What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-06-06 compared with 2024-12-06 · 203 added, 283 removed, 458 unchanged (51% of the section changed)

3 unchanged sentences

(Thousands, except per share amounts)

Thirteen Weeks Ended Thirty-Nine Weeks Ended

November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

Thirteen Weeks Ended

May 3, 2025 May 4, 2024

Net sales $ 1,097,311 $ 1,020,730

Cost of sales, exclusive of depreciation and amortization 417,133 343,273

Gross profit 786,932 685,669 2,200,651 1,779,843

Stores and distribution expense 419,235 383,883 1,181,154 1,072,662

Marketing, general and administrative expense 190,001 162,510 538,352 449,643

Other operating (income) loss, net ( 1,586 ) 1,256 ( 3,611 ) ( 4,332 )

Selling expense 399,937 360,018

General and administrative expense 174,925 189,548

Other operating loss (income), net 3,783 ( 1,958 )

Operating income 101,533 129,849

1 unchanged sentence

Interest income ( 7,444 ) ( 10,803 )

Interest (income) expense, net ( 8,733 ) 671 ( 18,959 ) 5,211

Interest income, net ( 6,783 ) ( 5,023 )

Income before income taxes 108,316 134,872

9 unchanged sentences

Diluted 50,634 53,276

Other comprehensive income

Other comprehensive loss

Foreign currency translation adjustments, net of tax $ 10,662 $ ( 1,837 )

Derivative financial instruments, net of tax ( 12,540 ) 523

Other comprehensive income 1,545 2,217 2,522 1,339

Other comprehensive loss ( 1,878 ) ( 1,314 )

Comprehensive income 79,861 113,764

7 unchanged sentences

(Thousands, except par value amounts)

November 2, 2024 February 3, 2024

May 3, 2025 February 1, 2025

Current assets:

1 unchanged sentence

Marketable securities

97,006 116,221

Receivables 113,311 105,324

15 unchanged sentences

Long-term portion of operating lease liabilities 810,391 740,013

Long-term borrowings, net — 222,119

Other liabilities 84,321 81,607

8 unchanged sentences

Treasury stock, at average cost:

52,929 and 52,800 shares as of November 2, 2024 and February 3, 2024, respectively

55,657 and 53,565 shares as of May 3, 2025 and February 1, 2025, respectively

( 2,340,285 ) ( 2,145,890 )

10 unchanged sentences

(Thousands, except per share amounts)

Thirteen Weeks Ended November 2, 2024

Thirteen Weeks Ended May 3, 2025

Common Stock Paid-in

4 unchanged sentences

value Shares At average

Balance, August 3, 2024 51,069 $ 1,033 $ 408,293 $ 14,624 $ 2,877,969 $ ( 134,991 ) 52,231 $ ( 1,945,778 ) $ 1,221,150

Balance, February 1, 2025 49,735 $ 1,033 $ 422,912 $ 15,695 $ 3,196,724 $ ( 139,151 ) 53,565 $ ( 2,145,890 ) $ 1,351,323

Net income — — — 1,326 80,413 — — — 81,739

7 unchanged sentences

— — — ( 3,553 ) — — — — ( 3,553 )

Ending balance at November 2, 2024 50,371 $ 1,033 $ 416,640 $ 13,327 $ 3,009,664 $ ( 133,446 ) 52,929 $ ( 2,046,758 ) $ 1,260,460

Thirteen Weeks Ended October 28, 2023

Common Stock Paid-in

capital Non-controlling interests Retained

earnings AOCL Treasury stock Total

stockholders’

outstanding Par

value Shares At average

Balance, July 29, 2023 50,141 $ 1,033 $ 410,398 $ 10,478 $ 2,400,032 $ ( 138,405 ) 53,159 $ ( 1,904,752 ) $ 778,784

Net income — — — 1,521 96,211 — — — 97,732

Share-based compensation issuances and exercises 260 — ( 6,567 ) — ( 10,022 ) — ( 260 ) 6,279 ( 10,310 )

Share-based compensation expense — — 9,684 — — — — — 9,684

Derivative financial instruments, net of tax — — — — — 7,259 — — 7,259

Foreign currency translation adjustments, net of tax — — — — — ( 5,042 ) — — ( 5,042 )

Distribution to noncontrolling interests, net

— — — ( 1,994 ) — — — — ( 1,994 )

Ending balance at October 28, 2023 50,401 $ 1,033 $ 413,515 $ 10,005 $ 2,486,221 $ ( 136,188 ) 52,899 $ ( 1,898,473 ) $ 876,113

(1) Includes excise tax on share repurchases

Abercrombie & Fitch Co.

2024 3Q Form 10-Q

Abercrombie & Fitch Co.

Condensed Consolidated Statements of Stockholders’ Equity

(Thousands, except per share amounts)

Thirty-Nine Weeks Ended November 2, 2024

Ending balance at May 3, 2025 47,643 $ 1,033 $ 396,750 $ 13,468 $ 3,272,657 $ ( 141,029 ) 55,657 $ ( 2,340,285 ) $ 1,202,594

Thirteen Weeks Ended May 4, 2024

Common Stock Paid-in

7 unchanged sentences

Purchase of Common Stock ( 119 ) — — — — — 119 ( 15,000 ) ( 15,000 )

( 923 ) — — — — — 923 ( 130,056 ) ( 130,056 )

Share-based compensation issuances and exercises 721 — ( 32,165 ) — ( 12,097 ) — ( 721 ) ( 20,911 ) ( 65,173 )

4 unchanged sentences

— — — ( 3,771 ) — — — — ( 3,771 )

Ending balance at November 2, 2024 50,371 $ 1,033 $ 416,640 $ 13,327 $ 3,009,664 $ ( 133,446 ) 52,929 $ ( 2,046,758 ) $ 1,260,460

