Abercrombie & Fitch 2010 Annual Report Download - page 63

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Table of Contents
ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
Abercrombie & Fitch Co. ("A&F"), through its wholly-owned subsidiaries (collectively, A&F and its wholly-owned subsidiaries
are referred to as "Abercrombie & Fitch" or the "Company"), is a specialty retailer of high-quality, casual apparel for men, women and
kids with an active, youthful lifestyle.
The accompanying consolidated financial statements include the historical financial statements of, and transactions applicable to,
the Company and reflect its assets, liabilities, results of operations and cash flows.
On June 16, 2009, A&F's Board of Directors approved the closure of the Company's 29 RUEHL branded stores and related
direct-to-consumer operations. The Company completed the closure of the RUEHL branded stores and related direct-to-consumer
operations during the fourth quarter of Fiscal 2009. Accordingly, the results of operations of RUEHL are reflected in Loss from
Discontinued Operations, Net of Tax for all periods presented on the Consolidated Statements of Operations and Comprehensive
Income. Results from discontinued operations were immaterial for the fifty-two weeks ended January 29, 2011.
FISCAL YEAR
The Company's fiscal year ends on the Saturday closest to January 31, typically resulting in a fifty-two week year, but
occasionally giving rise to an additional week, resulting in a fifty-three week year. Fiscal years are designated in the consolidated
financial statements and notes by the calendar year in which the fiscal year commences. All references herein to "Fiscal 2010"
represent the 52-week fiscal year ended January 29, 2011; to "Fiscal 2009" represent the 52-week fiscal year ended January 30, 2010;
and to "Fiscal 2008" represent the 52-week fiscal year ended January 31, 2009. In addition, all references herein to "Fiscal 2011"
represent the 52-week fiscal year that will end on January 28, 2012.
RECLASSIFICATIONS
Certain prior period amounts have been reclassified to conform to the current year presentation. Restricted cash of $10.2 million
for Fiscal 2009 was reclassified from Cash and Cash Equivalents to Other Assets.
SEGMENT REPORTING
The Company determines its operating segments on the same basis that it uses to evaluate performance internally. The operating
segments have been aggregated and are reported as one reportable segment because they have similar economic characteristics and
meet the required aggregation criteria. The Company believes its operating segments may be aggregated for financial reporting
purposes because they are similar in each of the following areas: class of consumer, economic characteristics, nature of products,
nature of production processes, and distribution methods.
60