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USA:Abercrombie & Fitch Co. posts Q4 net profits
at $170.6 million |
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2005-2-17
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Abercrombie & Fitch Co. today reported unaudited results which reflected record net income of $104.5 million and net income per share on a fully diluted basis for the fourth quarter ended January 29, 2005 of $1.15.
Fourth Quarter Highlights
- Total Company net sales increased 23% to $687.3 million; comparable store sales increased 9%.
- Abercrombie & Fitch fourth quarter net sales increased 6% to $396.4 million; Abercrombie & Fitch comparable store sales increased by 4%.
- Hollister fourth quarter net sales increased 74% to $210.2 million; Hollister comparable store sales increased by 19%.
- The Company''s gross income rate was 49.0%, an increase of 240 basis points versus last year''s fourth quarter rate.
- The Company''s operating profit increased 10% to $170.6 million, reflecting a 24.8% operating margin.
- Net income per share on a fully diluted basis rose 19% to $1.15 from $0.97 in fiscal 2003.
- Abercrombie & Fitch Co. repurchased 5.2 million shares of its Class A Common Stock.
Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said:
"I am extremely pleased with the progress we have made in recent months. We have delivered outstanding fashion, continued to improve the quality of product as well as the presentation, environment and service level in our stores. The expenditures we made to achieve these results have been more than compensated by improved sales and gross margin and have allowed us to deliver record fourth quarter profits. Looking forward to 2005, we will continue to invest in our merchandising and design teams as well as in the recruiting, training and retention of store management and staff. We will begin international expansion in 2005 as we open our first stores in Canada and the development of RUEHL will proceed at a measured pace. In closing, I am very pleased with our business and I am optimistic about our opportunities for profitable growth in 2005 and beyond."
Fourth Quarter Financial Results
Net sales for the thirteen weeks ended January 29, 2005 increased 23% to $687.3 million from $560.4 million for the thirteen weeks ended January 31, 2004. Comparable store sales increased 9% in the quarter versus last year.
The gross income rate for the quarter was 49.0%, up 240 basis points from last year''s fourth quarter rate of 46.6%.
Net income for the quarter increased 11% to $104.5 million from $94.5 million for the fourth quarter of fiscal 2003.
Net income per share on a fully diluted basis for the fourth quarter ended January 29, 2005 rose 19% to $1.15 versus $0.97 for the comparable period last year.
During the fourth quarter of fiscal 2004, Abercrombie & Fitch Co. repurchased 5.2 million shares of its Class A Common Stock as part of its previously announced stock repurchase program. The total cost of the common stock repurchased was $236.8 million.
2004 Fiscal Year Financial Results
Net sales for the 2004 fiscal year increased 18% to $2.021 billion from $1.708 billion last year. Comparable store sales increased 2% for the year.
The gross income rate for the year was 45.1%, up 300 basis points from last year''s rate of 42.1%.
Net income for the year increased 6% to $217.5 million from $205.7 million for fiscal 2003.
Net income for fiscal 2004 includes a $25.6 million ($0.27 per fully diluted share) non-recurring net of tax charge that reflects the previously announced settlement of three related diversity lawsuits.
Net income per share on a fully diluted basis for the fiscal year ended January 29, 2005 rose 11% to $2.29 versus $2.07 for last year.
During the year, Abercrombie & Fitch Co. repurchased 11.2 million shares of its Class A Common Stock. The total cost of the common stock repurchased was $434.7 million, an average price of $38.98 per share.
In the current fiscal year, the Company plans to increase gross square- footage by approximately 9% by the end of fiscal 2005 primarily through opening flagship Abercrombie & Fitch stores in New York, Los Angeles and through the addition of approximately 55 new Hollister stores. In addition, the Company plans to convert approximately three Abercrombie & Fitch and five abercrombie kids stores into smaller formatted Hollister stores during fiscal 2005, the first of which is planned to open during the first quarter. The Company also expects to open approximately five RUEHL stores.
The Company established a European subsidiary and hired executives dedicated to the rollout of Abercrombie & Fitch stores in Europe, which is planned for 2006.
The Company plans to open a total of up to five Abercrombie & Fitch and Hollister stores in Canada during fiscal 2005.
The Company also opened its fourth RUEHL store at the Twelve Oaks Mall near Detroit.
During the fourth quarter, the Company initiated construction of its 33,826 gross square foot flagship Abercrombie & Fitch store located on the corner of 5th Avenue and 56th Street in New York and expects to open the store in the fall of 2005.
The Board of Directors declared a quarterly dividend of $0.125 per share on the Class A Common Stock of Abercrombie & Fitch Co. payable March 22, 2005 to shareholders of record at the close of business on March 1, 2005.
The Company operated 356 Abercrombie & Fitch stores, 171 Abercrombie stores, 256 Hollister stores and 4 RUEHL stores as of 2004 fiscal year-end. The Company operates e-commerce websites at http://www.abercrombie.com , http://www.abercrombiekids.com , and http://www.hollisterco.com . |
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浙公网安33010602010414
