2016 Q3 Form 10-Q Financial Statement

#000101884016000115 Filed on September 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3 2015 Q2
Revenue $783.2M $817.8M $709.4M
YoY Change -4.23% -8.18% -13.74%
Cost Of Revenue $306.1M $307.9M $297.9M
YoY Change -0.6% -8.81% -4.15%
Gross Profit $477.1M $509.9M $411.5M
YoY Change -6.42% -7.79% -19.57%
Gross Profit Margin 60.92% 62.35% 58.01%
Selling, General & Admin $494.6M $509.0M $499.2M
YoY Change -2.83% -5.27% -7.76%
% of Gross Profit 103.67% 99.83% 121.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.00M $55.10M $53.30M
YoY Change -11.07% -8.01% -9.51%
% of Gross Profit 10.27% 10.81% 12.95%
Operating Expenses $482.4M $508.4M $497.4M
YoY Change -5.11% -4.74% -7.34%
Operating Profit -$10.81M $1.962M -$90.20M
YoY Change -650.71% -89.93% 186.29%
Interest Expense -$3.800M -$4.100M -$4.400M
YoY Change -7.32% -415.38% -438.46%
% of Operating Profit -208.97%
Other Income/Expense, Net
YoY Change
Pretax Income -$15.55M -$2.605M -$94.84M
YoY Change 496.78% -114.91% 183.07%
Income Tax -$3.515M -$3.217M -$31.59M
% Of Pretax Income
Net Earnings -$13.13M -$810.0K -$63.25M
YoY Change 1520.86% -106.29% 167.19%
Net Earnings / Revenue -1.68% -0.1% -8.92%
Basic Earnings Per Share -$0.19 -$0.01 -$0.91
Diluted Earnings Per Share -$0.19 -$0.01 -$0.91
COMMON SHARES
Basic Shares Outstanding 67.94M shares 69.71M shares 69.51M shares
Diluted Shares Outstanding 67.94M shares 69.71M shares 69.51M shares

Balance Sheet

Concept 2016 Q3 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $455.6M $408.3M $383.2M
YoY Change 11.58% 31.41% 7.31%
Cash & Equivalents $455.6M $408.3M $408.3M
Short-Term Investments
Other Short-Term Assets $108.9M $103.0M $118.6M
YoY Change 5.69% -2.8% 14.97%
Inventory $453.2M $478.6M $441.0M
Prepaid Expenses
Receivables $79.00M $72.50M $59.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.097B $1.103B $1.047B
YoY Change -0.59% 2.44% -0.6%
LONG-TERM ASSETS
Property, Plant & Equipment $850.1M $947.1M $949.6M
YoY Change -10.24% -13.77% -15.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $385.6M $372.0M $368.3M
YoY Change 3.66% -4.13% -5.96%
Total Long-Term Assets $1.236B $1.319B $1.318B
YoY Change -6.32% -11.25% -12.92%
TOTAL ASSETS
Total Short-Term Assets $1.097B $1.103B $1.047B
Total Long-Term Assets $1.236B $1.319B $1.318B
Total Assets $2.332B $2.422B $2.365B
YoY Change -3.71% -5.5% -7.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $180.8M $199.4M $122.8M
YoY Change -9.32% 24.41% 0.56%
Accrued Expenses $279.9M $299.3M $280.0M
YoY Change -6.48% 7.82% -1.02%
Deferred Revenue
YoY Change
Short-Term Debt $1.468M $2.017M $2.017M
YoY Change -27.22% -97.31% -86.55%
Long-Term Debt Due $1.500M $2.000M $2.000M
YoY Change -25.0% -97.33% -86.67%
Total Short-Term Liabilities $499.3M $529.1M $437.5M
YoY Change -5.63% -5.38% -6.93%
LONG-TERM LIABILITIES
Long-Term Debt $285.5M $289.8M $290.3M
YoY Change -1.49% 157.63% 149.75%
Other Long-Term Liabilities $185.3M $170.0M $177.3M
YoY Change 9.01% -19.63% -22.29%
Total Long-Term Liabilities $600.8M $607.1M $619.8M
YoY Change -1.04% 18.44% 14.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $499.3M $529.1M $437.5M
Total Long-Term Liabilities $600.8M $607.1M $619.8M
Total Liabilities $1.100B $1.136B $1.057B
YoY Change -3.18% 6.01% 4.29%
SHAREHOLDERS EQUITY
Retained Earnings $2.446B $2.458B $2.473B
YoY Change -0.49% -2.3% -1.77%
Common Stock $396.0M $423.8M $423.7M
YoY Change -6.57% -1.17% -0.19%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.511B $1.496B $1.501B
YoY Change 1.04% 3.98% 8.7%
Treasury Stock Shares 35.63M shares 33.70M shares 33.74M shares
Shareholders Equity $1.226B $1.285B $1.307B
YoY Change
Total Liabilities & Shareholders Equity $2.332B $2.422B $2.365B
YoY Change -3.71% -5.5% -7.86%

