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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REVENUE RECOGNITION
- REVENUE RECOGNITION
Disaggregation of revenue
All revenues are recognized in net sales in the Consolidated Statements of Operations and Comprehensive Income (Loss). For information regarding the disaggregation of revenue, refer to Note 17, “SEGMENT REPORTING.”
Contract liabilities
The following table details certain contract liabilities representing unearned revenue as of February 3, 2024, January 28, 2023 and January 29, 2022:
| (in thousands) | February 3, 2024 | January 28, 2023 | January 29, 2022 |
|---|---|---|---|
| Gift card liability (1) | $41,144 | $39,235 | $36,984 |
| Loyalty programs liability | 27,937 | 25,640 | 22,757 |
(1)Includes $20.0 million and $16.4 million of revenue recognized during Fiscal 2023 and Fiscal 2022, respectively, that was included in the gift card liability at the beginning of January 28, 2023 and January 29, 2022, respectively.
The following table details recognized revenue associated with the Company’s gift card program and loyalty programs for Fiscal 2023, Fiscal 2022, and Fiscal 2021:
| (in thousands) | Fiscal 2023 | Fiscal 2022 | Fiscal 2021 |
|---|---|---|---|
| Revenue associated with gift card redemptions and gift card breakage | $112,749 | $98,488 | $80,088 |
| Revenue associated with reward redemptions and breakage related to the Company’s loyalty programs | 56,406 | 48,624 | 45,417 |
Refer to Note 2,“SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition,” for discussion regarding significant accounting policies related to the Company’s revenue recognition.
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