The Company ended the quarter with $488.3 million in cash and cash equivalents, no borrowings under the credit agreement, and immaterial outstanding letters of credit, compared to $593.3 million in cash and cash equivalents, borrowings under the credit agreement of $57.2 million and outstanding letters of credit of $10.6 million at the comparable point last year.
2011 Outlook The Company continues to anticipate opening five Abercrombie & Fitch flagship locations during Fiscal 2011, including flagships opened in Paris in May and Madrid on November 3, 2011, and openings in Dusseldorf, Brussels and Singapore in December. The Company expects to open 40 international mall-based Hollister stores, of which 25 had opened as of October 29, 2011.
The Company expects to open two domestic stores in Fiscal 2011 and expects to close approximately 55 to 60 domestic stores through natural lease expirations, primarily at the end of the year.
The Company continues to expect total capital expenditures for Fiscal 2011 to be approximately $350 million.
Other Developments The Company announced plans to open Abercrombie & Fitch flagships in Amsterdam and Munich in Fiscal 2012. These are in addition to the previously announced Abercrombie & Fitch flagships in Hamburg and Hong Kong.
On November 15, 2011, the Board of Directors declared a quarterly cash dividend of $0.175 per share on the Class A Common Stock of Abercrombie & Fitch Co. payable on December 13, 2011 to shareholders of record at the close of business on November 28, 2011.
marketing@alchempro.com
