-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JtUGgHKoN44bUc9Au1GbrMqqMVz4BT2MjafHOr6Pk6GOxHKtFLsGzZoERWN+qcs5 ZoRwaHLfx7JI0sVvjKn6IA== 0000950152-03-007583.txt : 20030812 0000950152-03-007583.hdr.sgml : 20030812 20030812161825 ACCESSION NUMBER: 0000950152-03-007583 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030812 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ABERCROMBIE & FITCH CO /DE/ CENTRAL INDEX KEY: 0001018840 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FAMILY CLOTHING STORES [5651] IRS NUMBER: 311469076 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12107 FILM NUMBER: 03837809 BUSINESS ADDRESS: STREET 1: 6301 FITCH PATH CITY: NEW ALBANY STATE: OH ZIP: 43054 BUSINESS PHONE: 6145776500 MAIL ADDRESS: STREET 1: 6301 FITCH PATH CITY: NEW ALBANY STATE: OH ZIP: 43054 8-K 1 l02636ae8vk.txt ABERCROMBIE & FITCH CO. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 12, 2003 ----------------- ABERCROMBIE & FITCH CO. --------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-12107 31-1469076 - --------------- ---------------- --------------------- (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation)
6301 Fitch Path, New Albany, Ohio 43054 --------------------------------------------------- (Address of principal executive offices) (Zip Code) (614) 283-6500 --------------------------------------------------- (Registrant's telephone number, including area code) Not Applicable ---------------------------------- (Former name or former address, if changed since last report.) Item 7. Financial Statements and Exhibits. - ------------------------------------------ (a) and (b) Not applicable. (c) Exhibits: -------- The following exhibit is included pursuant to Item 12. Results of Operations and Financial Condition of Form 8-K: 99 News Release issued by Abercrombie & Fitch Co. on August 12, 2003 Item 12. Results of Operations and Financial Condition. - ------------------------------------------------------ On August 12, 2003, Abercrombie & Fitch Co. issued a news release announcing results for the thirteen weeks and twenty-six weeks ended August 2, 2003. A copy of this news release is included as Exhibit 99 and incorporated herein by reference. The information in this Current Report on Form 8-K, including Exhibit 99 included herewith, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing. [Remainder of page intentionally left blank; signature on following page.] -2- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ABERCROMBIE & FITCH CO. Dated: August 12, 2003 By: /s/ Seth R. Johnson ------------------------------------ Seth R. Johnson Executive Vice President - Chief Operating Officer -3- INDEX TO EXHIBITS Current Report on Form 8-K Dated August 12, 2003 Abercrombie & Fitch Co. Exhibit No. Description - ---------- ----------- 99 News Release issued by Abercrombie & Fitch Co. on August 12, 2003 -4- EX-99 3 l02636aexv99.txt EXHIBIT 99 ABERCROMBIE & FITCH REPORTS SECOND QUARTER EPS GROWTH OF 13% NEW ALBANY, Ohio / August 12, 2003 - Abercrombie & Fitch (NYSE: ANF) today reported that earnings per share on a fully diluted basis for the second quarter ended August 2, 2003 rose 13% to $.35 versus $.31 for the comparable period last year. Net sales for the thirteen weeks ended August 2, 2003 increased 8% to $355.7 million from $329.2 million for the thirteen weeks ended August 3, 2002. Comparable store sales decreased 8% in the quarter. Net income for the quarter increased 12% to $34.8 million compared to net income of $31.1 million for the second quarter of fiscal 2002. Mike Jeffries, Chairman and Chief Executive Officer, said, "I am pleased with our second quarter financial results. Despite a tough sales environment, we were able to report double-digit profit growth. It is very difficult at this point to predict the level of demand for the fall season. However, if the second quarter sales trend continues, we are comfortable that we can report flat to slightly higher EPS for the third quarter". Abercrombie & Fitch operated a total of 625 stores at the end of the second quarter, including 167 abercrombie stores and 112 Hollister Co. stores. The Company operates e-commerce websites at www.abercrombie.com, www.abercrombiekids.com, www.hollisterco.com and publishes the A&F Quarterly. Today at 4:30 p.m. the Company will conduct a conference call. Management will discuss the Company's performance, its plans for the future and will accept questions from participants. To listen to the conference call, dial (800) 428-6675 or