ABERCROMBIE FITCH CO DE
For the period ended Feb 3, 2024. Filed Apr 1, 2024.
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FY2024 · Filed Apr 1, 2024
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PROPERTY AND EQUIPMENT, NET
- PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of:
| (in thousands) | February 3, 2024 | January 28, 2023 |
|---|---|---|
| Land | $28,599 | $28,599 |
| Buildings | 238,185 | 232,996 |
| Furniture, fixtures and equipment | 632,056 | 611,277 |
| Information technology | 718,693 | 685,539 |
| Leasehold improvements | 846,097 | 888,464 |
| Construction in progress | 44,359 | 68,984 |
| Other | 1,195 | 2,003 |
| Total | 2,509,184 | 2,517,862 |
| Less: Accumulated depreciation | (1,971,151) | (1,966,277) |
| Property and equipment, net | $538,033 | $551,585 |
Depreciation expense for Fiscal 2023, Fiscal 2022 and Fiscal 2021 was $138.5 million, $129.7 million and $141.4 million, respectively.
Refer to Note 8, “ASSET IMPAIRMENT,” for details related to property and equipment impairment charges incurred during Fiscal 2023, Fiscal 2022 and Fiscal 2021.
Refer to Note 2,“SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment, net,” for discussion regarding significant accounting policies related to the Company’s property and equipment, net.
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