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Bullboard - Stock Discussion Forum Abercrombie & Fitch Co ANF

Abercrombie & Fitch Co., through its subsidiaries, is a global, digitally led omnichannel retailer. The Company offers a range of assortment of apparel, personal care products and accessories for men, women, and kids, which are sold primarily through its Company-owned stores and digital channels, as well as through various third-party arrangements. The Company’s brands include Abercrombie... see more

NYSE:ANF - Post Discussion

Abercrombie & Fitch Co > ABERCROMBIE & FITCH REPORTS RECORD SALES AND STRON
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Post by bc4u on Feb 22, 2013 7:24am

ABERCROMBIE & FITCH REPORTS RECORD SALES AND STRON

ABERCROMBIE & FITCH REPORTS RECORD SALES AND STRONG EARNINGS GROWTH BOARD OF DIRECTORS INCREASES QUARTERLY DIVIDEND TO $0.20 ANNOUNCES CHANGE IN METHOD OF ACCOUNTING FOR INVENTORY 
 
New Albany, Ohio, February 22, 2013: Abercrombie & Fitch Co. (NYSE: ANF) today reported preliminary unaudited fourth quarter results which reflected net income of $173.2 million and net income per diluted share of $2.15 for the fourteen weeks ended February 2, 2013, compared to net income of $19.6 million and net income per diluted share of $0.22 for the thirteen weeks ended January 28, 2012 under the retail method of accounting for inventory. Additionally, the Company reported full year net income of $263.2 million and net income per diluted share of $3.16 for the fifty-three weeks ended February 2, 2013, compared to net income of $127.7 million and net income per diluted share of $1.43 for the fifty-two weeks ended January 28, 2012 under the retail method. 
 
The Company also announced that it has changed its method of accounting for inventory from the retail method to the cost method effective in the fourth quarter. The Company believes it is useful to investors to provide the fourth quarter and full year results under both the retail and cost methods of accounting for inventory to assess the Company's performance in Fiscal 2012. For more information about the change from the retail method to the cost method of accounting for inventory, see "Cost Method of Accounting for Inventory" below and the appendix to the investor presentation that will be available in the "Investors" section of the Company's website at 
 
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