Thirty-Nine Weeks Ended October 28, 2023

Common Stock Paid-in

capital Non-controlling interests Retained

earnings AOCL Treasury stock Total

stockholders’

outstanding Par

value Shares At average

Balance, January 28, 2023 49,002 $ 1,033 $ 416,255 $ 11,728 $ 2,368,815 $ ( 137,527 ) 54,298 $ ( 1,953,735 ) $ 706,569

Net income — — — 4,634 169,676 — — — 174,310

Share-based compensation issuances and exercises 1,399 — ( 32,071 ) — ( 52,270 ) — ( 1,399 ) 55,262 ( 29,079 )

Share-based compensation expense — — 29,331 — — — — — 29,331

Derivative financial instruments, net of tax — — — — — 9,906 — — 9,906

Foreign currency translation adjustments, net of tax — — — — — ( 8,567 ) — — ( 8,567 )

Distribution to noncontrolling interests, net

— — — ( 6,357 ) — — — — ( 6,357 )

Ending balance at October 28, 2023 50,401 $ 1,033 $ 413,515 $ 10,005 $ 2,486,221 $ ( 136,188 ) 52,899 $ ( 1,898,473 ) $ 876,113

(1) Includes excise tax on share repurchases

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Ending balance at May 4, 2024 51,102 $ 1,033 $ 400,807 $ 12,284 $ 2,745,382 $ ( 137,282 ) 52,198 $ ( 1,931,054 ) $ 1,091,170

(1) Includes commissions and excise tax on share repurchases

Abercrombie & Fitch Co.

2 unchanged sentences

Condensed Consolidated Statements of Cash Flows

Thirty-Nine Weeks Ended

November 2, 2024 October 28, 2023

Thirteen Weeks Ended

May 3, 2025 May 4, 2024

Operating activities

Net income $ 81,739 $ 115,078

Adjustments to reconcile net income to net cash provided by operating activities:

Adjustments to reconcile net income to net cash (used for) provided by operating activities:

Depreciation and amortization 38,576 37,689

Amortization of capitalized cloud computing arrangement implementation costs 4,724 5,418

Asset impairment 679 866

Loss on disposal 629 811

Benefit from deferred income taxes ( 9,881 ) ( 13,620 )

Provision for deferred income taxes 9,549 3,064

Share-based compensation 10,591 11,363

7 unchanged sentences

Other liabilities ( 1,284 ) 553

Net cash provided by operating activities 402,756 350,142

Net cash (used for) provided by operating activities ( 4,000 ) 95,010

Investing activities

Purchases of marketable securities

Proceeds from maturities of marketable securities

Purchases of property and equipment ( 50,764 ) ( 38,886 )

Proceeds from the sale of property and equipment — 615

Net cash used for investing activities ( 30,764 ) ( 38,886 )

1 unchanged sentence

Repayment/redemption of senior secured notes

( 223,331 ) ( 50,933 )

Payment of debt modification costs and fees ( 3,273 ) ( 180 )

Purchases of Common Stock ( 200,000 ) ( 15,000 )

4 unchanged sentences

Effect of foreign currency exchange rates on cash 7,407 ( 857 )

Net (decrease) increase in cash and equivalents, and restricted cash and equivalents ( 218,688 ) 130,559

Net decrease in cash and equivalents, and restricted cash and equivalents ( 261,870 ) ( 37,684 )

Cash and equivalents, and restricted cash and equivalents, beginning of period 780,395 909,685

9 unchanged sentences

Cash received from income tax refunds 319 7

Cash paid for amounts included in measurement of operating lease liabilities, net of abatements 206,413 210,971

Cash paid for amounts included in measurement of operating lease liabilities

73,290 64,052

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

25 unchanged sentences

Corporate functions and other income and expenses are evaluated on a consolidated basis and are not allocated to the Company’s segments, and therefore are included as a reconciling item between segment and total operating income.

The Company’s brands include Abercrombie brands, which includes Abercrombie & Fitch and abercrombie kids, and Hollister brands, which includes Hollister and Gilly Hicks.

The Company’s brands include Abercrombie brands and Hollister brands.

These brands share a commitment to offering unique products of enduring quality and exceptional comfort that allow customers around the world to express their own individuality and style.

3 unchanged sentences

The Company has interests in Emirati and Kuwaiti business ventures with Majid al Futtaim Lifestyle L.L.C.

(“MAF”) and in a United States of America (the “U.S.”) business venture with Dixar L.L.C.

(“Dixar”), each of which meets the definition of a variable interest entity (“VIE”).

The purpose of the business ventures with MAF is to operate stores in the United Arab Emirates and Kuwait, and the purpose of the business venture with Dixar is to hold the intellectual property related to the Social Tourist brand.

(“MAF”), each of which meets the definition of a variable interest entity (“VIE”).

The purpose of the business ventures with MAF is to operate stores in the United Arab Emirates and Kuwait.

The Company is deemed to be the primary beneficiary of these VIEs;

6 unchanged sentences

Fiscal 2024 February 1, 2025 52

Fiscal 2025 January 31, 2026 52

Fiscal 2026 January 30, 2027 52

Interim financial statements

The Condensed Consolidated Financial Statements as of November 2, 2024, and for the thirteen and thirty-nine week periods ended November 2, 2024 and October 28, 2023, are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim consolidated financial statements.

Accordingly, the Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto contained in A&F’s Annual Report on Form 10-K for Fiscal 2023 filed with the SEC on April 1, 2024 (the “Fiscal 2023 Form 10-K”).

The Condensed Consolidated Financial Statements as of May 3, 2025, and for the thirteen week periods ended May 3, 2025 and May 4, 2024, are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim consolidated financial statements.

Accordingly, the Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto contained in A&F’s Annual Report on Form 10-K for Fiscal 2024 filed with the SEC on March 31, 2025 (the “Fiscal 2024 Form 10-K”).

The February 1, 2025 consolidated balance sheet data, included herein, were derived from audited consolidated financial statements, but do not include all disclosures required by accounting principles generally accepted in the U.S.