Cashflow Statement

Concept 2016 Q3 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income -$13.13M -$810.0K -$63.25M
YoY Change 1520.86% -106.29% 167.19%
Depreciation, Depletion And Amortization $49.00M $55.10M $53.30M
YoY Change -11.07% -8.01% -9.51%
Cash From Operating Activities $17.80M $73.00M -$93.78M
YoY Change -75.62% 362.03% 133.64%
INVESTING ACTIVITIES
Capital Expenditures -$32.00M -$39.20M $29.92M
YoY Change -18.37% -9.05% -20.92%
Acquisitions
YoY Change
Other Investing Activities $0.00 $11.10M
YoY Change -100.0%
Cash From Investing Activities -$32.00M -$28.10M -$29.92M
YoY Change 13.88% -34.8% -20.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.00M -15.70M -$14.61M
YoY Change -4.46% 6.08% -91.49%
NET CHANGE
Cash From Operating Activities 17.80M 73.00M -$93.78M
Cash From Investing Activities -32.00M -28.10M -$29.92M
Cash From Financing Activities -15.00M -15.70M -$14.61M
Net Change In Cash -29.20M 29.20M -$138.3M
YoY Change -200.0% -169.36% -44.6%
FREE CASH FLOW
Cash From Operating Activities $17.80M $73.00M -$93.78M
Capital Expenditures -$32.00M -$39.20M $29.92M
Free Cash Flow $49.80M $112.2M -$123.7M
YoY Change -55.61% 90.49% 58.65%

Facts In Submission

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CY2016Q1 us-gaap Other Liabilities Noncurrent
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Sale Of Furniture And Fixtures
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us-gaap Proceeds From Sale Of Furniture And Fixtures
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4098000 USD
CY2015Q3 us-gaap Profit Loss
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612000 USD
us-gaap Profit Loss
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us-gaap Profit Loss
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894178000 USD
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850114000 USD
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79012000 USD
CY2015Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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4839000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
10875000 USD
CY2016Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
2101000 USD
us-gaap Repayments Of Lines Of Credit
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1500000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2015Q3 us-gaap Restructuring Charges
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0 USD
us-gaap Restructuring Charges
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CY2016Q3 us-gaap Restructuring Charges
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0 USD
us-gaap Restructuring Charges
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0 USD
us-gaap Restructuring Costs And Asset Impairment Charges
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us-gaap Restructuring Costs And Asset Impairment Charges
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6356000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Sales Revenue Net
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CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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P0Y10M26D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P0Y10M26D
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CY2016Q3 us-gaap Short Term Borrowings
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q3 us-gaap Stockholders Equity
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CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
35952000 shares
CY2016Q3 us-gaap Treasury Stock Shares
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35634000 shares
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1511366000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69713000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69612000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
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us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
103300000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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us-gaap Weighted Average Number Of Shares Issued Basic
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CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q3 us-gaap Weighted Average Number Of Shares Treasury Stock
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us-gaap Weighted Average Number Of Shares Treasury Stock
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CY2016Q3 us-gaap Weighted Average Number Of Shares Treasury Stock
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us-gaap Weighted Average Number Of Shares Treasury Stock
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us-gaap Fiscal Period
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<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 </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">&#8221; and &#8220;Fiscal </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">&#8221; represent the fifty-two week fiscal years ending on </font><font style="font-family:inherit;font-size:10pt;">January 28, 2017</font><font style="font-family:inherit;font-size:10pt;"> and ended on </font><font style="font-family:inherit;font-size:10pt;">January 30, 2016</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
us-gaap Loss Contingency Disclosures
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;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 losses are deemed probable and reasonably estimable. 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. As of </font><font style="font-family:inherit;font-size:10pt;">July 30, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company had accrued charges of approximately </font><font style="font-family:inherit;font-size:10pt;">$10 million</font><font style="font-family:inherit;font-size:10pt;"> for certain legal contingencies. In addition, there are certain claims and legal proceedings pending against the Company for which accruals have not been established. 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.</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;">Additionally, for the quarter ended </font><font style="font-family:inherit;font-size:10pt;">July 30, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized a </font><font style="font-family:inherit;font-size:10pt;">$12.3 million</font><font style="font-family:inherit;font-size:10pt;"> gain in other operating income, net in connection with a settlement of certain economic loss claims associated with the April 2010 Deepwater Horizon oil spill.</font></div></div>
us-gaap Nature Of Operations
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<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 &#8220;Abercrombie &amp; Fitch&#8221; or the &#8220;Company&#8221;), is a specialty retailer of branded apparel and accessories. 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 serve its customers 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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