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A&F(ANF) - 2025 Q1 - Quarterly Results
ANFA&F(ANF)2024-05-30 21:20

Financial Performance - Net sales reached 1.0billion,a221.0 billion, a 22% increase from the previous year, with comparable sales growth of 21%[1] - Abercrombie brands experienced a significant growth of 31%, while Hollister brands grew by 12%[2] - Operating margin improved to 12.7%, an increase of 860 basis points compared to last year[1] - The company raised its full-year net sales growth outlook to approximately 10%, up from a previous estimate of 4% to 6%[10] - Gross profit rate increased to 66.4%, up approximately 540 basis points year-over-year[4] - Operating income for the first quarter was 130 million, compared to 34millioninthesamequarterlastyear[4]−NetsalesforthethirteenweeksendedMay4,2024,reached34 million in the same quarter last year[4] - Net sales for the thirteen weeks ended May 4, 2024, reached 1,020,730, a 22% increase compared to 835,994forthesameperiodin2023[23]−Grossprofitforthesameperiodwas835,994 for the same period in 2023[23] - Gross profit for the same period was 677,457, representing 66.4% of net sales, up from 61.0% or 509,794intheprioryear[23]−Operatingincomeincreasedsignificantlyto509,794 in the prior year[23] - Operating income increased significantly to 129,849, or 12.7% of net sales, compared to 34,008,or4.134,008, or 4.1% in the previous year[23] - Net income attributable to Abercrombie & Fitch was 113,850, an increase of 587% from 16,571inthesamequarterlastyear[23]−AdjustedEBITDAforthequarterwas16,571 in the same quarter last year[23] - Adjusted EBITDA for the quarter was 167,538, representing 16.4% of net sales, compared to 74,472or8.974,472 or 8.9% in the prior year[35] Cash and Liquidity - Cash and equivalents stood at 864 million, with total liquidity of approximately 1.2billion[6]−CashandequivalentsasofMay4,2024,were1.2 billion[6] - Cash and equivalents as of May 4, 2024, were 864,195, down from 900,884attheendofthepreviousquarter[37]−Cashandequivalentsattheendoftheperiodwere900,884 at the end of the previous quarter[37] - Cash and equivalents at the end of the period were 872,001 thousand, compared to 456,664thousandatthesametimelastyear,indicatingasubstantialincreaseofapproximately91456,664 thousand at the same time last year, indicating a substantial increase of approximately 91%[40] - Net cash provided by operating activities was 95,010 thousand, a significant increase from (560)thousandinthesameperiodlastyear[40]−Netcashusedforinvestingactivitieswas(560) thousand in the same period last year[40] - Net cash used for investing activities was 38,886 thousand, a decrease from 46,391thousandyear−over−year,showingimprovedcashmanagement[40]AssetsandLiabilities−TotalassetsasofMay4,2024,were46,391 thousand year-over-year, showing improved cash management[40] Assets and Liabilities - Total assets as of May 4, 2024, were 2,970,085, slightly down from 2,974,233attheendofthepreviousquarter[37]−Totalcurrentliabilitiesdecreasedto2,974,233 at the end of the previous quarter[37] - Total current liabilities decreased to 919,699 thousand from 966,820thousandyear−over−year,reflectingareductionofapproximately4.8966,820 thousand year-over-year, reflecting a reduction of approximately 4.8%[38] - Total stockholders' equity increased to 1,091,170 thousand, up from 1,049,987thousand,representingagrowthofabout3.91,049,987 thousand, representing a growth of about 3.9%[38] - Total liabilities and stockholders' equity remained relatively stable at 2,970,085 thousand, slightly down from 2,974,233thousand[38]−Totallong−termliabilitieswere2,974,233 thousand[38] - Total long-term liabilities were 959,216 thousand, remaining stable compared to 957,426thousandfromthepreviousyear[38]CapitalExpendituresandFutureOutlook−Thecompanyplanscapitalexpendituresofaround957,426 thousand from the previous year[38] Capital Expenditures and Future Outlook - The company plans capital expenditures of around 170 million for fiscal 2024[11] - For Q2 2024, net sales growth is expected to be in the mid-teens compared to 935millioninQ22023[12]−Theeffectivetaxrateisprojectedtobeinthemid−to−high20s,sensitivetojurisdictionalmixandincomelevels[11]SegmentPerformance−TheAmericassegmentreportednetsalesof935 million in Q2 2023[12] - The effective tax rate is projected to be in the mid-to-high 20s, sensitive to jurisdictional mix and income levels[11] Segment Performance - The Americas segment reported net sales of 820,121, a 23% increase from 665,423intheprioryear[32]−Abercrombiebrandnetsaleswere665,423 in the prior year[32] - Abercrombie brand net sales were 571,513, a 31% increase from 436,044inthepreviousyear[33]InterestandLeaseLiabilities−Thecompanyreportedadecreaseininterestexpenseto436,044 in the previous year[33] Interest and Lease Liabilities - The company reported a decrease in interest expense to 5,780, down from 7,458inthesameperiodlastyear[23]−Thelong−termportionofoperatingleaseliabilitieswas7,458 in the same period last year[23] - The long-term portion of operating lease liabilities was 656,862 thousand, slightly up from 646,624thousand,indicatinga0.4646,624 thousand, indicating a 0.4% increase[38] - The company acquired common stock for tax withholding obligations amounting to 65,173 thousand, compared to 18,359thousandinthepreviousyear,reflectingasignificantincrease[40]−Theeffectofforeigncurrencyexchangeratesoncashresultedinadecreaseof18,359 thousand in the previous year, reflecting a significant increase[40] - The effect of foreign currency exchange rates on cash resulted in a decrease of 857 thousand, down from $1,998 thousand last year[40]