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Abercrombie & Fitch Co SECURITIES AND EXCHANGE COMMISSION FORM 8-K Current report filing Filing Date: 2011-02-18 | Period of Report: 2011-02-18 SEC Accession No. 0000950123-11-015695 (HTML Version on secdatabase.com) FILER ABERCROMBIE & FITCH CO /DE/ Mailing Address Business Address 6301 FITCH PATH 6301 FITCH PATH CIK:1018840| IRS No.: 311469076 | State of Incorp.:DE | Fiscal Year End: 0131 NEW ALBANY OH 43054 NEW ALBANY OH 43054 Type: 8-K | Act: 34 | File No.: 001-12107 | Film No.: 11624537 6142836500 SIC: 5651 Family clothing stores Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 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): February 18, 2011 (February 15, 2011) ABERCROMBIE & FITCH CO. (Exact name of registrant as specified in its charter) Delaware 1-12107 31-1469076 (State or other jurisdiction (Commission File Number) (IRS Employer Identification No.) of incorporation) 6301 Fitch Path, New Albany, Ohio 43054 (Address of principal executive offices) (Zip Code) Registrants telephone number, including area code: (614) 283-6500 Not Applicable (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Item 2.02. Results of Operations and Financial Condition. On February 16, 2011, Abercrombie & Fitch Co. (the Registrant) issued a press release (the Release) reporting the Registrants unaudited financial results for the thirteen weeks (quarterly period) and fifty-two weeks (fiscal year) ended January 29, 2011. A copy of the Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The Registrant also made available in conjunction with the Release additional unaudited quarterly financial information as of and for the quarterly periods in the fiscal years ended January 29, 2011 and January 30, 2010. Additional financial information was made available for the fiscal years ended January 31, 2009, February 2, 2008 and February 3, 2007. The additional financial information is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The Registrant also made available in conjunction with the Release an investor presentation of results for the quarterly period and fiscal year ended January 29, 2011. The presentation, which is available under the Investor Presentations tab in the Investors section of the Registrants website, located at www.abercrombie.com, is furnished as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference. The Registrants management conducted a conference call on February 16, 2011, at approximately 8:30 a.m., Eastern Time, to review the Registrants financial results for the thirteen week and fifty-two week periods ended January 29, 2011. A copy of the transcript of the conference call is furnished as Exhibit 99.4 to this Current Report on Form 8-K and is incorporated herein by reference. Item 2.06. Material Impairments. Based on the impact of current sales trends on the profitability of a number of stores, the Registrant recorded non-cash asset impairment charges of $48.4 million in connection with the fiscal year-end review of long-lived store assets. The impairment charge, which was recorded in respect of the thirteen weeks ended January 29, 2011 is related to long-lived store assets associated with one Abercrombie & Fitch Store, one abercrombie kids store, six Hollister stores and 13 Gilly Hicks stores. Item 8.01. Other Events. In the Release, the Registrant noted it recorded exit charges associated with the closure of 56 domestic stores during the thirteen weeks ended January 29, 2011 of $4.0 million, primarily related to lease obligations. In the Release, the Registrant also announced that the Board of Directors of the Registrant had declared a quarterly cash dividend of $0.175 per share in respect of the Registrants Class A Common Stock. The dividend was declared on February 15, 2011 and is payable on March 15, 2011 to shareholders of record at the close of business on February 25, 2011. -2- Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Item 9.01. Financial Statements and Exhibits. (a) through (c) Not applicable (d) Exhibits: The following exhibits are included with this Current Report on Form 8-K: Exhibit No. Description 99.1 Press Release issued by Abercrombie & Fitch Co. on February 16, 2011 99.2 Additional Unaudited Quarterly and Fiscal 2010 Financial Information made available by Abercrombie & Fitch Co. in conjunction with Press Release on February 16, 2011 99.3 Investor presentation of results for the quarterly period and fiscal year ended January 29, 2011 made available by Abercrombie & Fitch Co. with the Press Release issued on February 16, 2011 99.4 Transcript of conference call held by management of Abercrombie & Fitch Co. on February 16, 2011 -3- Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 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: February 18, 2011 By: /s/ Jonathan E. Ramsden Jonathan E. Ramsden Executive Vice President and Chief Financial Officer -4- Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document INDEX TO EXHIBITS Current Report on Form 8-K Dated February 18, 2011 Abercrombie & Fitch Co. Exhibit No. Description 99.1 Press Release issued by Abercrombie & Fitch Co. on February 16, 2011 99.2 Additional Unaudited Quarterly and Fiscal 2010 Financial Information made available by Abercrombie & Fitch Co. in conjunction with Press Release on February 16, 2011 99.3 Investor presentation of results for the quarterly period and fiscal year ended January 29, 2011 and for Fiscal 2010 year-to-date made available by Abercrombie & Fitch Co. with the Press Release issued on February 16, 2011 99.4 Transcript of conference call held by management of Abercrombie & Fitch Co. on February 16, 2011 -5- Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Exhibit 99.1 New Albany, Ohio, February 16, 2011: Abercrombie & Fitch Co. (NYSE: ANF) today reported unaudited results which reflected net income of $92.6 million and net income per diluted share of $1.03 for the thirteen weeks ended January 29, 2011, compared to a net income of $47.5 million and net income per diluted share of $0.53 for the thirteen weeks ended January 30, 2010. Excluding store-related asset impairment charges and exit charges associated with domestic store closures, the Company reported non-GAAP net income per diluted share of $1.38 for the thirteen weeks ended January 29, 2011. Excluding a net loss from discontinued operations and store-related asset impairment charges, the Company reported non-GAAP net income per diluted share of $0.91 for the thirteen weeks ended January 30, 2010. The Company also reported net income of $150.3 million and net income per diluted share of $1.67 for the fifty-two weeks ended January 29, 2011, compared to net income of $0.3 million and net income per diluted share of $0.00 for the fifty- two weeks ended January 30, 2010. Excluding store-related asset impairment charges and exit charges associated with domestic store closures, the Company reported non-GAAP net income per diluted share of $2.05 for the fifty-two weeks ended January 29, 2011. Excluding a net loss from discontinued operations and store-related asset impairment charges, the Company reported non-GAAP net income per diluted share of $1.12 for the fifty-two weeks ended January 30, 2010. A reconciliation of net income per diluted share on a GAAP basis to net income per diluted share on a non-GAAP basis is included in a table accompanying the Condensed Consolidated financial statements included with this release. Fourth Quarter Sales Highlights Total Company net sales, including direct-to-consumer net sales, increased 23% to $1.149 billion Comparable store sales increased 13% Total Company direct-to-consumer net merchandise sales increased 43% to $133.4 million Total Company domestic net sales, including direct-to-consumer net sales, increased 16% to $919.1 million Total Company international net sales, including direct-to-consumer net sales, increased 61% to $230.3 million Abercrombie & Fitch net sales of $469.8 million; Abercrombie & Fitch comparable store sales increased 13% abercrombie kids net sales of $124.9 million; abercrombie kids comparable store sales increased 9% Hollister Co. net sales of $539.9 million; Hollister Co. comparable store sales increased 13% Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said: We are very pleased with our fourth quarter results. We finished the year with strong domestic sales growth and continued to see very strong results in Europe.
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