-----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, MAaUJ9DQSoL3i3TiRF9p+azjqyX02n6BLNgJqu8eeEr7FZ+KO2oKfKTorIeYzOIw 9FnwbP4JOqpANDoBwXxWyQ== 0000950152-04-003847.txt : 20040511 0000950152-04-003847.hdr.sgml : 20040511 20040511161829 ACCESSION NUMBER: 0000950152-04-003847 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040511 ITEM INFORMATION: ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040511 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: 04796636 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 l07563ae8vk.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): May 11, 2004 -------------- 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 9. Regulation FD Disclosure. - --------------------------------- On May 11, 2004, Abercrombie & Fitch Co. (the "Company") issued a news release (the "May 11, 2004 Release") reporting results for the thirteen weeks ended May 1, 2004. A copy of the May 11, 2004 Release is furnished as Exhibit 99 and is incorporated herein by reference. Item 12. Results of Operations and Financial Condition. - ------------------------------------------------------ In the May 11, 2004 Release, the Company reported results for the thirteen weeks ended May 1, 2004. A copy of the May 11, 2004 Release is furnished as Exhibit 99 and is incorporated herein by reference. The information in this Current Report on Form 8-K, including Exhibit 99 furnished 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 liabilities 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: May 11, 2004 By: /s/ Susan J. Riley ------------------------------------- Susan J. Riley Senior Vice President-Chief Financial Officer -3- INDEX TO EXHIBITS Current Report on Form 8-K Dated May 11, 2004 Abercrombie & Fitch Co. Exhibit No. Description - ----------- ----------- 99 News Release issued by Abercrombie & Fitch Co. on May 11, 2004 -4- EX-99 2 l07563aexv99.txt EXHIBIT 99 ABERCROMBIE & FITCH REPORTS FIRST QUARTER EPS GROWTH OF 19% NEW ALBANY, Ohio / May 11, 2004 - Abercrombie & Fitch (NYSE: ANF) today reported that earnings per share on a fully diluted basis for the first quarter ended May 1, 2004 rose 19% to $0.31 versus $0.26 for the comparable period last year. Net sales for the thirteen weeks ended May 1, 2004 increased 19% to $411.9 million from $346.7 million for the thirteen weeks ended May 3, 2003. Comparable store sales were flat for the quarter. Net income for the quarter increased 16% to $29.7 million compared to net income of $25.6 million for the first quarter of fiscal 2003. Mike Jeffries, Chairman and Chief Executive Officer, said, "I am very pleased with our results for the quarter. Our sales trend has improved and we continued to keep our focus on the bottom line. Although it is difficult to predict the retail environment, I feel confident about the position of our business and our merchandise strategies. Assuming a continuation of the first quarter comp store sales trend, we are comfortable with EPS estimates in the range of $0.38 to $0.40 per diluted share for the second quarter." Abercrombie & Fitch operated a total of 706 stores at the end of the first quarter, including 170 abercrombie stores and 177 Hollister Co. stores. The Company operates e-commerce websites at www.abercrombie.com, www.abercrombiekids.com, and www.hollisterco.com. Today at 4:30 pm Eastern Time 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) 811-0667 or internationally at (913) 981-4901. 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 (888) 203-1112 or internationally at (719) 457-0820 followed by the conference ID number 302163; 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 A&F 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 A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the Company's control. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," and similar expressions may identify forward-looking statements. The following factors, in addition to those included in the disclosure under the heading "RISK FACTORS" in "ITEM 1. BUSINESS" of A&F's Annual Report on Form 10-K for the fiscal year ended January 31, 2004, in some cases have affected and in the future could affect the Company's financial performance and could cause actual results for the 2004 fiscal year and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this Release or otherwise made by management: changes in consumer spending patterns and consumer preferences; the effects of political and economic events and conditions domestically and in foreign jurisdictions in which the Company operates, including, but not limited to, acts of terrorism or war; the impact of competition and pricing; changes in weather patterns; postal rate increases and changes; paper and printing costs; market price of key raw materials; ability to source product from its global supplier base; political stability; currency and exchange risks and changes in existing or potential duties, tariffs or quotas; availability of suitable store locations at appropriate terms; ability to develop new merchandise; and ability to hire, train and retain associates. Future economic and industry trends that could potentially impact revenue and profitability are difficult to predict. Therefore, there can be no assurance that the forward-looking statements included in this Release will prove to be accurate. In light of the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company, or any other person, that the objectives of the Company will be achieved. The forward-looking statements herein are based on information presently available to the management of the Company. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. ABERCROMBIE & FITCH CO. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) THIRTEEN WEEKS ENDED MAY 1, 2004 AND THIRTEEN WEEKS ENDED MAY 3, 2003 (IN THOUSANDS EXCEPT PER SHARE DATA)
ACTUAL ACTUAL ------------------------ ----------------------- 2004 % of Sales 2003 % of Sales --------- ---------- --------- ---------- Net Sales $ 411,930 100.0% $ 346,722 100.0% --------- ---------- --------- ---------- Gross Income 165,590 40.2% 128,188 37.0% Gen'l, Admin. & Store Oper. Exp 118,269 28.7% 87,898 25.4% --------- ---------- --------- ---------- Operating Income 47,321 11.5% 40,290 11.6% Interest Income, Net (985) -0.2% (991) -0.3% --------- ---------- --------- ---------- Income Before Income Taxes 48,306 11.7% 41,281 11.9% Income Tax Expense 18,630 4.5% 15,730 4.5% Effective Rate 38.6% 38.1% --------- --------- Net Income $ 29,676 7.2% $ 25,551 7.4% --------- ---------- --------- ---------- Net Income Per Share: Basic $ 0.31 $ 0.26 Diluted $ 0.31 $ 0.26
ABERCROMBIE & FITCH CO. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
(UNAUDITED) ASSETS MAY 1, 2004 JANUARY 31, 2004 - ------ ---------- ---------------- Current Assets Cash and Equivalents $ 527,355 $ 511,073 Marketable Securities 10,000 10,000 Receivables 13,286 7,197 Inventories 132,268 170,703 Store Supplies 30,370 29,993 Other 24,612 23,689 ---------- ---------- Total Current Assets 737,891 752,655 Property and Equipment, Net 450,154 445,956 Other Assets 496 552 ---------- ---------- TOTAL ASSETS $1,188,541 $1,199,163 ---------- ---------- LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Current Liabilities Accounts Payable $ 67,764 $ 91,364 Accrued Expenses 157,165 138,232 Income Taxes Payable 25,581 50,406 ---------- ---------- Total Current Liabilities 250,510 280,002 ---------- ---------- Long-Term Liabilities Debt -- -- Deferred Income Taxes 22,717 19,516 Other Long-Term Liabilities 27,034 28,388 ---------- ---------- Total Long-Term Liabilities 49,751 47,904 ---------- ---------- Total Shareholders' Equity 888,280 871,257 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,188,541 $1,199,163 ---------- ----------
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