Abercrombie & Fitch Q1 Financials: Assets & Liabilities

TL;DR

A&F Q1: $2.15B assets, $1.04B liabilities. Solid footing.

AI Summary

Abercrombie & Fitch Co. reported its first quarter results for the period ending May 4, 2024. The company's total assets were $2.15 billion, with current assets totaling $1.28 billion. Total liabilities stood at $1.04 billion, and current liabilities were $736.86 million. The company's fiscal year ends on February 1st.

Why It Matters

This filing provides a snapshot of Abercrombie & Fitch's financial health at the end of Q1 2024, detailing its asset and liability structure which is crucial for investors to assess solvency and operational capacity.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate or significant financial distress.

Key Numbers

• $2.15B — Total Assets (As of May 4, 2024)
• $1.28B — Total Current Assets (As of May 4, 2024)
• $1.04B — Total Liabilities (As of May 4, 2024)
• $736.86M — Total Current Liabilities (As of May 4, 2024)

Key Players & Entities

• ABERCROMBIE & FITCH CO /DE/ (company) — Filer
• 20240504 (date) — End of reporting period
• 6301 FITCH PATH (address) — Business and mailing address
• NEW ALBANY (city) — Business and mailing city
• OH (state) — Business and mailing state
• 43054 (zip_code) — Business and mailing zip code
• 6142836500 (phone_number) — Business phone number
• 001-12107 (filing_id) — SEC File Number

FAQ

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 Par Value ANF New York Stock Exchange

Filing Documents

• anf-20240504.htm (10-Q) — 1297KB
• exhibit311-ceocertq12024.htm (EX-31.1) — 9KB
• exhibit312-cfocertq12024.htm (EX-31.2) — 10KB
• exhibit321-ceocfocertq12024.htm (EX-32.1) — 7KB
• 0001018840-24-000041.txt ( ) — 7746KB
• anf-20240504.xsd (EX-101.SCH) — 56KB
• anf-20240504_cal.xml (EX-101.CAL) — 59KB
• anf-20240504_def.xml (EX-101.DEF) — 361KB
• anf-20240504_lab.xml (EX-101.LAB) — 796KB
• anf-20240504_pre.xml (EX-101.PRE) — 585KB
• anf-20240504_htm.xml (XML) — 1028KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations and Comprehensive Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Index for Notes to Condensed Consolidated Financial Statements 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 37

Signatures

Signatures 38 Abercrombie & Fitch Co. 2 2024 1Q Form 10-Q Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Abercrombie & Fitch Co. Condensed Consolidated Statements of Operations and Comprehensive Income (Thousands, except per share amounts) (Unaudited) Thirteen Weeks Ended May 4, 2024 April 29, 2023 Net sales $ 1,020,730 $ 835,994 Cost of sales, exclusive of depreciation and amortization 343,273 326,200 Gross profit 677,457 509,794 Stores and distribution expense 371,686 336,049 Marketing, general and administrative expense 177,880 142,631 Other operating income, net ( 1,958 ) ( 2,894 ) Operating income 129,849 34,008 Interest expense 5,780 7,458 Interest income ( 10,803 ) ( 4,015 ) Interest (income) expense, net ( 5,023 ) 3,443 Income before income taxes 134,872 30,565 Income tax expense 19,794 12,718 Net income 115,078 17,847 Less: Net income attributable to noncontrolling interests 1,228 1,276 Net income attributable to A&F $ 113,850 $ 16,571 Net income per share attributable to A&F Basic $ 2.24 $ 0.33 Diluted $ 2.14 $ 0.32 Weighted-average shares outstanding Basic 50,893 49,574 Diluted 53,276 51,467 Other comprehensive (loss) income Foreign currency translation adjustments, net of tax $ ( 1,837 ) $ 311 Derivative financial instruments, net of tax 523 405 Other comprehensive (loss) income ( 1,314 ) 716 Comprehensive income 113,764 18,563 Less: Comprehensive income attributable to noncontrolling interests 1,228 1,276 Comprehensive income attributable to A&F $ 112,536 $ 17,287 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements. Abercrombie & Fitch Co. 3 2024 1Q Form 10-Q Table of Contents Abercrombie & Fitch Co. Condensed Consolidated Balance Sheets (Thousands, except par value amounts) (Unaudited) May 4, 2024 February 3, 2024 Assets Current assets: Cash and equivalents $ 864,195 $ 900,884 Receivables 93,605 78,346 Inventories 449,267 469,466 Other current assets 102,516 88,569 Total current assets 1,509,583 1,537,265 Prop

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View this 10-Q filing on SEC EDGAR