5 unchanged sentences

Due to the inherent uncertainty involved with estimates, actual results may differ.

Additionally, these estimates and assumptions may change as a result of the impact of global economic conditions such as the uncertainty regarding a slowing economy, rising interest rates, continued inflation, fluctuation in foreign exchange rates, and geopolitical concerns, all of which could result in material impacts to the Company’s consolidated financial statements in future reporting periods.

Additionally, these estimates and assumptions may change as a result of the impact of global economic conditions such as the uncertainty regarding a slowing economy, volatility in interest rates, continued inflation, fluctuation in foreign exchange rates, the imposition of, and changes to, tariffs by the U.S.

government and certain trading partners, and geopolitical concerns, all of which could result in material impacts to the Company’s consolidated financial statements in future reporting periods.

Recent accounting pronouncements

2 unchanged sentences

Accounting Standards Update (ASU) Description Effect on the financial statements or other significant matters

ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures

The update modifies the disclosure/presentation requirements of reportable segments.

The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit and loss.

The amendments also require disclosure of all other segment items by reportable segment and a description of its composition.

Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

Early adoption is permitted.

Other than the new disclosure requirements, the adoption of this guidance will not have a significant impact on the Company's consolidated financial statements.

ASU 2023-09, Income Taxes (Topic 740):

1 unchanged sentence

The update requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.

The update will be effective for annual periods beginning after December 15, 2024.

The update is effective for annual periods beginning after December 15, 2024.

The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.

Early adoption is permitted.

Other than the new disclosure requirements, the adoption of this guidance will not have a significant impact on the Company's consolidated financial statements.

1 unchanged sentence

Disaggregation of Income Statement Expenses

ASU 2025-01 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective Date

The update requires a disaggregated disclosure of income statement expenses.

The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses.

The update is effective for fiscal years beginning after December 15, 2026 and interim period periods for fiscal years beginning after December 15, 2027.

The update is effective for fiscal years beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027.

Early adoption is permitted.

2 unchanged sentences

The following table provides a reconciliation of cash and equivalents and restricted cash and equivalents to the amounts shown on the Condensed Consolidated Statements of Cash Flows:

(in thousands) Location November 2, 2024 February 3, 2024 October 28, 2023 January 28, 2023

(in thousands) Location May 3, 2025 February 1, 2025 May 4, 2024 February 3, 2024

Cash and equivalents Cash and equivalents $ 510,563 $ 772,727 $ 864,195 $ 900,884

11 unchanged sentences

The agreement with the financial institution does not require the Company to provide assets pledged as security or other forms of guarantees for the SCF program.

As of November 2, 2024 and February 3, 2024, $ 109.3 million and $ 72.4 million of SCF program liabilities were recorded in accounts payable in the Condensed Consolidated Balance Sheets, respectively, and reflected as a cash flow from operating activities in the Condensed Consolidated Statements of Cash Flows when settled.

The following table provides activity in the SCF program for the thirty-nine weeks ended November 2, 2024:

Thirty-Nine Weeks Ended

(in thousands) November 2, 2024

Confirmed obligations outstanding at the beginning of the period $ 72,376

Invoices confirmed during the period 326,109

Confirmed invoices paid during the period ( 289,164 )

Confirmed obligations outstanding at the end of the period $ 109,321

As of May 3, 2025 and February 1, 2025, $ 43.8 million and $ 88.4 million of SCF program liabilities were recorded in accounts payable in the Condensed Consolidated Balance Sheets, respectively.

Amounts are reflected as cash used for operating activities in the Condensed Consolidated Statements of Cash Flows when settled.

REVENUE RECOGNITION

3 unchanged sentences

Contract liabilities

The following table details certain contract liabilities representing unearned revenue as of November 2, 2024, February 3, 2024, October 28, 2023 and January 28, 2023:

(in thousands) November 2, 2024 February 3, 2024 October 28, 2023 January 28, 2023

The following table details certain contract liabilities representing unearned revenue as of May 3, 2025, February 1, 2025, May 4, 2024 and February 3, 2024:

(in thousands) May 3, 2025 February 1, 2025 May 4, 2024 February 3, 2024

Gift card liability (1)

1 unchanged sentence

Loyalty programs liability 33,065 32,199 27,546 27,937

(1) Includes $ 17.7 million and $ 15.5 million of revenue recognized during the thirty-nine weeks ended November 2, 2024 and October 28, 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 thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

(1) Includes $ 9.6 million and $ 9.9 million of revenue recognized during the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively, that was included in the gift card liability at the beginning of February 1, 2025 and February 3, 2024, respectively.

The following table details recognized revenue associated with the Company’s gift card program and loyalty programs for the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

Revenue associated with gift card redemptions and gift card breakage $ 30,900 $ 30,661

4 unchanged sentences

Net income per basic and diluted share attributable to A&F is computed based on the weighted-average number of outstanding shares of A&F’s Class A Common Stock, $0.01 par value (“Common Stock”).

The following table provides additional information pertaining to net income per share attributable to A&F for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

The following table provides additional information pertaining to net income per share attributable to A&F for the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

Shares of Common Stock issued 103,300 103,300

4 unchanged sentences

Anti-dilutive shares (1)

250 445 329 609

(1) Reflects the total number of shares related to outstanding share-based compensation awards that have been excluded from the computation of net income per diluted share because the impact would have been anti-dilutive.

