Subsequent Events (Notes)

3 Months Ended

Aug. 03, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On May 22, 2019, the Company determined that it will be ceasing operations of its SoHo Hollister flagship store in New York City, and expects to close this store in the second quarter of Fiscal 2019. In addition, on May 28, 2019, the Company exercised an option to terminate its Fukuoka, Japan A&F flagship store lease, and expects to close this store in the second half of Fiscal 2020. These actions represent important ongoing steps in the Company’s global store network optimization efforts as it continues to pivot away from large format stores to smaller, omnichannel focused brand experiences.

As a result of these store closures, the Company expects to incur pre-tax net lease-related charges of $45 million during the second quarter of Fiscal 2019, primarily related to the present value of future lease payments associated with these stores that will be due subsequent to their closure. The Company expects future lease payments associated with these stores of approximately $105 million, which are expected to be paid subsequent to the dates of the respective actions through the fiscal year ending January 30, 2029 (“Fiscal 2028”). These future lease payments are not expected to exceed $15 million in any fiscal year.