Abercrombie & Fitch Company · NYSE:ANF
Abercrombie & Fitch — Q4 2025 Earnings Presentation
29 slides from Abercrombie & Fitch's earnings presentation, Mar 4, 2026
Slide 1: Investor Presentation: Fourth Quarter 2025
INVESTOR PRESENTATION: FOURTH QUARTER 2025
Slide 2: Table of Contents
TABLE OF CONTENTS Safe Harbor and Other Information 3 Company Overview 5 Q4 2025 and Full Year Results 11 Appendix 18 2
Slide 3: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation and related statements by management or spokespeople of A&F contain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements, inclu
Slide 4: Reporting and Use of GAAP and Non-GAAP Measures
REPORTING AND USE OF GAAP AND NON-GAAP MEASURES The following presentation includes certain adjusted non-GAAP financial measures. Additional details about non-GAAP financial measures and a reconciliation of GAAP financial measures to non-GAAP financial measures is included in the Appendix to this pr
Slide 5: Abercrombie & Fitch Co. is a global, digitally-led, omnichannel apparel and accessories retailer
Abercrombie & Fitch Co. is a global, digitally-led, omnichannel apparel and accessories retailer catering to kids through millennials with assortments curated for their specific lifestyle needs Our corporate purpose of 'We are here for you on the journey to being and becoming who you are' fuels our
Slide 6: Consistent, Profitable Growth
CONSISTENT, PROFITABLE GROWTH GROWING TRACK RECORD OF STRONG RESULTS Net Sales Operating Income Net Income Per Share Repurchases (in $ billions) (in $ millions) Diluted Share (in $ millions) EXPECT EXPECT EXPECT IN EXPECT 3% to 5% $741 12.0% TO THE RANGE AROUND $5.3 12.5% OF $10.20 $450 $450 GROWTH
Slide 7: Our Foundation
OUR FOUNDATION Built on a decade of transformation, and strengthening as we grow: • Two healthy, customer-driven brand families with distinct and large addressable markets; • Successful, regionally relevant brand playbooks, designed to attract, engage, retain, and scale long-term customer relationsh
Slide 8: Company Overview
COMPANY OVERVIEW 8
Slide 9: Abercrombie Brands: Targeting Millennials
TARGETING MILLENNIALS 306 STORES GLOBALLY POST GRAD (Q4 2025)* LOVES TO TRAVEL FASHION OBSESSED DIGITALLY-LED GLOBAL NET SALES NET SALES BY CHANNEL (FY 2025) >10% GROWTH CAGR $2.56B $2.52B $2.20B $1.56B $1.73B ~ 40% $1.29B STORES ~ 60% DIGITAL FY FY FY FY FY FY 2020 2021 2022 2023 2024 2025 *As of J
Slide 10: Hollister Brands: Targeting Gen Z Teens
TARGETING GEN Z TEEN W/ MILLENNIAL 523 PARENTS STORES GLOBALLY COMING INTO THEIR OWN (Q4 2025)* COMFORT OBSESSED VALUE VERSATILITY FINANCIALLY RELIANT GLOBAL NET SALES NET SALES BY CHANNEL 3 YEARS OF GROWTH (FY 2025) +15% Y/Y $2.74B $2.39B ~ 30% $2.15B $1.96B $2.08B DIGITAL $1.83B ~ 70% STORES FY FY
Slide 11: 2025 Full Year Results
