The effective tax rate for the first quarter was a benefit of 53.7% compared to a benefit of 29.1% last year. The current year rate reflects a net reduction in reserves resulting from the settlement of tax audits. The Company now expects its full year tax rate in the range of 33% to 34%.
During the first quarter of Fiscal 2013, the Company repurchased approximately 350,000 shares of its common stock at an aggregate cost of approximately $16.3 million.
The Company ended the first quarter with approximately $555.9 million in cash and cash equivalents and borrowings under the Term Loan Agreement of $146.3 million compared to $321.6 million in cash and cash equivalents, $37.9 million in marketable securities and no borrowings last year.
The Company opened four international Hollister chain stores, including its first store in Australia, and a combined Hollister and Gilly Hicks outlet store in the UK, during the quarter.
Abercrombie & Fitch