7 unchanged sentences

The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The following table provides the three levels of the hierarchy and the distribution of the Company’s assets measured at fair value on a recurring basis, as of November 2, 2024 and February 3, 2024:

Assets and Liabilities at Fair Value as of November 2, 2024

The following table provides the three levels of the hierarchy and the distribution of the Company’s assets measured at fair value on a recurring basis, as of May 3, 2025 and February 1, 2025:

Assets and Liabilities at Fair Value as of May 3, 2025

(in thousands) Level 1 Level 2 Level 3 Total

1 unchanged sentence

$ 88,706 $ 9,752 $ — $ 98,458

Marketable securities (2)

— 55,790 — 55,790

Derivative instruments (2)

— 2,143 — 2,143

Rabbi Trust assets (3)

17 unchanged sentences

Total assets $ 308,306 $ 60,745 $ — $ 369,051

Derivative instruments (3)

$ — $ 539 $ — $ 539

Total liabilities $ — $ 539 $ — $ 539

Abercrombie & Fitch Co.

2024 3Q Form 10-Q

(1) Level 1 assets consisted of investments in money market funds and U.S.

1 unchanged sentence

Level 2 assets consisted of time deposits with original maturities of less than three months .

( 2) Level 2 assets consisted of time deposits with original maturities greater than three months, but less than one year.

(2) Level 2 assets and liabilities consisted primarily of foreign currency exchange forward contracts.

1 unchanged sentence

Level 2 assets consisted of trust-owned life insurance policies.

Abercrombie & Fitch Co.

2025 1Q Form 10-Q

The Company’s Level 2 assets and liabilities consisted of:

1 unchanged sentence

• Time deposits with original maturities of three months or less, which were recorded at cost, approximating fair value, due to the short-term nature of these investments;

• Time deposits with original maturities greater than three months, which were recorded at fair value, which approximates their carrying value, and are primarily based upon quoted vendor or broker priced securities in active markets;

• Derivative instruments, primarily foreign currency exchange forward contracts, which were valued using quoted market prices of the same or similar instruments, adjusted for counterparty risk.

Fair value of long-term borrowings

The Company’s borrowings were carried at historical cost in the accompanying Condensed Consolidated Balance Sheet as of February 3, 2024.

On July 15, 2024 (the “Redemption Date”), Abercrombie & Fitch Management Co.

(“A&F Management”) redeemed all of its outstanding senior secured notes at par value, which had a fixed 8.75 % interest rate and were scheduled to mature on July 15, 2025 (the “Senior Secured Notes”).

As of the Redemption Date, the Senior Secured Notes were no longer deemed outstanding.

The Company also holds certain investments that are not measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets, including held-to-maturity securities.

Held-to-maturity securities consist primarily of time deposits with maturities less than one year, which are valued at amortized cost, approximating fair value.

PROPERTY AND EQUIPMENT, NET

The following table provides property and equipment, net as of November 2, 2024 and February 3, 2024:

(in thousands) November 2, 2024 February 3, 2024

The following table provides property and equipment, net as of May 3, 2025 and February 1, 2025:

(in thousands) May 3, 2025 February 1, 2025

Property and equipment, at cost $ 2,686,454 $ 2,605,871

1 unchanged sentence

Property and equipment, net $ 606,060 $ 575,773

R efer to Note 8, “ ASSET IMPAIRMENT ,” for details related to property and equipment impairment charges incurred during the thirteen and thirty-nine ended November 2, 2024 and October 28, 2023.

R efer to Note 8, “ ASSET IMPAIRMENT ,” for details related to property and equipment impairment charges incurred during the thirteen ended May 3, 2025 and May 4, 2024.

The Company is a party to leases related to its Company-operated retail stores as well as for certain of its distribution centers, office space, information technology and equipment.

The following table provides a summary of the Company’s operating lease costs for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

The following table provides a summary of the Company’s operating lease costs for the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

Single lease cost (1)

3 unchanged sentences

Operating lease right-of-use asset impairment (3)

233 — 1,043 1,414

Sublease income

4 unchanged sentences

(3) Refer to Note 8, “ ASSET IMPAIRMENT ,” for details related to operating lease right-of-use asset impairment charges.

The Company had minimum commitments related to operating lease contracts that have not yet commenced, primarily for certain Company-operated retail stores, of approximately $ 66.5 million as of November 2, 2024.

Abercrombie & Fitch Co.

2024 3Q Form 10-Q

ASSET IMPAIRMENT

The following table provides asset impairment charges for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

The following table provides asset impairment charges for the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

Operating lease right-of-use asset impairment $ 449 $ 339

1 unchanged sentence

Total asset impairment $ 679 $ 866

Asset impairment charges for the thirty-nine weeks ended November 2, 2024 and October 28, 2023 related to certain of the Company’s store assets, primarily in the APAC segment.

The store impairment charges for the thirty-nine weeks ended November 2, 2024 reduced the then carrying amount of the impaired stores’ assets to their fair value of approximately $ 6.4 million, including $ 5.1 million related to operating lease right-of-use assets.

Asset impairment charges for the thirteen weeks ended May 3, 2025 and May 4, 2024 related to certain of the Company’s store assets, primarily in the APAC segment.

The store impairment charges for the thirteen weeks ended May 3, 2025 reduced the then carrying amount of the impaired stores’ assets to their fair value of approximately $ 2.6 million, including $ 1.7 million related to operating lease right-of-use assets.

Abercrombie & Fitch Co.

2025 1Q Form 10-Q

The quarterly provision for income taxes is based on the current estimate of the annual effective income tax rate and the tax effect of discrete items occurring during the quarter.

4 unchanged sentences

Impact of valuation allowances

During the thirteen and thirty-nine weeks ended November 2, 2024, the Company did not recognize income tax benefits on $ 7.7 million and $ 22.3 million respectively, of pretax losses, primarily in Switzerland, resulting in adverse tax impacts of $ 1.2 million and $ 3.4 million, respectively.

As of November 2, 2024, the Company had foreign net deferred tax assets of approximately $ 39.5 million, including $ 10.0 million, $ 6.1 million, and $ 13.1 million in China, Japan and the United Kingdom, respectively.

While the Company believes that these net deferred tax assets are more-likely-than-not to be realized, it is not a certainty, as the Company continues to evaluate and respond to emerging situations.