GLOBAL SALES GROWTH FY 2025 NET SALES $5.27B +6% Y/Y 2025 FULL YEAR RESULTS +15% Y/Y EMEA Reflecting on fiscal 2025, I’m proud of our +6%Y/Y accomplishments. We APAC delivered record net AMERICAS +5%Y/Y sales with 6% growth and achieved our third +7%Y/Y straight year of double- digit operating margi
Slide 12: 2025 Q4 Net Sales: Results by Segment
2025 Q4 NET SALES RESULTS BY SEGMENT Americas Net Sales EMEA Net Sales APAC Net Sales (in $ millions) +5% (in $ millions) (in $ millions) Y/Y $1,384 $1,320 +8% $1,057 Y/Y $974 $875 $241 $224 +9% $185 $197 $195 Y/Y $41 $44 $37 $37 $39 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3
Slide 13: 2025 Q4 Net Sales: Results by Brand
2025 Q4 NET SALES RESULTS BY BRAND Total Company Net Sales Abercrombie Brands Net Sales Hollister Brands Net Sales (in $ millions) (in $ millions) (in $ millions) +5% Y/Y $1,670 +6% $1,585 +4% Y/Y Y/Y $1,291 $863 $1,209 $807 $812 $1,097 $773 $657 $673 $617 $548 $552 $549 Q4 2024 Q1 2025 Q2 2025 Q3 2
Slide 14: 2025 Q4 Operating Income / Net Income per Diluted Share
2025 Q4 OPERATING INCOME/ NET INCOME PER DILUTED SHARE Operating Income Net Income per Diluted Share (in $ millions) +3% Y/Y $3.57 $3.68 $256 $236 $2.91 $207 $2.36 $155 $1.59 $102 OPERATING 16.2% 9.3% 17.1% 12.0% 14.1% MARGIN Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4
Slide 15: 2025 Q4 Financial Position
2025 Q4 FINANCIAL POSITION CASH & EQUIVALENTS Cash and Equivalents • $760M as compared to $773M last year $773M $760M MARKETABLE SECURITIES $573M $606M • Current investments of $25M, compared to $116M at February 1, 2025, $511M primarily due to maturities in Fiscal 2025 INVENTORIES • $601M, up 5% fr
Slide 16: Share Repurchases
SHARE REPURCHASES Since the start of 2021, the Company has repurchased approximately 22 million shares for approximately $1.2 billion. The Company has $850 million remaining under its current share repurchase authorization, announced in March 2025. SHARE REPURCHASES (in thousands, except NUMBER OF A
Slide 17: 2026 Fiscal Outlook
2026 FISCAL OUTLOOK For fiscal 2026, the company expects: Q1 2026 Q1 OUTLOOK (1) NET SALES GROWTH IN THE RANGE OF 1% TO 3% OPERATING MARGIN AROUND 7.0% EFFECTIVE TAX (2) AROUND 26% NET INCOME PER DILUTED SHARE (3) (4) IN THE RANGE OF $1.20 TO $1.30 SHARE REPURCHASES (4) AT LEAST $100 MILLION DILUTED
Slide 18: Appendix
APPENDIX 18
Slide 19: 2025 Q4 Net Sales Growth and Comparable Sales Growth History by Region
2025 Q4 NET SALES GROWTH AND COMPARABLE SALES GROWTH HISTORY BY REGION Americas EMEA APAC NET SALES GROWTH Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 2025 7% 8% 7% 5% 7% 12% (1)% 7% 8% 6% 5% 12% (6)% 9% 5% 2024 23% 23% 14% 11% 17% 19% 16% 15% 2% 12% 10% 3% 32% (4)% 9% 2023 (3) 19% 22% 23% 18% 4% 1
Slide 20: 2025 Q4 Net Sales Growth and Comparable Sales Growth History by Brand
2025 Q4 NET SALES GROWTH AND COMPARABLE SALES GROWTH HISTORY BY BRAND Total Abercrombie Brands Hollister Brands NET SALES GROWTH Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 2025 8% 7% 7% 5% 6% (4)% (5)% (2)% 4% (1)% 22% 19% 16% 6% 15% 2024 22% 21% 14% 9% 16% 31% 26% 15% 2% 16% 12% 17% 14% 16% 15% 2
