Last10K.com

Abercrombie Fitch Co (ANF) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 29, 2022

SEC Filings

ANF Annual Reports

  • 10-K Annual Report March 2022
  • 10-K Annual Report March 2021
    10-K Annual Report March 2020
    10-K Annual Report April 2019

Abercrombie Fitch Co

CIK: 1018840 Ticker: ANF

ABERCROMBIE & FITCH CO. REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

Fourth quarter and full year operating margin of 8.4% and 9.2% on a reported basis, respectively, and 8.6% and 9.6% on an adjusted non-GAAP basis, the highest in over a decade.
Fourth quarter and full year net income per diluted share of $1.12 and $4.20, respectively on a reported basis and $1.14 and $4.35, respectively on an adjusted non-GAAP basis.
Repurchased $142 million, or 4.1 million shares in the fourth quarter for a total of $377 million, or 10.2 million shares in Fiscal 2021; contributing to a 15% reduction in shares outstanding from Fiscal 2020.

New Albany, Ohio, March 2, 2022:
Abercrombie & Fitch Co. (NYSE: ANF) today announced results for the fourth quarter and fiscal year ended January 29, 2022. These compare to results for the fourth quarter and fiscal year ended January 30, 2021. Descriptions of the use of non-GAAP financial measures and reconciliations of GAAP and non-GAAP financial measures accompany this release.

Fran Horowitz, Chief Executive Officer, said, “2021 is a testament to the fundamental changes we have made to strengthen our foundation and improve our profitability. For the year, we delivered: Net sales of $3.7 billion with 47% digital penetration; a double-digit AUR growth rate; reported and adjusted operating income of $343 million and $355 million, respectively, roughly 330% above 2019 levels; and a 9.6% adjusted operating margin, our highest in over a decade. In addition, by returning cash to shareholders through share repurchases, we reduced our ending share count by 15%.”

“We are pleased with our recent performance. Following inventory receipt delays that impacted the peak holiday selling period, sales trends initially improved as product began to arrive. While mid-January was impacted by the Omicron surge, sales rebounded in late January as cases fell and new assortments set. Momentum has continued quarter-to-date, with an acceleration in the sales trend from total fourth quarter levels. Importantly, response to early spring assortments has been strong, and we do not anticipate significant inventory supply issues for the remainder of the quarter.”

“Looking ahead, we will continue to thoughtfully manage the business to support long-term growth leveraging our multi-year investments in systems, processes and tools across digital, technology and data and analytics. We look forward to sharing more details on our three-year plan at our June Investor Day.”


Details related to net income (loss) per diluted share for the fourth quarter and full year are as follows:
Fourth QuarterFull Year
202120202021
2020 (1)
GAAP$1.12 $1.27 $4.20 $(1.82)
Excluded items, net of tax effect (2)
(0.03)(0.23)(0.15)(1.10)
Adjusted non-GAAP$1.14 $1.50 $4.35 $(0.73)
Impact from changes in foreign currency exchange rates (3)
— (0.01)— 0.01 
Adjusted non-GAAP constant currency$1.14 $1.51 $4.35 $(0.74)
(1)Net loss per diluted share for the full year of fiscal 2020 includes adverse tax impacts of $101 million, or $1.61 per diluted share, related to valuation allowances on deferred tax assets and other tax charges as a result of the COVID-19 pandemic.
(2)Excluded items consist of pre-tax store asset impairment charges and the tax effect of pre-tax excluded items.
(3)The estimated impact from foreign currency is calculated by applying current period exchange rates to prior year results using a 26% tax rate.