During the thirteen weeks ended May 3, 2025, the Company did not recognize income tax benefits on $ 10.0 million of pretax losses, primarily in Switzerland, resulting in adverse tax impacts of $ 1.5 million.

As of May 3, 2025, the Company had foreign net deferred tax assets of approximately $ 41.0 million, including $ 9.0 million, $ 5.7 million, and $ 15.8 million in China, Japan and the United Kingdom, respectively.

While the Company believes that these net deferred tax assets are more-likely-than-not to be realized, it is not a certainty, as the Company continues to evaluate and respond to situations as they emerge.

Should circumstances change, the net deferred tax assets may become subject to additional valuation allowances in the future.

Additional valuation allowances would result in additional tax expense.

During the thirteen and thirty-nine weeks ended October 28, 2023, the Company did not recognize income tax benefits on $ 20.0 million and $ 63.0 million of pretax losses, primarily in Switzerland, resulting in adverse tax impacts of $ 3.0 million and $ 9.6 million, respectively.

During the thirteen weeks ended May 4, 2024, the Company did not recognize income tax benefits on $ 7.6 million of pretax losses, primarily in Switzerland, resulting in adverse tax impacts of $ 1.1 million.

As of February 1, 2025, there were approximately $ 8.2 million, $ 5.4 million, and $ 13.4 million of net deferred tax assets in China, Japan, and the United Kingdom, respectively.

Share-based compensation

Refer to Note 11, “ SHARE-BASED COMPENSATION ,” for details on income tax benefits and charges related to share-based compensation awards during the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023.

Abercrombie & Fitch Co.

2024 3Q Form 10-Q

Senior Secured Notes

On July 15, 2024 (the “Redemption Date”), A&F redeemed all of its outstanding 8.75 % Senior Secured Notes due July 15, 2025 , which had an aggregate principal amount of $ 214 million, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date, and incurred a $ 0.9 million loss on extinguishment of debt, recognized in interest expense on the Condensed Consolidated Statements of Operations and Comprehensive Income.

For the year-to-date period through the Redemption date, A&F Management repurchased $ 9.3 million in the open market and redeemed $ 214 million of its Senior Secured Notes and incurred a loss on extinguishment of debt of $ 1.1 million.

As of the Redemption Date, the Senior Secured Notes were no longer deemed outstanding and interest on the Senior Secured Notes ceased to accrue.

On August 2, 2024, A&F, as parent and a guarantor, A&F Management, as lead borrower, and certain of A&F’s direct and indirect wholly-owned subsidiaries, as additional borrowers and guarantors, entered into the Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”), together with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent for the lenders.

The Second Amendment amends the existing Amended and Restated Credit Agreement, dated as of April 29, 2021 (the “ABL Credit Agreement”), which provided for a $ 400 million senior secured asset-based revolving credit facility.

The Company incurred customary fees and expenses in connection with the entry into the Second Amendment.

The Second Amendment amended the ABL Credit Agreement to, among other things:

• increase the aggregate commitments thereunder to $ 500 million;

• establish a $100 million sub-facility for the benefit of Abfico Netherlands Distribution B.V.

(“Abfico”) and AFH Stores UK Limited (“AFH UK”) that is (i) secured by a first priority security interest in all assets (subject to specified exclusions) of each of Abfico and AFH UK, (ii) guaranteed by A&F and certain of its domestic direct and indirect wholly-owned subsidiaries, and (iii) subject to a borrowing base as described therein;

• extend the maturity date from April 29, 2026 to August 2, 2029 ;

• increase the letter of credit sub-limit from $ 50 million to $ 62.5 million;

• decrease the swing line availability from $ 50 million to $ 30 million;

• decrease the unused line fee from a variable rate of 25 basis points to 37.5 basis points to a flat rate of 25 basis points;

• increase pricing of the interest rate margin applicable to borrowings as follows:

◦ from 1.25 % to 1.50 % when average availability is greater than or equal to 50% of the Loan Cap (as defined in the Second Amendment);

◦ from 1.50 % to 1.75 % when average availability is less than 50% of the Loan Cap.

The ABL Facility is subject to a borrowing base, consisting primarily of inventory located in the U.S., the United Kingdom and the Netherlands, with a letter of credit sub-limit of $ 62.5 million, a swing line loan sub-limit of $ 30 million, and an accordion feature allowing A&F to increase the revolving commitment by up to $ 150 million subject to specified conditions.

The ABL Facility is available for working capital, capital expenditures, and other general corporate purposes.

As of November 2, 2024, availability under the ABL Facility was $ 499.6 million, net of $ 0.4 million in outstanding stand-by letters of credit.

As the Company must maintain excess availability equal to the greater of 10% of the loan cap or $36 million under the ABL Facility, borrowing capacity available to the Company under the ABL Facility was $ 449.6 million as of November 2, 2024.

Refer to Note 11, “ SHARE-BASED COMPENSATION ,” for details on income tax benefits and charges related to share-based compensation awards during the thirteen weeks ended May 3, 2025 and May 4, 2024.

The Amended and Restated Credit Agreement, as amended, of Abercrombie & Fitch Management Co.

(“A&F Management”), a wholly-owned indirect subsidiary of A&F, provides for a senior secured asset-based revolving credit facility of up to $ 500 million (the “ABL Facility”), which matures on August 2, 2029.

The terms of the Company’s ABL Facility have remained unchanged from those disclosed in Note 12, “ BORROWINGS ,” of the Notes to Consolidated Financial Statements contained in “Item 8.

Financial Statements and Supplementary Data” of the Fiscal 2024 Form 10-K.

The Company did not have any borrowings outstanding under the ABL Facility as of May 3, 2025 or as of February 1, 2025.

As of May 3, 2025, availability under the ABL Facility was $ 476.9 million, net of $ 0.4 million in outstanding stand-by letters of credit.