Slide 21: 2025 Q4 Store Count - Owned and Operated
2025 Q4 STORE COUNT - OWNED AND OPERATED (1) OWNED AND OPERATED FY 2023 FY 2024 FY 2025 BRAND Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ABERCROMBIE BRANDS 233 233 239 247 246 255 267 278 281 292 304 306 HOLLISTER BRANDS 525 526 526 518 507 502 506 511 512 515 523 523 TOTAL STORES 758 759 765 765 753 757 7
Slide 22: 2025 Q4 Store Count - Franchise
2025 Q4 STORE COUNT - FRANCHISE (1) FRANCHISE FY 2023 FY 2024 FY 2025 BRAND Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ABERCROMBIE BRANDS 17 17 19 22 22 22 27 29 31 32 34 37 HOLLISTER BRANDS 14 16 18 18 18 18 19 20 21 22 23 23 TOTAL STORES 31 33 37 40 40 40 46 49 52 54 57 60 FY 2023 FY 2024 FY 2025 REGION
Slide 23: Income Statement
INCOME STATEMENT Q4 GAAP FULL YEAR GAAP % OF % OF % OF % OF (in thousands) Q4 2025 NET SALES Q4 2024 NET SALES 2025 NET SALES 2024 NET SALES NET SALES $1,669,802 100.0% $1,584,917 100.0% $5,266,292 100.0% $4,948,587 100.0% COST OF SALES (1) 676,491 40.5% 610,907 38.5% 2,028,884 38.5% 1,773,926 35.8%
Slide 24: Balance Sheet
BALANCE SHEET (in thousands) JANUARY 31, 2026 FEBRUARY 1, 2025 CASH AND EQUIVALENTS $759,540 $772,727 MARKETABLE SECURITIES 25,036 116,221 RECEIVABLES 146,757 105,324 INVENTORIES 601,218 575,005 OTHER CURRENT ASSETS 117,913 104,154 TOTAL CURRENT ASSETS $1,650,464 $1,673,431 PROPERTY AND EQUIPMENT, N
Slide 25: Statement of Cash Flows
STATEMENT OF CASH FLOWS YEAR TO DATE PERIOD ENDED (in thousands) JANUARY 31, 2026 FEBRUARY 1, 2025 NET CASH PROVIDED BY OPERATING ACTIVITIES $619,142 $710,376 PURCHASES OF MARKETABLE SECURITIES (24,800) (139,600) PROCEEDS FROM MATURITIES OF MARKETABLE SECURITIES 114,800 24,800 PURCHASES OF PROPERTY
Slide 26: Full Year Reconciliation of GAAP to Non-GAAP Results
FULL YEAR RECONCILIATION OF GAAP TO NON-GAAP RESULTS STATEMENT OF OPERATIONS FY 2025 EXCLUDED FY 2025 GAAP (1) ITEMS (2) NON-GAAP LITIGATION SETTLEMENT $(38,574) $(38,574) $— OPERATING INCOME 699,143 38,574 660,569 INCOME BEFORE INCOME TAXES 720,772 38,574 682,198 INCOME TAX EXPENSE (3) 205,777 9,69
Slide 27: Q4 Reconciliation of Constant Currency Results
Q4 RECONCILIATION OF CONSTANT CURRENCY RESULTS NET SALES Q4 2025 Q4 2024 Δ% GAAP (1) $1,669,802 $1,584,917 5% IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (2) — 16,829 (1)% NON-GAAP CONSTANT CURRENCY BASIS $1,669,802 $1,601,746 4% OPERATING INCOME Q4 2025 Q4 2024 Δ BPS (3) GAAP (1) $235,93
Slide 28: Full Year Reconciliation of Constant Currency Results
FULL YEAR RECONCILIATION OF CONSTANT CURRENCY RESULTS NET SALES FY 2025 FY 2024 Δ% GAAP (1) $5,266,292 $4,948,587 6% IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (2) — 33,163 (1)% NON-GAAP CONSTANT CURRENCY BASIS $5,266,292 $4,981,750 6% OPERATING (LOSS) INCOME FY 2025 FY 2024 Δ BPS (3) GA
Slide 29: Abercrombie & Fitch Co.
Abercrombie & Fitch Co.
Abercrombie & Fitch Company — Q4 2025 Earnings Presentation on 6ix