2015 Q2 Form 10-Q Financial Statement

#000101884015000036 Filed on June 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $709.4M $822.4M
YoY Change -13.74% -1.95%
Cost Of Revenue $297.9M $310.8M
YoY Change -4.15% 8.81%
Gross Profit $411.5M $511.7M
YoY Change -19.57% -7.5%
Gross Profit Margin 58.01% 62.21%
Selling, General & Admin $499.2M $541.2M
YoY Change -7.76% -4.7%
% of Gross Profit 121.3% 105.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.30M $58.90M
YoY Change -9.51% -1.01%
% of Gross Profit 12.95% 11.51%
Operating Expenses $497.4M $536.8M
YoY Change -7.34% -5.58%
Operating Profit -$90.20M -$31.51M
YoY Change 186.29% 126.32%
Interest Expense -$4.400M $1.300M
YoY Change -438.46% 30.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$94.84M -$33.50M
YoY Change 183.07% 115.47%
Income Tax -$31.59M -$9.832M
% Of Pretax Income
Net Earnings -$63.25M -$23.67M
YoY Change 167.19% 228.63%
Net Earnings / Revenue -8.92% -2.88%
Basic Earnings Per Share -$0.91 -$0.32
Diluted Earnings Per Share -$0.91 -$0.32
COMMON SHARES
Basic Shares Outstanding 69.51M shares 74.48M shares
Diluted Shares Outstanding 69.51M shares 74.48M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $383.2M $357.1M
YoY Change 7.31% -35.76%
Cash & Equivalents $408.3M $357.1M
Short-Term Investments
Other Short-Term Assets $118.6M $103.1M
YoY Change 14.97% -9.66%
Inventory $441.0M $486.0M
Prepaid Expenses
Receivables $59.20M $70.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.047B $1.053B
YoY Change -0.6% -16.54%
LONG-TERM ASSETS
Property, Plant & Equipment $949.6M $1.122B
YoY Change -15.35% -11.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $368.3M $391.6M
YoY Change -5.96% 7.28%
Total Long-Term Assets $1.318B $1.513B
YoY Change -12.92% -7.34%
TOTAL ASSETS
Total Short-Term Assets $1.047B $1.053B
Total Long-Term Assets $1.318B $1.513B
Total Assets $2.365B $2.566B
YoY Change -7.86% -11.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $122.8M $122.1M
YoY Change 0.56% -16.53%
Accrued Expenses $280.0M $282.9M
YoY Change -1.02% -6.17%
Deferred Revenue
YoY Change
Short-Term Debt $2.017M $15.00M
YoY Change -86.55% 0.0%
Long-Term Debt Due $2.000M $15.00M
YoY Change -86.67% 0.0%
Total Short-Term Liabilities $437.5M $470.1M
YoY Change -6.93% -11.88%
LONG-TERM LIABILITIES
Long-Term Debt $290.3M $116.3M
YoY Change 149.75% -11.43%
Other Long-Term Liabilities $177.3M $228.2M
YoY Change -22.29% 0.13%
Total Long-Term Liabilities $619.8M $543.7M
YoY Change 14.0% -6.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $437.5M $470.1M
Total Long-Term Liabilities $619.8M $543.7M
Total Liabilities $1.057B $1.014B
YoY Change 4.29% -9.1%
SHAREHOLDERS EQUITY
Retained Earnings $2.473B $2.518B
YoY Change -1.77% -0.98%
Common Stock $423.7M $424.5M
YoY Change -0.19% 5.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.501B $1.381B
YoY Change 8.7% 20.4%
Treasury Stock Shares 33.74M shares 30.53M shares
Shareholders Equity $1.307B $1.553B
YoY Change
Total Liabilities & Shareholders Equity $2.365B $2.566B
YoY Change -7.86% -11.35%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$63.25M -$23.67M
YoY Change 167.19% 228.63%
Depreciation, Depletion And Amortization $53.30M $58.90M
YoY Change -9.51% -1.01%
Cash From Operating Activities -$93.78M -$40.14M
YoY Change 133.64% -72.05%
INVESTING ACTIVITIES
Capital Expenditures $29.92M $37.83M
YoY Change -20.92% -10.72%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$29.92M -$37.83M
YoY Change -20.92% -15.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $150.0M
YoY Change -100.0% 819.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$14.61M -$171.7M
YoY Change -91.49% -258.58%
NET CHANGE
Cash From Operating Activities -$93.78M -$40.14M
Cash From Investing Activities -$29.92M -$37.83M
Cash From Financing Activities -$14.61M -$171.7M
Net Change In Cash -$138.3M -$249.7M
YoY Change -44.6% 210.64%
FREE CASH FLOW
Cash From Operating Activities -$93.78M -$40.14M
Capital Expenditures $29.92M $37.83M
Free Cash Flow -$123.7M -$77.97M
YoY Change 58.65% -58.08%

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CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
5633000 USD
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
-1598000 USD
CY2014Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
0 USD
CY2015Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
6133000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2550673000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2473346000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
822428000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
709422000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5288000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
6855000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
317600 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
64.35
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
10500 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
124200 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
328100 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
317600 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
64.64
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
64.35
CY2015Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2015Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
73.48
CY2015Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
124200 USD
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y5M
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y5M
CY2015Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
2102000 USD
CY2015Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
2017000 USD
CY2015Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1389701000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1307300000 USD
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
33948000 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
33743000 shares
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1512562000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
1500777000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74483000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69510000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
103300000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
103300000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74483000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69510000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Treasury Stock
WeightedAverageNumberOfSharesTreasuryStock
28817000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Treasury Stock
WeightedAverageNumberOfSharesTreasuryStock
33790000 shares
CY2015Q2 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year ends on the Saturday closest to January&#160;31. All references herein to &#8220;Fiscal 2015&#8221; represent the 52-week fiscal year ending on January&#160;30, 2016; and to &#8220;Fiscal 2014&#8221; represent the 52-week fiscal year ended January 31, 2015.</font></div></div>
CY2015Q2 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is a defendant in lawsuits and other adversary proceedings arising in the ordinary course of business. Legal costs incurred in connection with the resolution of claims and lawsuits are generally expensed as incurred, and the Company establishes reserves for the outcome of litigation where it deems appropriate to do so under applicable accounting rules. The Company&#8217;s assessment of the current exposure could change in the event of the discovery of additional facts with respect to legal matters pending against the Company or determinations by judges, juries, administrative agencies or other finders of fact that are not in accordance with the Company&#8217;s evaluation of claims. Actual liabilities may exceed the amounts reserved, and there can be no assurance that final resolution of these matters will not have a material adverse effect on the Company&#8217;s financial condition, results of operations or cash flows. The Company has established accruals for certain matters where losses are deemed probable and reasonably estimable. There are other claims and legal proceedings pending against the Company for which accruals have not been established.</font></div></div>
CY2015Q2 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Abercrombie&#160;&amp; Fitch Co. (&#8220;A&amp;F&#8221;), through its subsidiaries (collectively, A&amp;F and its subsidiaries are referred to as "Abercrombie &amp; Fitch" or the &#8220;Company&#8221;), is a specialty retailer that operates stores and direct-to-consumer operations. The Company operates stores in North America, Europe, Asia and the Middle East and direct-to-consumer operations in North America, Europe and Asia that service its brands throughout the world. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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