Representations, warranties and covenants

8 unchanged sentences

Certain of the agreements related to the ABL Facility also contain certain affirmative covenants, including reporting requirements such as delivery of financial statements, certificates and notices of certain events, maintaining insurance and providing additional guarantees and collateral in certain circumstances.

The Company was in compliance with all debt covenants under these agreements as of November 2, 2024.

The Company was in compliance with all debt covenants under these agreements as of May 3, 2025.

Abercrombie & Fitch Co.

2 unchanged sentences

Financial statement impact

The following table provides share-based compensation expense and the related income tax impacts for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

The following table provides share-based compensation expense and the related income tax impacts for the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

Share-based compensation expense $ 10,591 $ 11,363

Income tax benefits associated with share-based compensation expense recognized

1,287 1,080 3,805 3,163

The following table provides discrete income tax benefits and charges related to share-based compensation awards during the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

The following table provides discrete income tax benefits and charges related to share-based compensation awards during the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

Income tax discrete benefits realized for tax deductions related to the issuance of shares

3 unchanged sentences

$ 4,591 $ 14,554

The following table provides the amount of employee tax withheld by the Company upon the issuance of shares associated with restricted stock units vesting and the exercise of stock appreciation rights for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

Employee tax withheld upon issuance of shares (1)

2 unchanged sentences

Restricted stock units

The following table provides the summarized activity for restricted stock units for the thirty-nine weeks ended November 2, 2024:

The following table provides the summarized activity for restricted stock units for the thirteen weeks ended May 3, 2025:

Service-based Restricted

16 unchanged sentences

Forfeited ( 6,826 ) 49.13 — — — —

Unvested at November 2, 2024 (1)

Unvested at May 3, 2025 (1)

1,077,768 $ 62.20 345,522 $ 56.59 172,782 $ 75.24

1 unchanged sentence

Unvested shares related to restricted stock units with performance-based and market-based vesting conditions can be achieved from zero up to 200% of their target vesting amount.

The following table provides the unrecognized compensation cost and the remaining weighted-average period over which these costs are expected to be recognized for restricted stock units as of November 2, 2024:

Service-based Restricted

6 unchanged sentences

2025 1Q Form 10-Q

The following table provides additional information pertaining to restricted stock units for the thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023

The following table provides additional information pertaining to restricted stock units for the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

Service-based restricted stock units:

7 unchanged sentences

Total grant date fair value of awards vested 7,214 7,574

The following table provides the weighted-average assumptions used for market-based restricted stock units in the Monte Carlo simulation during the thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirty-Nine Weeks Ended

November 2, 2024 October 28, 2023

The following table provides the weighted-average assumptions used for market-based restricted stock units in the Monte Carlo simulation during the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

May 3, 2025 May 4, 2024

Grant date market price $ 78.69 $ 120.56

6 unchanged sentences

Average correlation coefficient of peer companies 0.4430 0.4866

Stock appreciation rights

The following table provides the summarized stock appreciation rights activity for the thirty-nine weeks ended November 2, 2024:

Shares Weighted-Average

Exercise Price Aggregate

Intrinsic Value

(in thousands)

Weighted-Average

Contractual Life (years)

Outstanding at February 3, 2024 25,600 $ 29.29

Exercised ( 25,600 ) 29.29

Forfeited or expired — —

Outstanding at November 2, 2024

— $ — $ — 0.0

Stock appreciation rights exercisable at November 2, 2024 — $ — $ — 0.0

As of November 2, 2024, no stock appreciation rights remain outstanding.

The following table provides additional information pertaining to stock appreciation rights exercised during the thirty-nine weeks ended November 2, 2024 and October 28, 2023:

(in thousands) November 2, 2024 October 28, 2023

Total grant date fair value of awards exercised $ 267 $ 1,292

Abercrombie & Fitch Co.

14 unchanged sentences

The Company has chosen not to apply hedge accounting to these instruments because there are no anticipated differences in the timing of gain or loss recognition on the hedging instruments and the hedged items.

As of November 2, 2024, the Company had outstanding the following foreign currency exchange forward contracts that were entered into to hedge either a portion, or all, of forecasted foreign-currency-denominated intercompany transactions:

As of May 3, 2025, the Company had outstanding the following foreign currency exchange forward contracts that were entered into to hedge either a portion, or all, of forecasted foreign-currency-denominated intercompany transactions:

(in thousands) Notional Amount (1)

3 unchanged sentences

(1) Amounts reported are the U.S.

dollar notional amounts outstanding as of November 2, 2024.

dollar notional amounts outstanding as of May 3, 2025.

The fair value of derivative instruments is determined using quoted market prices of the same or similar instruments, adjusted for counterparty risk.

The following table provides the location and amounts of derivative fair values of foreign currency exchange forward contracts on the Condensed Consolidated Balance Sheets as of November 2, 2024 and February 3, 2024:

(in thousands) Location November 2, 2024 February 3, 2024 Location November 2, 2024 February 3, 2024

(in thousands) Location May 3, 2025 February 1, 2025 Location May 3, 2025 February 1, 2025

Derivatives designated as cash flow hedging instruments Other current assets

4 unchanged sentences

$ 172 $ 4,315 $ 8,325 $ —

The following table provides information pertaining to derivative gains or losses from foreign currency exchange forward contracts designated as cash flow hedging instruments for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

Gain recognized in AOCL (1)

$ 1,162 $ 7,151 $ 1,604 $ 7,202

(Loss) gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization (2)

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

(Loss) gain recognized in AOCL (1)

$ ( 11,336 ) $ 1,029

Gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization (2)

(1) Amount represents the change in fair value of derivative instruments.

(2) Amount represents (loss) gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings, which is when merchandise is converted to cost of sales, exclusive of depreciation and amortization.

(2) Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings, which is when merchandise is converted to cost of sales, exclusive of depreciation and amortization.

Substantially all of the unrealized gain will be recognized in costs of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income over the next twelve months .