internationally at (706) 634-1917. To listen via the internet, go to www.abercrombie.com, select the Investor Relations page and click on Calendar of Events. Replays of the call will be available shortly after its completion. The audio replay can be accessed for two weeks following the reporting date by calling (800) 642-1687 or internationally at (706) 645-9291 followed by the conference ID number 6755952; or for 12 months by visiting the Company's website at www.abercrombie.com. # # # # For further information, call: Thomas D. Lennox Director, Investor Relations and Corporate Communications (614) 283-6751 SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Release, the Company's Form 10-K or made by management of the Company involve risks and uncertainties, and are subject to change based on various important factors. The following factors, among others, in some cases have affected and in the future could affect the Company's financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: changes in consumer spending patterns, consumer preferences and overall economic conditions, the impact of competition and pricing, changes in weather patterns, political stability, currency and exchange risks and changes in existing or potential duties, tariffs or quotas, postal rate increases and charges, paper and printing costs, availability of suitable store locations at appropriate terms, ability to develop new merchandise and ability to hire and train associates. ABERCROMBIE & FITCH CO. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
(UNAUDITED) ASSETS AUGUST 2, 2003 FEBRUARY 1, 2003 - ------ -------------- ---------------- Current Assets Cash and Equivalents $ 385,187 $ 391,035 Marketable Securities -- 10,000 Receivables 11,520 10,462 Inventories 199,581 144,218 Store Supplies 28,515 25,671 Other 20,612 19,770 ---------- ---------- Total Current Assets 645,415 601,156 Property and Equipment, Net 426,191 392,941 Other Assets 607 725 ---------- ---------- TOTAL ASSETS $1,072,213 $ 994,822 ---------- ---------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 79,746 $ 50,153 Accrued Expenses 143,811 120,438 Income Taxes Payable 25,798 40,879 ---------- ---------- Total Current Liabilities 249,355 211,470 ---------- ---------- Long-Term Liabilities Debt -- -- Deferred Income Taxes 28,872 20,781 Other Long-Term Liabilities 16,351 13,044 ---------- ---------- Total Long-Term Liabilities 45,223 33,825 ---------- ---------- Total Shareholders' Equity 777,635 749,527 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,072,213 $ 994,822 ---------- ----------
ABERCROMBIE & FITCH CO. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) THIRTEEN WEEKS ENDED AUGUST 2, 2003 AND THIRTEEN WEEKS ENDED AUGUST 3, 2002 (IN THOUSANDS EXCEPT PER SHARE DATA)
ACTUAL ACTUAL -------------------------- ---------------------------- 2003 % of Sales 2002 % of Sales ---- ---------- ---- ---------- Net Sales $ 355,719 100.0% $ 329,154 100.0% --------- ------- --------- ------- Gross Income 144,333 40.6% 131,874 40.1% Gen'l, Admin. & Store Oper. Exp 88,716 24.9% 82,304 25.0% --------- ------- --------- ------- Operating Income 55,617 15.6% 49,570 15.1% Interest Income, Net (861) -0.2% (731) -0.2% --------- ------- --------- ------- Income Before Income Taxes 56,478 15.9% 50,301 15.3% Income Tax Expense 21,660 6.1% 19,160 5.8% Effective Rate 38.4% 38.1% --------- --------- Net Income $ 34,818 9.8% $ 31,141 9.5% --------- ------- --------- ------- Net Income Per Share: Basic $ 0.36 $ 0.32 Diluted $ 0.35 $ 0.31
ABERCROMBIE & FITCH CO. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) TWENTY-SIX WEEKS ENDED AUGUST 2, 2003 AND TWENTY-SIX WEEKS ENDED AUGUST 3, 2002 (IN THOUSANDS EXCEPT PER SHARE DATA)
ACTUAL ACTUAL --------------------------- --------------------------- 2003 % of Sales 2002 % of Sales ---- ---------- ---- ---------- Net Sales $ 702,442 100.0% $ 641,946 100.0% --------- ------- --------- ------- Gross Income 272,521 38.8% 246,303 38.4% Gen'l, Admin. & Store Oper. Exp 176,614 25.1% 159,746 24.9% --------- ------- --------- ------- Operating Income 95,907 13.7% 86,557 13.5% Interest Income, Net (1,852) -0.3% (1,603) -0.2% --------- ------- --------- ------- Income Before Income Taxes 97,759 13.9% 88,160 13.7% Income Tax Expense 37,390 5.3% 33,730 5.3% Effective Rate 38.2% 38.3% --------- --------- Net Income $ 60,369 8.6% $ 54,430 8.5% --------- ------- --------- ------- Net Income Per Share: Basic $ 0.62 $ 0.55 Diluted $ 0.60 $ 0.53
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