Abercrombie & Fitch 2009 Annual Report Download - page 49

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
ABERCROMBIE & FITCH CO.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
2009 2008 2007
(Thousands, except per share amounts)
NET SALES .................................................. $2,928,626 $3,484,058 $3,699,656
Cost of Goods Sold ............................................ 1,045,028 1,152,963 1,211,490
GROSS PROFIT . . ............................................. 1,883,598 2,331,095 2,488,166
Stores and Distribution Expense . ................................... 1,425,950 1,436,363 1,344,178
Marketing, General & Administrative Expense . ......................... 353,269 405,248 376,780
Other Operating Income, Net . . . ................................... (13,533) (8,778) (11,702)
OPERATING INCOME . . . ........................................ 117,912 498,262 778,909
Interest Income, Net . . . ........................................ (1,598) (11,382) (18,827)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES . . ..... 119,510 509,644 797,737
Income Tax Expense from Continuing Operations ........................ 40,557 201,475 298,610
NET INCOME FROM CONTINUING OPERATIONS . . . .................... $ 78,953 $ 308,169 $ 499,127
NET LOSS FROM DISCONTINUED OPERATIONS (net of taxes) .............. $ (78,699) $ (35,914) $ (23,430)
NET INCOME . . . ............................................. $ 254 $ 272,255 $ 475,697
NET INCOME PER SHARE FROM CONTINUING OPERATIONS:
BASIC . . .................................................. $ 0.90 $ 3.55 $ 5.72
DILUTED .................................................. $ 0.89 $ 3.45 $ 5.45
NET LOSS PER SHARE FROM DISCONTINUED OPERATIONS:
BASIC . . .................................................. $ (0.90) $ (0.41) $ (0.27)
DILUTED .................................................. $ (0.89) $ (0.40) $ (0.26)
NET INCOME PER SHARE:
BASIC . . .................................................. $ 0.00 $ 3.14 $ 5.45
DILUTED .................................................. $ 0.00 $ 3.05 $ 5.20
WEIGHTED-AVERAGE SHARES OUTSTANDING:
BASIC . . .................................................. 87,874 86,816 87,248
DILUTED .................................................. 88,609 89,291 91,523
DIVIDENDS DECLARED PER SHARE . .............................. $ 0.70 $ 0.70 $ 0.70
OTHER COMPREHENSIVE INCOME
Foreign Currency Translation Adjustments ............................. $ 5,942 $ (13,173) $ 7,328
Unrealized Gains (Losses) on Marketable Securities, net of taxes of $(4,826), $10,312
and $(584) for Fiscal 2009, Fiscal 2008 and Fiscal 2007, respectively .......... 8,217 (17,518) 912
Unrealized (Loss) Gain on Derivative Financial Instruments, net of taxes of $265,
$(621) and $82 for Fiscal 2009, Fiscal 2008 and Fiscal 2007, respectively . . ..... (451) 892 (128)
Other Comprehensive Income (Loss) . . . .............................. $ 13,708 $ (29,799) $ 8,112
COMPREHENSIVE INCOME . . . ................................... $ 13,962 $ 242,456 $ 483,809
The accompanying Notes are an integral part of these Consolidated Financial Statements.
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