Abercrombie & Fitch 2001 Annual Report Download

Download and view the complete annual report

Please find the complete 2001 Abercrombie & Fitch annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 18

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18

Ab e rcrombie &Fitc h

Table of contents

  • Page 1
    Abercrombie & Fitch

  • Page 2
    ... of Income 19 Consolidated Balance Sheets 20 Consolidated Statements of Shareholders' Equity 21 Consolidated Statements of Cash F lows 22 Notes to Consolidated F inancial Statements 23 Report of Independent Accountants 30 Corporate Information 31 Corporate Officers and Board of Directors 32 3

  • Page 3

  • Page 4
    ...in 2001 because we run our business very conservatively and employ strong operational disciplines. We tightly control our inventory and expenses and I'm proud of the productivity improvements our associates achieved last year in our stores, home office, distribution center, and e-commerce operations...

  • Page 5

  • Page 6
    Abercrombie & Fitch F INANC IAL SUMMARY (Thousands except per share and per square foot amounts, ratios and store and associate data) Fiscal Year Summary of Operations 2001 $1,364,853 $ 558,034 $ 271,458 19.9% $ 168,672 12.4% $ $ 1.70 1.65 102,524 $ 7 7 0,546 25% $ 126,515 - $ 595,434 (9%) $ 401...

  • Page 7
    ... than boys'. The Company's catalogue, the A&F Quarterly and the Company's Web sites represented 4.2% of 2001 net sales compared to 3.8% last year. Operating improvements in e-commerce fulfillment helped reduce the number of backorders, increasing sales by improving in-stocks. T he Company produced...

  • Page 8
    ...and the home office. These cost controls include limiting headcount additions, reducing home office travel and store payroll hours, and decreasing relocation and recruiting expenses. Savings were also recognized in the new distribution center and in the e-commerce business. During the fourth quarter...

  • Page 9
    ...intangible costs, income and expense recognition and inventory valuation methods. No valuation allowance has been provided for deferred tax assets because management believes the full amount of the net deferred tax assets will be realized in the future. The effective tax rate utilized by the Company...

  • Page 10
    ...a tax-free exchange offer to establish A&F as an independent company . Subsequent to the exchange offer (see Note 1 of the Notes to Consolidated Fi n an ci al Statements), A&F and The Limited entered into various service agreements for terms ranging from one to three years. A&F hired associates with...

  • Page 11
    ... 2001 Common Stock Treasury Stock, at Average Cost Total Shareholders' Equity Assets Current Assets Cash and Equivalents Marketable Securities Receivables Inventories Store Supplies Other Total Current Assets Property and Equipment, Net Deferred Income Taxes Other Assets Total Assets Liabilities...

  • Page 12
    ... of average cost or market, on a first-in first-out basis, utilizing the retail method. ST ORE SUPPLIE S T he initial inventory of supplies for new stores including, but not limited to, hangers, signage, security tags and point-of-sale supplies are capitalized at the store opening date. Subsequent...

  • Page 13
    ... the Company's annual effective tax rate. Subsequent to the Exchange Offer, the Company began filing its tax returns on a separate basis. SHAREH OLDERS' EQUIT Y T he Board of Directors declared a handling billed to customers in a sale transaction are classified as revenue and the related costs are...

  • Page 14
    ... deferred tax assets because management believes that it is more likely than not that the full amount of the net deferred tax assets will be realized in the future. 8. LONG-T E RM DE BT T he Company entered into a $150 mil- Federal income tax rate State income tax, net of Federal income tax effect...

  • Page 15
    ... $.76 MARKET PRICE INFORMAT ION T he following is a summary of A&F's sales price as reported on the New Y ork Stock Exchange (" ANF ") for the 2001 and 2000 fiscal years: Sales Price High 2001 Fiscal Year 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter 2000 Fiscal Year 4th Quarter 3rd Quarter 2nd...

  • Page 16
    ... financial information, contact: Investor Relations & Corporate Communications Abercrombie & Fitch P .O. Box 182168 Columbus, Ohio 43218 You may also contact us by sending an e-mail to Investor_Relations@ abercrombie.com or by visiting the Investor Relations section of the Company's Web site. ST...

  • Page 17
    ... and Pease LLP JOHN A. GOLDEN Retired Partner, Goldman, Sachs & Company ARCHIE M. GRIF F IN Associate Director of Athletics, T he Ohio State University SET H R. JOHNSON Executive Vice President - Chief Operating Officer JOHN W. KESSLER Chairman, T he New Albany Company SAMUEL N. SHAHID, JR...

  • Page 18