The following table provides additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts not designated as hedging instruments for the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

Gain recognized in other operating loss (income), net

$ 366 $ 1,868

Abercrombie & Fitch Co.

2025 1Q Form 10-Q

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

Gain (loss) recognized in other operating (income) loss, net

$ 11 $ 2,193 $ 454 $ ( 239 )

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables provide activity in AOCL fo r the thirteen and thirty-nine weeks ended November 2, 2024:

Thirteen Weeks Ended November 2, 2024

(in thousands) Foreign Currency Translation Adjustment Unrealized Gain (Loss) on Derivative Financial Instruments Total

Beginning balance at August 3, 2024 $ ( 134,928 ) $ ( 63 ) $ ( 134,991 )

Other comprehensive income before reclassifications 84 1,162 1,246

Reclassified loss from AOCL (1)

Tax effect — ( 52 ) ( 52 )

Other comprehensive income after reclassifications 84 1,461 1,545

Ending balance at November 2, 2024 $ ( 134,844 ) $ 1,398 $ ( 133,446 )

Thirty-Nine Weeks Ended November 2, 2024

The following tables provide activity in AOCL for the thirteen weeks ended May 3, 2025:

Thirteen Weeks Ended May 3, 2025

(in thousands) Foreign Currency Translation Adjustment Unrealized Gain (Loss) on Derivative Financial Instruments Total

Beginning balance at February 1, 2025 $ ( 143,883 ) $ 4,732 $ ( 139,151 )

Other comprehensive income before reclassifications 1,688 1,604 3,292

Other comprehensive income (loss) before reclassifications 10,662 ( 11,336 ) ( 674 )

Reclassified gain from AOCL (1)

1 unchanged sentence

Tax effect — 396 396

Other comprehensive income after reclassifications 1,688 834 2,522

Ending balance at November 2, 2024 $ ( 134,844 ) $ 1,398 $ ( 133,446 )

(1) Amount represents loss reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

The following tables provide activity in AOCL for the thirteen and thirty-nine weeks ended October 28, 2023:

Thirteen Weeks Ended October 28, 2023

(in thousands) Foreign Currency Translation Adjustment Unrealized Gain (Loss) on Derivative Financial Instruments Total

Beginning balance at July 29, 2023 $ ( 136,178 ) $ ( 2,227 ) $ ( 138,405 )

Other comprehensive (loss) income before reclassifications ( 5,042 ) 7,151 2,109

Reclassified loss from AOCL (1)

Tax effect — ( 218 ) ( 218 )

Other comprehensive (loss) income after reclassifications ( 5,042 ) 7,259 2,217

Ending balance at October 28, 2023 $ ( 141,220 ) $ 5,032 $ ( 136,188 )

Thirty-Nine Weeks Ended October 28, 2023

Other comprehensive income (loss) after reclassifications 10,662 ( 12,540 ) ( 1,878 )

Ending balance at May 3, 2025 $ ( 133,221 ) $ ( 7,808 ) $ ( 141,029 )

(1) Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

The following tables provide activity in AOCL for the thirteen weeks ended May 4, 2024:

Thirteen Weeks Ended May 4, 2024

(in thousands) Foreign Currency Translation Adjustment Unrealized Gain (Loss) on Derivative Financial Instruments Total

Beginning balance at January 28, 2023 $ ( 132,653 ) $ ( 4,874 ) $ ( 137,527 )

Beginning balance at February 3, 2024 $ ( 136,532 ) $ 564 $ ( 135,968 )

Other comprehensive (loss) income before reclassifications ( 1,837 ) 1,029 ( 808 )

Reclassified loss from AOCL (1)

Reclassified gain from AOCL (1)

— ( 483 ) ( 483 )

1 unchanged sentence

Other comprehensive (loss) income after reclassifications ( 1,837 ) 523 ( 1,314 )

Ending balance at October 28, 2023 $ ( 141,220 ) $ 5,032 $ ( 136,188 )

Ending balance at May 4, 2024 $ ( 138,369 ) $ 1,087 $ ( 137,282 )

(1) Amount represents loss reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

Abercrombie & Fitch Co.

2024 3Q Form 10-Q

SEGMENT REPORTING

The Company’s reportable segments are based on the financial information the CODM uses to allocate resources and assess performance of its business.

The Company’s reportable segments are based on the financial information the chief operating decision maker (“CODM”) uses to allocate resources and assess performance of its business.

The Company manages its business on a geographic basis, consisting of three reportable segments:

5 unchanged sentences

All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance.

The group comprised of the Company’s (i) Chief Executive Officer and (ii) Chief Financial Officer and Chief Operating Officer functioned as the Company’s CODM as of November 2, 2024.

The group comprised of the Company’s (i) Chief Executive Officer, (ii) Chief Operating Officer, and (iii) Chief Financial Officer functions as the Company’s CODM.

The Company’s CODM manages business operations and evaluates the performance of each segment based on the net sales and operating income (loss) of the segment.

The CODM considers actual performance relative to expectations and growth potential to determine the appropriate allocation of resources to each segment.

Net sales by segment are presented by attributing revenues to a physical store location or geographical region that fulfills the order.

Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributed to the segment.

Operating income (loss) for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributed to the segment.

Corporate/other expenses include expenses incurred that are not directly attributed to a reportable segment and primarily relate to corporate or global functions such as design, sourcing, brand management, corporate strategy, information technology, finance, treasury, legal, human resources, and other corporate support services, as well as certain globally managed components of the planning, merchandising, and marketing functions.

1 unchanged sentence

The Company does not report its other assets by segment as that information is not used by the CODM in assessing segment performance or allocating resources.

