Net income was $71.5 million and net income per diluted share was $0.87 for the thirteen weeks ended October 27, 2012, compared to net income of $50.9 million and net income per diluted share of $0.57 for the comparable period last year.
The Company ended the third quarter of fiscal 2012 with approximately $349.7 million in cash and cash equivalents, $19.9 million in current marketable securities and $60.0 million in borrowings under the revolving credit agreement.
During the third quarter of Fiscal 2012, the Company repurchased 3.0 million shares of its common stock at an aggregate cost of approximately $104.3 million. As of October 27, 2012, the Company had approximately 19.9 million remaining shares available for purchase under its publicly announced stock repurchase authorizations.
During the quarter the Company opened an Abercrombie & Fitch flagship store in Hong Kong, a combined Abercrombie & Fitch and abercrombie kids store in Munich and nine international Hollister Co. chain stores. Subsequent to quarter end, the Company has opened an Abercrombie & Fitch store in Dublin.
2012 Outlook
Based on having exceeded its objectives for the third quarter, the Company is now projecting full year diluted earnings per share of approximately $2.85 to $3.00. This projection assumes a mid single digit percentage decrease in comparable store sales for the fourth quarter and a slightly higher gross margin rate for the quarter relative to the year-to-date rate.
The projected diluted earnings per share guidance does not include the impact of potential impairment charges or other real estate charges. In addition, the projected earnings per share guidance assumes a full year diluted weighted average share count of approximately 83.1 million shares and does not include the impact of potential share repurchases in the fourth quarter.
Abercrombie & Fitch Co.