Abercrombie & Fitch Company · NYSE:ANF
Abercrombie & Fitch — Q1 2013 Earnings Presentation
12 slides from Abercrombie & Fitch's earnings presentation, May 28, 2013
Slide 1: Investor Presentation 2013 First Quarter
INVESTOR PRESENTATION 2013 FIRST QUARTER
Slide 2: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this presentation or made by management or spokespeople of A&F involve risk
Slide 3: Q1 P&L Summary
3 Q1 P&L SUMMARY 20122013 % OF NET SALES UNAUDITED UNAUDITED (RESTATED) % OF NET SALES NET SALES GROSS PROFIT OPERATING EXPENSE OTHER OPERATING INCOME, NET OPERATING LOSS INTEREST EXPENSE, NET LOSS BEFORE TAXES TAX BENEFIT NET LOSS NET LOSS PER BASIC & DILUTED SHARE BASIC & DILUTED WEIGHTED- AVERAGE
Slide 4: Q1 Comparable Sales by Segment and Brand
4 TOTAL COMPANY* BY SEGMENT: U.S. STORES INTERNATIONAL STORES DTC BY BRAND*: ABERCROMBIE & FITCH abercrombie kids HOLLISTER CO. - 15% - 15% - 20% - 6% - 13% - 5% - 18% Q1 COMPARABLE SALES 63.8% U.S. 36.2% INTERNATIONAL SALES MIXQ1 * Includes comparable store and DTC sales
Slide 5: Sales Contribution
5 SALES CONTRIBUTION $921,218 (734) -0.1% -0.6% -0.9% 6.2% (5,089) (125, 421) -13.6% (7,973) 56,768 $838,769 -8.9% FIRST QUARTER CHANGE CONTRIBUTION % 2012 NET SALES CALENDAR SHIFT (1) FOREIGN EXCHANGE IMPACT (2) COMPARABLE STORES DTC NON-COMPARABLE STORES, NET (3) 2013 NET SALES (1) Represents the
Slide 6: Operating Expense First Quarter
6 OPERATING EXPENSE 20122013 % OF NET SALESFIRST QUARTER % OF NET SALES bps(3) STORE OCCUPANCY(1) ALL OTHER(2) STORES AND DISTRIBUTION MARKETING, GENERAL & ADMINISTRATIVE TOTAL 276,480 455,732 116,889 $189,795 $179,252 259,330 449,125 118,780 $567,905 $572,621 19.5% 310 30.0% 90 49.5% 400 12.7% 150
Slide 7: Q1 Analysis Operating Income
7 Q1 ANALYSIS 2013 OPERATING INCOME 2012 OPERATING INCOME (RESTATED)SALES SALES U.S. STORES(1) INTERNATIONAL STORES(2) DIRECT TO CONSUMER MARKETING, GENERAL AND ADMINISTRATIVE EXPENSES STORE PRE-OPENING COSTS(2) ALL OTHER, NET(3) TOTAL $448,616 $543,881 257,434 229,108 132,719 148,229 - - - - - - $8
Slide 8: Share Repurchases
8 SHARE REPURCHASES 349.7 - - $16,305 - - $46.63 - - 3,300.0 $161,215 $48.85 - $46.63 - - $104,283 - $34.47 $56,166 $45.94 $16,305 $321,664 $42.62 - 1,222.7 349.7 7,547.9 - 3,025.2 SHARES REPURCHASED SHARES REPURCHASEDCOST COST AVERAGE COST AVERAGE COST FY 2013 FY 2012 FIRST QUARTER SECOND QUARTER T
Slide 9: International Hollister Store Count - Cumulative
9 INTERNATIONAL HOLLISTER STORE COUNT - CUMULATIVE 2007 3 3 6 9 6 9 12 12 12 26 29 31 77 107 112 11 17 18 5 8 8 8 12 12 1 1 1 2 3 3 1 2 2 2 2 2 4 7 8 3 6 6 2 4 4 2 2 1 1 1 1 1 19 38 4 3 3 3 10 18 1 1 2008 2009 2010 2012 20132011HOLLISTER CANADA UK GERMANY ITALY SPAIN IRELAND SWEDEN HONG KONG BELGIUM
Slide 10: Q1 International Store Openings
10 Q1 INTERNATIONAL STORE OPENINGS CITY DATECENTERBRAND HOLLISTER HOLLISTER HOLLISTER HOLLISTER / GILLY HICKS OUTLET HOLLISTER NICETOILE TRINITY LEEDS HOFSTATT FREEPORT BRAINTREE DONCASTER NICE, FRANCE LEEDS, GREAT BRITAIN MUNICH, GERMANY BRAINTREE, GREAT BRITAIN MELBOURNE, AUSTRALIA 2/14/13 3/21/13
Slide 11: 2013 Guidance Updates
11 FULL YEAR: SLIGHTLY NEGATIVE COMPARABLE SALES FOR THE BALANCE OF THE YEAR FULL YEAR DILUTED EPS IN THE RANGE OF $3.15 - $3.25 FULL YEAR CAPITAL EXPENDITURES OF APPROXIMATELY $200 MILLION FULL YEAR TAX RATE IN THE RANGE OF 33.0% TO 34.0% SECOND QUARTER: DILUTED EPS OF $0.28 TO $0.33 2013 GUIDANCE
Slide 12: Q1 Store Count Activity
12 Q1 STORE COUNT ACTIVITY * End of Q1 2013 includes 28 Gilly Hicks stores, 20 in the U.S. and eight in Europe. * Asia includes Australia TOTAL U.S. CANADA EUROPE ASIAALL BRANDS* HOLLISTER CO. ABERCROMBIE & FITCH abercrombie kids START OF Q1 2013 OPENINGS CLOSINGS END OF Q1 2013 START OF Q1 2013 OPE