Abercrombie & Fitch (ANF) Q4 FY2023 earnings: revenue $1.5 billion, up 21.1% on the year

Abercrombie & Fitch Co. (ANF) reported revenue of $1.5 billion for Q4 FY2023, the quarter ended 3 February 2024, up 21.1% on the same quarter a year earlier. Net income was $158 million, up 313.3% on the year, and diluted earnings per share $2.97. The figures are the company's own, from the 10-K it filed with the SEC on 1 April 2024.

Revenue$1.5 billionup 21.1%

Net income$158 millionup 313.3%

Diluted EPS$2.97

QuarterQ4 FY2023ended 3 February 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,453	1,056	n/a	n/a
Cost of revenue	539	371	n/a	n/a
Gross profit	914	686	n/a	n/a
Gross margin	62.9%	64.9%	n/a
Operating income	223	138	n/a	n/a
Operating margin	15.3%	13.1%	n/a
Pre-tax income	228	137	n/a	n/a
Income tax	66.5	39.6	n/a	n/a
Effective tax rate	29.2%	28.8%	n/a
Net income	158	96.2	n/a	n/a
Net margin	10.9%	9.1%	n/a
Diluted EPS	$2.97	$1.83	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	303	134	n/a	n/a
Capital expenditure	29.2	38.8	n/a	n/a
Free cash flow	274	95.0	n/a	n/a
Free cash flow margin	18.9%	9.0%	n/a
Cash from investing	-29.2	-38.2	n/a	n/a
Cash from financing	-24.1	-63.8	n/a	n/a
Depreciation and amortisation	35.6	33.1	n/a	n/a
Share-based compensation	10.8	9.7	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	53m	53m	n/a	n/a
Shares outstanding at period end	51m	50m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,035	866	n/a	n/a
Non-controlling interest	14.8	10.0	n/a	n/a
Debt	222	248	n/a	n/a
Operating lease liabilities	647	659	n/a	n/a
Other liabilities	1,056	1,115	n/a	n/a
Total liabilities and equity	2,974	2,898	n/a	n/a
Fixed assets	538	547	n/a	n/a
Investments	0.0	n/a	n/a	n/a
Cash and equivalents	901	649	n/a	n/a
Receivables	78.3	96.8	n/a	n/a
Inventory	469	595	n/a	n/a
Other assets	988	1,009	n/a	n/a
Total assets	2,974	2,898	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,056	1,453	1,021	1,134	1,209	1,585	1,097	1,209	1,291	1,670	1,114	1,267
Cost of revenue	371	539	343	398	422	611	417	452	484	676	414	366
Gross profit	686	914	677	736	787	974	680	757	807	993	700	901
Gross margin	65%	63%	66%	65%	65%	61%	62%	63%	63%	59%	63%	71%
Operating income	138	223	130	176	179	256	102	207	155	236	88.8	253
Operating margin	13%	15%	13%	15%	15%	16%	9%	17%	12%	14%	8%	20%
Interest expense	n/a	n/a	5.8	5.2	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	137	228	135	181	188	265	108	209	161	242	94.1	260
Tax rate	29%	29%	15%	25%	29%	28%	25%	31%	28%	28%	28%	29%
Net income	96.2	158	114	133	132	187	80.4	141	113	172	67.1	184
Net margin	9%	11%	11%	12%	11%	12%	7%	12%	9%	10%	6%	15%
Diluted EPS	$1.83	$2.97	$2.14	$2.50	$2.50	$3.57	$1.59	$2.91	$2.36	$3.68	$1.47	$4.17
Operating cash flow	134	303	95.0	165	143	308	-4.0	117	200	306	44.3	269
Capital expenditure	38.8	29.2	38.9	42.8	50.4	50.9	50.8	66.2	68.3	55.6	61.3	68.0
Free cash flow	95.0	274	56.1	122	92.2	257	-54.8	50.7	132	251	-17.1	201
Buybacks	0.0	0.0	15.0	15.0	99.8	100	200	51.2	100	100	105	181
Shares outstanding	50m	51m	51m	51m	50m	49m	48m	47m	46m	45m	44m	42m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 3 February 2024, filed 1 April 2024, accession 0001018840-24-000019: the filing on EDGAR. All of Abercrombie & Fitch Co.'s filings: EDGAR company page.

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