ABERCROMBIE FITCH CO DE
For the period ended Aug 3, 2024. Filed Sep 6, 2024.
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Aug 3, 2024 · Filed Sep 6, 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 August 3, 2024, February 3, 2024, July 29, 2023 and January 28, 2023:
| (in thousands) | August 3, 2024 | February 3, 2024 | July 29, 2023 | January 28, 2023 |
|---|---|---|---|---|
| Gift card liability (1) | $39,914 | $41,144 | $36,967 | $39,235 |
| Loyalty programs liability | 29,535 | 27,937 | 23,969 | 25,640 |
(1)Includes $14.8 million and $26.4 million of revenue recognized during the twenty-six weeks ended August 3, 2024 and July 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 and twenty-six weeks ended August 3, 2024 and July 29, 2023:
| Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||
|---|---|---|---|---|
| (in thousands) | August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 |
| Revenue associated with gift card redemptions and gift card breakage | $32,831 | $24,426 | $63,492 | $48,650 |
| Revenue associated with reward redemptions and breakage related to the Company’s loyalty programs | 14,712 | 11,636 | 28,670 | 23,918 |
| Abercrombie & Fitch Co. | 11 | 2024 2Q Form 10-Q |
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