Abercrombie & Fitch Co. Reports Second Quarter Results
A summary of results for the second quarter ended August 1, 2020 as compared the second quarter ended August 3, 2019: *Net sales of $698 million, down 17% as compared to last year, reflecting the adverse impact of COVID-19 on store sales. *Gross profit rate improved 140 basis points to 60.7% on lower promotional and clearance activity. *Operating income improved to $14 million and $22 million on a reported and adjusted non-GAAP basis, respectively, as compared to an operating loss last year of $39 million, which reflected $45 million of flagship store exit charges. *Net income per diluted share improved to $0.09 and $0.23 on a reported and adjusted non-GAAP basis, respectively, as compared to net loss per diluted share last year of $0.48, which reflected the adverse impact from flagship store exit charges of approximately $0.50 per diluted share, net of estimated tax effect.