The following tables provide the Company’s segment information as of November 2, 2024 and February 3, 2024, and for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

Americas $ 986,449 $ 867,566 $ 2,707,794 $ 2,264,415

EMEA 181,592 157,976 546,052 468,045

APAC 40,925 30,889 109,824 95,310

Segment total $ 1,208,966 $ 1,056,431 $ 3,363,670 $ 2,827,770

Operating Income (Loss)

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

Operating Income (loss)

Americas $ 304,542 $ 257,440 $ 832,009 $ 590,948

EMEA 21,708 20,795 84,249 49,170

APAC ( 4,181 ) ( 3,261 ) ( 7,748 ) ( 6,272 )

Segment total $ 322,069 $ 274,974 $ 908,510 $ 633,846

Operating (loss) income not attributed to segments:

Stores and distribution expense ( 4,671 ) ( 3,202 ) ( 13,044 ) ( 8,205 )

Marketing, general and administrative expense ( 139,691 ) ( 132,496 ) ( 414,310 ) ( 368,099 )

Other operating income (loss), net 1,575 ( 1,256 ) 3,600 4,328

Total operating income $ 179,282 $ 138,020 $ 484,756 $ 261,870

Abercrombie & Fitch Co.

2025 1Q Form 10-Q

(in thousands) November 2, 2024 February 3, 2024

The following tables provide the Company’s segment information as of May 3, 2025, February 1, 2025 and May 4, 2024, and for the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended May 3, 2025

(in thousands)

EMEA APAC Total

Net sales $ 874,804 $ 185,036 $ 37,471 $ 1,097,311

Cost of sales, exclusive of depreciation and amortization 329,923 73,597 13,613 417,133

Store occupancy (2)

84,920 28,974 10,525 124,419

Fulfillment (2)

85,046 23,486 4,933 113,465

Other expense (3)

147,955 42,945 12,810 203,710

Segment income (loss) $ 226,960 $ 16,034 $ ( 4,410 ) $ 238,584

Operating loss not attributed to segments:

Corporate and other unallocated expenses (4)

Operating income $ 101,533

Interest income, net

Income before income taxes

Depreciation and amortization $ 22,955 $ 5,595 $ 2,038 $ 30,588

Depreciation and amortization not attributed to segments 7,988

Total depreciation and amortization $ 38,576

Capital expenditures $ 30,038 $ 8,029 $ 4,022 $ 42,089

Capital expenditures not attributed to segments 8,675

Total capital expenditures $ 50,764

Thirteen Weeks Ended May 4, 2024

(in thousands) Americas (1)

EMEA APAC Total

Net sales $ 820,121 $ 164,778 $ 35,831 $ 1,020,730

Cost of sales, exclusive of depreciation and amortization 273,499 57,878 11,896 343,273

Store occupancy (2)

78,881 26,632 7,523 113,036

Fulfillment (2)

80,602 17,896 3,879 102,377

Other expense (3)

134,792 37,871 12,855 185,518

Segment income (loss) $ 252,347 $ 24,501 $ ( 322 ) $ 276,526

Operating loss not attributed to segments:

Corporate and other unallocated expenses (4)

Operating income $ 129,849

Interest income, net

Income before income taxes

Depreciation and amortization $ 19,896 $ 5,771 $ 1,464 $ 27,131

Depreciation and amortization not attributed to segments 10,558

Total depreciation and amortization $ 37,689

Capital expenditures $ 20,904 $ 3,213 $ 1,274 $ 25,391

Capital expenditures not attributed to segments 13,495

Total capital expenditures $ 38,886

(1) Includes the U.S., Canada, and Latin America.

Net sales in the U.S.

were $ 0.8 billion, and $ 0.8 billion for the thirteen weeks ended May 3, 2025 and May 4, 2024, respectively.

(2) Included in selling expense on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(3) Other expense includes store payroll, other direct store controllable and marketing expenses included in selling expense, as well as allocated and support related expenses included in general and administrative expense on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(4) Corporate and other unallocated expenses represent corporate overhead expenses that have not been allocated to any segment.

Abercrombie & Fitch Co.

2025 1Q Form 10-Q

(in thousands) May 3, 2025 February 1, 2025 May 4, 2024

Americas $ 432,576 $ 463,148 $ 361,061

5 unchanged sentences

Total assets $ 3,096,176 $ 3,299,887 $ 2,970,085

The Company’s long-lived assets and intellectual property, which primarily relates to trademark assets associated with the Company’s global operations, by geographic area as of May 3, 2025, February 1, 2025 and May 4, 2024 were as follows:

(in thousands) May 3, 2025 February 1, 2025 May 4, 2024

Americas (1) (2)

$ 1,044,664 $ 991,673 $ 948,526

324,531 292,285 261,853

APAC 124,238 114,388 49,891

Total $ 1,493,433 $ 1,398,346 $ 1,260,270

(1) Includes the U.S., Canada, and Latin America.

Long-lived assets and intellectual property located in the U.S.

were $ 1.0 billion, $ 965 million, and $ 922 million as of May 3, 2025 , February 1, 2025 and May 4, 2024, respectively.

(2) Includes intellectual property of $ 2.9 million, $ 2.9 million, and $ 2.9 million as of May 3, 2025, February 1, 2025 and May 4, 2024, respectively.

(3) Includes intellectual property of $ 16.4 million, $ 16.6 million, and $ 17.2 million as of May 3, 2025, February 1, 2025 and May 4, 2024, respectively.

Brand Information

The following table provides additional disaggregated revenue information, which is categorized by brand, for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

Thirteen Weeks Ended Thirty-Nine Weeks Ended

(in thousands) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023

Abercrombie (1)

The following table provides additional disaggregated revenue information, which is categorized by brand, for the thirteen weeks ended May 3, 2025 and May 4, 2024:

Thirteen Weeks Ended

(in thousands) May 3, 2025 May 4, 2024

$ 547,947 $ 571,513

Hollister (2)

549,364 449,217

Total $ 1,097,311 $ 1,020,730

(1) Includes Abercrombie & Fitch and abercrombie kids.

(2) Includes Hollister and Gilly Hicks

Abercrombie & Fitch Co.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements