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abercrombie & fitch co-cl a (ANF) Key Developments

Abercrombie & Fitch Co. Names Joanne C. Crevoiserat as Executive Vice President and Chief Financial Officer

Abercrombie & Fitch Co. announced that Joanne C. Crevoiserat has been named Executive Vice President and Chief Financial Officer of the company, a position she is expected to take up in May, 2014. Since 2007, Ms. Crevoiserat has served in a number of senior management roles at Kohl's Inc., most recently as Executive Vice President of Finance.

Abercrombie & Fitch Co. Provides Earnings Guidance for Full Year 2014

Abercrombie & Fitch Co. provided earnings guidance for full year 2014. For the year, the company reported that capital expenditures is prioritized towards DTC and IT investments to support growth initiatives. This includes a major project to reconfigure one of their distribution centers to be a dedicated direct-to-consumer facility, which they expect will improve order processing time and provide the additional infrastructure necessary to support unit volume growth from expanding web-exclusive assortments. CapEx related in new international store openings will be prioritized towards key growth markets of Japan, China and the Middle East. With DTC representing around 20% of the comp sales base, it would expect that to result in overall comps being down 2% to 3% for the year. The guidance assumes a gross margin rate for the full year that is flat to down slightly compared to 2013, with continuing AUR pressure and lower shipping and handling revenue relative to sales, offsetting AUC improvement and benefit from profit improvement initiatives.

Abercrombie & Fitch Co. Promotes James N. Bierbower to Executive Vice President - Human Resources

Abercrombie & Fitch Co. announced the promotion of James N. Bierbower to Executive Vice President - Human Resources, effective immediately. Mr. Bierbower, 49, joined Abercrombie & Fitch in 2006 as Vice President - Organizational Development. He was promoted to Senior Vice President in 2008 and assumed his most current role as Senior Vice President - Human Resources two years ago. Prior to joining A&F, he held a variety of positions in merchandising, human resources, finance and operations with The May Department Stores Company. In his new role as Executive Vice President, Mr. Bierbower will be responsible for recruiting, leadership development and training, associate relations, compensation, benefits, payroll and other services for the approximately 100,000 A&F associates throughout the world. He will continue to report to Michael S. Jeffries, Chief Executive Officer of Abercrombie & Fitch, and will remain heavily involved in the company's profit improvement initiative as well as other key elements of A&F's long-range strategic plans.

Abercrombie & Fitch Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended February 1, 2014; Provides Earnings Guidance for the Fiscal Year 2014; Announces Impairment Charges for the Fourth Quarter Ended February 1, 2014

Abercrombie & Fitch Co. reported unaudited consolidated earnings results for the fourth quarter and full year ended February 1, 2014. For the quarter, the company reported GAAP net income of $66.1 million and net income per diluted share of $0.85 compared to GAAP net income of $157.2 million and net income per diluted share of $1.95 for the fourteen weeks ended February 2, 2013. Net sales for the thirteen week period ended February 2, 2013 were approximately $82 million less than net sales for the reported fourteen week period ended February 2, 2013. Adjusted non-GAAP net income was $104.3 million and net income per diluted share was $1.34. The company reported GAAP net income of $54.6 million and net income per diluted share of $0.69 for the fifty-two week period ended February 1, 2014, compared to GAAP net income of $237.0 million and net income per diluted share of $2.85 for the fifty-three week period ended February 2, 2013. Net sales for the fifty-two week period ended February 2, 2013 were approximately $63 million less than net sales for the reported fifty-three week period ended February 2, 2013. Total capital expenditures for full year were approximately $164 million. Capital expenditures came in lower than prior expectations due to projects coming in under budget and timing shifts to fiscal 2014. Adjusted non-GAAP net income was $150.6 million and net income per diluted share of $1.91. For the fiscal year 2014, based on an assumption of a high-single digit decline in comparable store sales and an approximate 20% increase in comparable direct-to-consumer sales, the company projects full year diluted earnings per share in the range of $2.15 to $2.35. The company anticipates a full year tax rate of approximately 35%. The company expects total capital expenditures for the fiscal year to be approximately $200 million or slightly higher, including the effect of timing shifts from fiscal 2013. The company recorded asset impairment charges for the fourth quarter were $3.1 million.

Abercrombie & Fitch Co. Presents at Bank of America Merrill Lynch 2014 Consumer & Retail Conference, Mar-11-2014 09:40 AM

Abercrombie & Fitch Co. Presents at Bank of America Merrill Lynch 2014 Consumer & Retail Conference, Mar-11-2014 09:40 AM. Venue: The New York Palace Hotel, 455 Madison Avenue, New York, New York, United States. Speakers: Jonathan E. Ramsden, Chief Operating Officer, Chief Financial Officer, Principal Accounting Officer and Executive Vice President.

 

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