international operations during its earnings call at 8:30 AM today.
The strategic update will include:
The Company operated 15 Abercrombie & Fitch stores, five abercrombie kids stores, 92 Hollister Co. stores and seven Gilly Hicks stores internationally.
Abercrombie & Fitch Co.
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