Abercrombie & Fitch Company · NYSE:ANF
Abercrombie & Fitch — Q1 2012 Earnings Presentation
17 slides from Abercrombie & Fitch's earnings presentation, May 21, 2012
Slide 1: Abercrombie & Fitch Investor Presentation 2012 First Quarter
Abercrombie & Fitch Investor Presentation 2012 First Quarter ARF | aae GH | ae
Slide 2: Safe Harbor Statement
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
Q1 P&L Summary Unaudited Unaudited % of % of 2012 Net Sales 2011 Net Sales Net Sales $ 921,218 100.0% $ 836,674 100.0% Cost of Goods Sold 344,859 37.4% 293,013 35.0% Gross Profit 576,359 62.6% 543,661 65.0% Operating Expense 572,621 62.2% 506,752 60.6% Other Operating Income, Net (2,584) -0.3% (1,83
Slide 4: Q1 Sales Analysis
Q1 Sales Analysis Versus Prior Year Q1 Sales Mix Total Sales + 10% Total U.S. Sales + 1% Total International Sales + 42% DTC Sales + 40% Comparable Store Sales: Total Company—5% Abercrombie & Fitch—4% abercrombie kids—11% Hollister—5% 4
Slide 5: Q1 Analysis by Segment
Q1 Analysis 2012 2011 Sales Operating Income Sales Operating Income U.S. Stores (1) $ 543,881 $ 84,151 $ 566,711 $ 94,125 15.5% 16.6% International Stores (1) 225,027 62,282 158,695 53,153 27.7% 33.5% Direct to Consumer 148,229 64,981 105,772 54,074 43.8% 51.1% Marketing, General and Administrative
Slide 6: Sales Growth Contribution
Sales Growth Contribution Growth First Quarter Contribution % 2011 Net Sales $ 836,674 Foreign Exchange Impact (1) (5,779) -0.7% Comparable Stores (36,672) -4.4% DTC 42,660 5.1% Non-Comparable Stores, Net (2) 84,336 10.1% 2012 Net Sales $ 921,218 10.1% Represents the impact of converting prior year
Slide 7: Operating Expense
Operating Expense % of % of # 2012 Net Sales 2011 Net Sales bps (3) First Quarter 921218 836674 Store Occupancy (1) $ 179,252 19.5% $ 167,340 20.0% (50) All Other (2) 276,480 30.0% 231,761 27.7% 230 Stores and Distribution 455,732 49.5% 399,101 47.7% 180 Marketing, General & Administrative 116,889 1
Slide 8: Inventory Analysis
Inventory Analysis As of As of April 28, 2012 April 30, 2011 % Inventory on Hand $ 454,707 $ 304,108 + 49.5% Inventory in Transit $ 62,857 $ 54,263 + 15.8% Total Inventory $ 517,564 $ 358,371 + 44.4% 8
Slide 9: Share Repurchases
Share Repurchases FY 2012 FY 2011 Shares Average Shares Average Repurchased Cost Cost Repurchased Cost Cost First Quarter 3,300.0 $ 161,215 $ 48.85 428.8 $ 25,469 $ 59.40 Second Quarter—$—$—950.1 $ 64,399 $ 67.78 Third Quarter—$—$—150.0 $ 8,835 $ 58.90 Fourth Quarter—$—$—2,017.3 $ 97,903 $ 48.53 TOT
Slide 10: International Hollister Store Count - Cumulative
International Hollister Store Count—Cumulative -----------------— Year End -------------— Q1 End 2007 2008 2009 2010 2011 2012 Hollister Canada 3 6 6 9 12 12 UK 3 10 19 26 27 Germany 1 4 11 13 Italy 1 3 5 6 Spain 3 8 9 Ireland 1 1 Hong Kong 1 1 Sweden 2 2 France 4 5 Belgium 2 2 Austria 3 3 China 2 3
Slide 11: Q1 International Hollister Store Openings
Q1 International Hollister Store Openings Center City Date Ernst August Galerie Hannover, Germany 3/3/2012 Galleria Beijing, China 3/10/2012 80 George Street Edinburgh, UK 3/24/2012 Lyon Confluence Lyon, France 4/4/2012 Boulevard Berlin Berlin, Germany 4/4/2012 Assago Milanofiori Milan, Italy 4/14/2
Slide 12: Flagship Openings
Flagship Openings City Timing Type Hamburg Opened 4/28/12 A&F Hong Kong Summer 2012 A&F Munich Fall 2012 A&F / kids Dublin Fall 2012 A&F Amsterdam Fall 2012 A&F Seoul Spring 2013 A&F London TBD kids 12
Slide 13: 2012 Guidance Updates
2012 Guidance Updates Full Year: Same percentage store sales down mid-single digit Greater contribution than from $250 2011 million store in revenue openings, and similar openings contribution from 2012 store Substantial erosion, driven recovery by international of 2011 GM mix rate Season benefit an
Slide 14: Appendix: EPS
Appendix: EPS (Unaudited) Q1 Store Count – By Brand and Region 2012 2011 Net Income Per Share from Continuing Operations Basic $ 0.04 $ 0.28 Diluted $ 0.03 $ 0.27 Net Income Per Share from Discontinued Operations Basic $—$ 0.01 Diluted $—$ 0.01 Net Income Per Share Basic $ 0.04 $ 0.29 Diluted $ 0.03
Slide 15: Appendix: Q1 Store Count Activity
Appendix: Q1 Store Count Activity Store Count – By Brand and RegionALL BRANDS* abercrombie kids Total US Canada Europe Asia Total US Canada Europe Asia Start of Q1 2012 1,045 946 19 74 6 Start of Q1 2012 159 154 3 2—Openings 9 1—7 1 Openings———- Closings (5) (5)—— Closings———- End of Q1 2012 1,049 9
Slide 16: Store Count - By Brand and Region
Store Count – By Brand and Region
Slide 17: Store Count - By Brand and Region
Store Count – By Brand and Region [Graphic Appears Here]