Abercrombie & Fitch 2015 Annual Report Download - page 40

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Table of Contents
40
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ABERCROMBIE & FITCH CO.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Thousands, except per share amounts)
2015 2014 2013
Net sales $ 3,518,680 $ 3,744,030 $ 4,116,897
Cost of sales, exclusive of depreciation and amortization 1,361,137 1,430,460 1,541,462
Gross profit 2,157,543 2,313,570 2,575,435
Stores and distribution expense 1,604,214 1,703,051 1,907,687
Marketing, general and administrative expense 470,321 458,820 481,784
Restructuring (benefit) charge (1,598) 8,431 81,500
Asset impairment 18,209 44,988 46,715
Other operating income, net (6,441) (15,239) (23,074)
Operating income 72,838 113,519 80,823
Interest expense, net 18,248 14,365 7,546
Income before taxes 54,590 99,154 73,277
Income tax expense 16,031 47,333 18,649
Net income 38,559 51,821 54,628
Less: Net income attributable to noncontrolling interests 2,983 — —
Net income attributable to A&F $ 35,576 $ 51,821 $ 54,628
Net income per share attributable to A&F
Basic $ 0.52 $ 0.72 $ 0.71
Diluted $ 0.51 $ 0.71 $ 0.69
Weighted-average shares outstanding
Basic 68,880 71,785 77,157
Diluted 69,417 72,937 78,666
Dividends declared per share $ 0.80 $ 0.80 $ 0.80
Other comprehensive loss
Foreign currency translation $ (22,516) $ (77,929) $ (12,683)
Derivative financial instruments, net of tax (8,523) 15,266 5,054
Other comprehensive loss (31,039) (62,663) (7,629)
Comprehensive income (loss) 7,520 (10,842) 46,999
Less: Comprehensive income attributable to noncontrolling interests 2,983 — —
Comprehensive income (loss) attributable to A&F $ 4,537 $ (10,842) $ 46,999
The accompanying Notes are an integral part of these Consolidated Financial Statements.