Abercrombie & Fitch Co. Reports Fourth Quarter and Full Year Results

•Net sales increased 15% for the quarter and 5% for the year, including the additional week
•Comparable sales increased 9% for the quarter and 3% for the year, with Hollister up 11% and Abercrombie up 5% for the quarter
•Operating income more than doubled to $140.3 million for the quarter and increased to $72.1 million for the year

Abercrombie & Fitch Co. (NYSE:ANF) today reported GAAP net income per diluted share of $1.05 for the 14-week fourth quarter ended February 3, 2018, compared to $0.71 for the 13-week fourth quarter ended January 28, 2017. Excluding certain items, the company reported adjusted non-GAAP net income per diluted share of $1.38 for the quarter, compared to $0.75 last year.

The company also reported GAAP net income per diluted share of $0.10 for the 53-week year ended February 3, 2018, compared to $0.06 for the 52-week year ended January 28, 2017. Excluding certain items, the company reported adjusted non-GAAP net income per diluted share of $0.65 for the full year, compared to an adjusted non-GAAP net loss per diluted share of $0.06 for the full year last year.

Fran Horowitz, Chief Executive Officer, said: “We are pleased by our performance, delivering positive comparable sales for the fourth quarter across brands, channels and geographies and more than doubling our operating income. Our focus on staying close to our customer, executing to our playbook and maintaining our disciplined approach to expense management delivered a strong performance on both the top and bottom line.

Overall, 2017 was a year of significant progress. We achieved several important milestones, including Hollister growing to $2 billion in sales, Abercrombie returning to positive comparable sales for the fourth quarter and record digital sales across all brands. We continue to improve the customer experience with ongoing investments in loyalty programs, stores, direct-to-consumer and omnichannel capabilities.

We have a strong balance sheet, proven cost management discipline and a clear plan for building on the foundations we laid in 2017. In 2018, we will continue to focus our attention and our investments on engaging our customers with compelling assortments and new experiences, in clearly defined brand voices, positioning our business for sustainable long-term growth.”

Net sales were $1.193 billion, up 15% from last year, with comparable sales up 9%. The additional week in fiscal 2017 and changes in foreign currency exchange rates benefited fourth quarter net sales by approximately 4% and 3%, respectively.

By brand, net sales increased 19% to $709.2 million for Hollister and increased 9% to $484.0 million for Abercrombie from last year.

By geography, net sales increased 13% to $774.6 million in the U.S. and increased 20% to $418.6 million in international markets from last year.

Direct-to-consumer net sales grew to approximately 34% of total company net sales, compared to approximately 31% last year.
more detail at: http://ir.abercrombie.com/anf/investors/investorrelations.html

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