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Basis of Presentation
9 Months Ended
Nov. 01, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION
BASIS OF PRESENTATION

Abercrombie & Fitch Co. (“A&F”), through its wholly-owned subsidiaries (collectively, A&F and its wholly-owned subsidiaries are referred to as the “Company”), is a specialty retailer of high-quality, casual apparel for men, women and kids with an active, youthful lifestyle.

The accompanying Consolidated Financial Statements include the historical financial statements of, and transactions applicable to, the Company and reflect its assets, liabilities, results of operations and cash flows.

The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal years are designated in the consolidated financial statements and notes by the calendar year in which the fiscal year commences. All references herein to “Fiscal 2014” represent the 52-week fiscal year that will end on January 31, 2015, and to “Fiscal 2013” represent the 52-week fiscal year that ended February 1, 2014.

The Consolidated Financial Statements as of November 1, 2014 and for the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto contained in A&F’s Annual Report on Form 10-K for Fiscal 2013 filed with the SEC on March 31, 2014. The February 1, 2014 consolidated balance sheet data were derived from audited consolidated financial statements, but do not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”).

In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments (which are of a normal recurring nature) necessary to state fairly, in all material respects, the financial position and results of operations and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for Fiscal 2014.

The thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013 include the correction of certain errors relating to prior years. Amounts recorded out-of-period included a reduction to pre-tax income of $0.6 million and $3.3 million for the thirteen and thirty-nine weeks ended November 1, 2014, respectively, and an unrelated tax charge of $0.4 million for the thirteen and thirty-nine weeks ended November 1, 2014. The effect of these corrections decreased net income by $0.8 million and $2.4 million for the thirteen and thirty-nine weeks ended November 1, 2014, respectively. Amounts recorded out-of-period also included a reduction to pre-tax loss of $2.1 million, and an unrelated tax benefit of $1.9 million, for the thirteen weeks ended November 3, 2013, and a reduction to pre-tax loss of $6.3 million, and an unrelated tax benefit of $0.7 million, for the thirty-nine weeks ended November 2, 2013. The effect of these corrections reduced net loss by $3.0 million and $4.7 million for the thirteen and thirty-nine weeks ended November 2, 2013, respectively. The Company does not believe these corrections were material to any current or prior interim or annual periods that were affected.

To conform with current year presentation, charges related to the restructuring of the Gilly Hicks brand of $40.1 million and asset impairments of $43.6 million for thirteen and thirty-nine weeks ended November 2, 2013 have been reclassified from stores and distribution expense to restructuring charges in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Additionally, $4.6 million of charges related to the restructuring of the Gilly Hicks brand for the thirteen and thirty-nine weeks ended November 2, 2013 have been reclassified from marketing, general and administrative expenses to restructuring charges in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss).

The Consolidated Financial Statements as of November 1, 2014 and for the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013 included herein have been reviewed by PricewaterhouseCoopers LLP, an independent registered public accounting firm, and the report of such firm follows the Notes to Consolidated Financial Statements.

PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 (the “Act”) for their report on the consolidated financial statements because their report is not a “report” or a “part” of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act.