Abercrombie & Fitch 2010 Annual Report Download - page 59

Download and view the complete annual report

Please find page 59 of the 2010 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 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

Table of Contents
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ABERCROMBIE & FITCH CO.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
2010 2009 2008
(Thousands, except share and per share amounts)
NET SALES $ 3,468,777 $ 2,928,626 $ 3,484,058
Cost of Goods Sold 1,256,596 1,045,028 1,152,963
GROSS PROFIT 2,212,181 1,883,598 2,331,095
Stores and Distribution Expense 1,589,501 1,425,950 1,436,363
Marketing, General and Administrative Expense 400,804 353,269 405,248
Other Operating Income, Net (10,056) (13,533) (8,778)
OPERATING INCOME 231,932 117,912 498,262
Interest Expense (Income), Net 3,362 (1,598) (11,382)
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES 228,570 119,510 509,644
Tax Expense from Continuing Operations 78,287 40,557 201,475
NET INCOME FROM CONTINUING OPERATIONS $ 150,283 $ 78,953 $ 308,169
LOSS FROM DISCONTINUED OPERATIONS, Net of Tax $ — $ (78,699) $ (35,914)
NET INCOME $ 150,283 $ 254 $ 272,255
NET INCOME PER SHARE FROM CONTINUING OPERATIONS:
BASIC $ 1.71 $ 0.90 $ 3.55
DILUTED $ 1.67 $ 0.89 $ 3.45
NET LOSS PER SHARE FROM DISCONTINUED OPERATIONS:
BASIC $ — $ (0.90) $ (0.41)
DILUTED $ — $ (0.89) $ (0.40)
NET INCOME PER SHARE:
BASIC $ 1.71 $ 0.00 $ 3.14
DILUTED $ 1.67 $ 0.00 $ 3.05
WEIGHTED-AVERAGE SHARES OUTSTANDING:
BASIC 88,061 87,874 86,816
DILUTED 89,851 88,609 89,291
DIVIDENDS DECLARED PER SHARE $ 0.70 $ 0.70 $ 0.70
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign Currency Translation Adjustments $ 3,399 $ 5,942 $ (13,173)
(Losses) Gains on Marketable Securities, net of taxes of $366, $(4,826) and $10,312 for Fiscal 2010,
Fiscal 2009 and Fiscal 2008, respectively (622) 8,217 (17,518)
Unrealized (Loss) Gain on Derivative Financial Instruments, net of taxes of $188, $265 and $(621) for
Fiscal 2010, Fiscal 2009 and Fiscal 2008, respectively (320) (451) 892
Other Comprehensive Income (Loss) $ 2,457 $ 13,708 $ (29,799)
COMPREHENSIVE INCOME $ 152,740 $ 13,962 $ 242,456
The accompanying Notes are an integral part of these Consolidated Financial Statements.
56