The Company now expects total capital expenditures for fiscal 2005 to be between $265 million and $285 million. The majority of the expenditures are related to new store construction, remodels, and home office investments. These amounts do not reflect construction allowances which are recorded on the balance sheet as a deferred credit as opposed to a reduction in capital spending.
Other Developments During the second half of fiscal 2005, the Company plans to open approximately nine new Abercrombie & Fitch stores, four abercrombie stores, 39 new Hollister stores, and four RUEHL stores.
The Company remains on plan to open its 34,000 gross square foot flagship Abercrombie & Fitch store, located on the corner of 5th Avenue and 56th Street in New York, in November 2005.
The Company plans to open its first international locations in Canada in late 2005 and has established subsidiaries in Europe and Japan and believes it will open its first European store in 2006.
The Board of Directors increased the quarterly dividend to $0.175 per share on the Class A Common Stock of Abercrombie & Fitch Co. payable on September 20, 2005 to shareholders of record at the close of business on August 30, 2005.
The Board of Directors authorized the repurchase of an additional six million shares of Abercrombie & Fitch Common Stock.
Abercrombie & Fitch Co is a leading specialty retailer encompassing four concepts - Abercrombie & Fitch, abercrombie, Hollister Co., and RUEHL. The merchandise is sold in retail stores throughout the United States and through catalogs. It operated 355 Abercrombie & Fitch stores, 163 abercrombie stores, 281 Hollister stores, and five RUEHL stores at the end of the second quarter 2005.
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