ABERCROMBIE FITCH CO DE
For the period ended May 4, 2024. Filed Jun 7, 2024.
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May 4, 2024 · Filed Jun 7, 2024
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REVENUE RECOGNITION
- REVENUE RECOGNITION
Disaggregation of revenue
All revenues are recognized in net sales in the Condensed Consolidated Statements of Operations and Comprehensive Income. For information regarding the disaggregation of revenue, refer to Note 14, “SEGMENT REPORTING.”
Contract liabilities
The following table details certain contract liabilities representing unearned revenue as of May 4, 2024, February 3, 2024, April 29, 2023 and January 28, 2023:
| (in thousands) | May 4, 2024 | February 3, 2024 | April 29, 2023 | January 28, 2023 |
|---|---|---|---|---|
| Gift card liability (1) | $40,291 | $41,144 | $37,630 | $39,235 |
| Loyalty programs liability | 27,546 | 27,937 | 23,552 | 25,640 |
(1)Includes $9.9 million and $13.4 million of revenue recognized during the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively, that was included in the gift card liability at the beginning of February 3, 2024 and January 28, 2023, respectively.
The following table details recognized revenue associated with the Company’s gift card program and loyalty programs for the thirteen weeks ended May 4, 2024 and April 29, 2023:
| Thirteen Weeks Ended | ||
|---|---|---|
| (in thousands) | May 4, 2024 | April 29, 2023 |
| Revenue associated with gift card redemptions and gift card breakage | $30,661 | $24,224 |
| Revenue associated with reward redemptions and breakage related to the Company’s loyalty programs | 13,958 | 12,282 |
| Abercrombie & Fitch Co. | 10 | 2024 1Q Form 10-Q |
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