Abercrombie & Fitch Company · NYSE:ANF
Abercrombie & Fitch — Q4 2011 Earnings Presentation
23 slides from Abercrombie & Fitch's earnings presentation, Feb 21, 2012
Slide 1: Investor Presentation 2011 Fourth Quarter
Investor Presentation2011 Fourth Quarter Investor Presentation2011 Fourth Quarter
Slide 2: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
2 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 ri
Slide 3: Q4 Adjusted P&L Summary
Q4 Adjusted P&L Summary: Unaudited Unaudited Sof % of —2i11_NetSales_2010)_Net Sales, Net Sales $1,328,766 100.0% $1,149,398. 100.0% Cost of Goods Sold 583,120, 43.9% 419.410, __ 36.4% Gross Profit 145,646 730,886 Operating Expense 602,125 539,425, Other Operating Income 5,822) 6,549) Operating Inco
Slide 4: Full Year Adjusted P&L Summary
4 Full Year Adjusted P&L Summary*
Slide 5: Impairment and Other Charges
5 Impairment and Other Charges*
Slide 6: Q4 Sales Analysis Versus Prior Year Sales Mix
6 Q4 Sales Analysis Versus Prior Year Sales Mix
Slide 7: Full Year Sales Analysis Versus Prior Year Sales Mix
7 Full Year Sales Analysis Versus Prior Year Sales Mix
Slide 8: Full Year Analysis 2010
Full Year Analysis 201 2010 Sales __| Operating Income “| Sales _| Operating Income ™ US. Stores” $ 2,710,842 $ 41395 $2,546,198 $ 526,318 114% 01% International Stores” 876,616 307,272 505,136 186,210 35.1% 6.9% Direct to Consumer 552,600 254,318 404,974 214,898 48.0% 53.1% Management, General and
Slide 9: Sales Growth Contribution
Sales Growth Contribution Growth Growth Contribution Contribution Fourth Quarter % Year-To-Date___% 2010 Net Sales $ 1,149,396 $ 3,468,777 Foreign Exchange Impact ” (864) -0.1% 21627 06% Comparable Stores (3,063) -0.3% 166,110 48% ore 61,338 5.3% 145,469 42% Non-Gomparable Stores, Het 121,959 10.6%
Slide 10: Adjusted Operating Expense
10 Adjusted Operating Expense*
Slide 11: Inventory Analysis
Inventory Analysis As of As of January 28, 2012 January 29, 2011 OA Inventory on Hand $ 4865672 $= 330,878 + 41.0% Inventory in Transit $ 103,148 _$ 54981 + 87.6% Total Inventory _$ 569818 $385,857 + 47.7% ARF anf GH | al
Slide 12: Inventory Change Analysis
12 Inventory Change Analysis* * Amounts expressed in millions and represent contribution to overall inventory increase of $184 million versus prior year
Slide 13: Share Repurchases
Share Repurchases Fy 2011 FY 2010 Shares Average Shares Average Repurchased _Cost__Cost_ _Repurchased__Cost__—Cost First Quarter 4288 $ 25469 $59.40 - - - Second Quarter 950.1 $ 64,399 $67.78 : - : Third Quarter 1500 $ 8895 $58.90 669.1 $29,207 $ 43.65 Fourth Quarter 20173 $ 97,903 $48.53 9126 $46,9
Slide 14: International Hollister Store Count - Cumulative
14 International Hollister Store Count - Cumulative
Slide 15: Q4 International Hollister Store Openings
15 Q4 International Hollister Store Openings
Slide 16: Flagship Openings
Flagship Openings Paris Opened 5/19/11 ARF Madrid Opened 11/9/11 ARF Dusseldorf Opened 12/1/11 ARF / kids Brussels Opened 12/8/11 ARF Singapore Opened 12/15/11 ARF Hamburg Spring 2012 ARF HongKong Summer 2012, ARF london Fall 2012 ids Munich Fall 2012 ARE / kids Dublin Fall 2012 AF Amsterdam Fall 20
Slide 17: 2012 Guidance: Sales and Gross Margin Assumptions
17 2012 Guidance Sales Assumptions: Flat same store sales Continued strong DTC growth Greater than $300 million in revenue contribution from 2011 store openings Close to 40 international Hollister store openings in 2012 Flagship openings per page 17 Approximately $50 million negative FX impact at cu
Slide 18: 2012 Guidance: Operating Expense, Capex and Other Assumptions
18 2012 Guidance Operating Expense Assumptions: Approximately 100 to 150 basis points expense leverage, primarily driven by occupancyCapex and Other Assumptions: Approximately $400 million capex based on store opening plans and other investments FX rates: Budget rates approximately in line with curr
Slide 19: 2012 First Quarter Guidance
19 2012 First Quarter Guidance Gross Margin: 400 to 500 bps of erosion Operating Expenses: Approximately flat as a percentage of sales
Slide 20: Appendix: GAAP to non-GAAP Income Statement (1 of 2)
20 Appendix: GAAP to non-GAAP Income Statement Appendix: GAAP to non-GAAP Income Statement (1 of 2)
Slide 21: Appendix: GAAP to non-GAAP Income Statement (2 of 2)
21 Appendix: GAAP to non-GAAP Income Statement (2 of 2)
Slide 22: Appendix: Q4 Store Count Activity
22 Appendix: Q4 Store Count Activity Store Count - By Brand and Region
Slide 23: Appendix: Year-To-Date Store Count Activity
23 Appendix: Year-To-Date Store Count Activity Store Count - By Brand and Region