A summary of results for the fourth quarter ended January 29, 2022:
Net sales of $1.2 billion up 4% as compared to last year and down 2% as compared to pre-COVID, 2019 fourth quarter net sales.
Digital net sales of $556 million or 48% of total net sales as compared to $475 million or 40% in the fourth quarter of 2019.
Gross profit rate of 58.3%, down approximately 220 basis points as compared to last year and up 10 basis points as compared to 2019. Compared to 2019, higher average unit retail offset the adverse impact of approximately 700 basis points related to higher freight costs.
Operating expense, excluding other operating income, was up 3% as compared to last year and up 3% compared to 2019. The year-over-year increase reflects an increase in payroll and marketing expenses partially offset by a decrease in store occupancy. Operating expense as a percentage of sales decreased to 50.2% from 50.5% last year and increased from 47.9% as compared to 2019.
Operating income of $98 million and $100 million on a reported and adjusted non-GAAP basis, respectively, as compared to $116 million and $131 million last year, on a reported and adjusted non-GAAP basis, respectively.
Net income per diluted share of $1.12 and $1.14 on a reported and adjusted non-GAAP basis, respectively, as compared to net income per diluted share last year of $1.27 and $1.50 on a reported and adjusted non-GAAP basis, respectively.
1

The following information was filed by Abercrombie Fitch Co (ANF) on Thursday, March 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Abercrombie Fitch Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Abercrombie Fitch Co.

Continue

Assess how Abercrombie Fitch Co's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Abercrombie Fitch Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Legal
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Income
Cash Flow
Product
Expense
Earnings
Geography
Shares
Dividend
Debt
Other
Inside Abercrombie Fitch Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statement Of Stockholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Asset Impairment
Asset Impairment (Details)
Asset Impairment (Tables)
Borrowings
Borrowings (Details)
Borrowings (Tables)
Contingencies
Derivative Instruments
Derivative Instruments (Location And Amounts Of Derivative Fair Values - Statements Of Operations And Comprehensive Income) (Details)
Derivative Instruments (Outstanding Foreign Exchange Forward Contracts) (Details)
Derivative Instruments (Tables)
Derivative Instruments (Textual) (Details)
Fair Value
Fair Value (Schedule Of Assets And Liabilities By Fair Value By Hierarchy) (Details)
Fair Value (Tables)
Fair Value (Textual) (Details)
Flagship Store Exit (Benefits) Charges
Flagship Store Exit (Benefits) Charges (Details)
Flagship Store Exit (Benefits) Charges (Tables)
Impact Of Covid-19
Impact Of Covid-19 (Details)
Income Taxes
Income Taxes (Deferred Income Tax Assets (Liabilities)) (Details)
Income Taxes (Deferred Tax Assets, Net Operating Losses (Nol) And Credit Carryforwards) (Details)
Income Taxes (Earnings From Continuing Operations Before Taxes) (Details)
Income Taxes (Provisions For Income Taxes From Continuing Operations) (Details)
Income Taxes (Reconciliation Of Federal Income Tax Rate) (Details)
Income Taxes (Roll Forward Of Uncertain Tax Positions) (Details)
Income Taxes (Tables)
Income Taxes (Textual) (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Inventories Sourcing Concentration Risk (Details)
Leases
Leases (Details)
Leases (Tables)
Nature Of Business
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Rabbi Trust Assets
Rabbi Trust Assets (Schedule Of Investments) (Details)
Rabbi Trust Assets (Tables)
Rabbi Trust Assets (Textual) (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Savings And Retirement Plans
Savings And Retirement Plans (Details)
Segment Reporting
Segment Reporting (Net Sales And Long-Lived Assets) (Details)
Segment Reporting (Net Sales By Brand) (Details)
Segment Reporting (Segment Information, By Segment) (Details)
Segment Reporting (Tables)
Segment Reporting Long-Lived Assets (Details)
Share-Based Compensation
Share-Based Compensation (Restricted Stock Unit Activity) (Details)
Share-Based Compensation (Rsus Assumptions) (Details)
Share-Based Compensation (Sars Activity) (Details)
Share-Based Compensation (Sars Assumptions) (Details)
Share-Based Compensation (Tables)
Share-Based Compensation (Textual) (Details)
Subsequent Event
Subsequent Event (Details)
Subsequent Events (Textuals) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Ticker: ANF
CIK: 1018840
Form Type: 10-K Annual Report
Accession Number: 0001018840-22-000011
Submitted to the SEC: Mon Mar 28 2022 5:26:28 PM EST
Accepted by the SEC: Mon Mar 28 2022
Period: Saturday, January 29, 2022
Industry: Retail Family Clothing Stores

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/anf/0001018840-22-000011.htm