Here are 1-3 brief analogies to describe Abercrombie & Fitch (ANF):

• Like J.Crew, but for a younger, more trend-conscious professional adult.
• A more sophisticated and elevated American Eagle, targeting college-aged and young adults.
• The Lululemon of stylish, everyday essentials for young adults.

• Apparel: A wide range of clothing for men, women, and children, including tops, bottoms, outerwear, dresses, swimwear, and loungewear, sold under their various brands.
• Accessories: Complementary items such as bags, belts, hats, footwear, and jewelry designed to pair with their apparel collections.
• Fragrances: Signature perfumes and colognes offered for men and women, often associated with their brand identities.

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Fran Horowitz, Chief Executive Officer

Fran Horowitz has served as Chief Executive Officer of Abercrombie & Fitch Co. since February 2017. She joined the company in October 2014 as the Hollister Brand President and was promoted to President and Chief Merchandising Officer in December 2015. Prior to her time at Abercrombie & Fitch, Horowitz was Brand President at Ann Taylor Loft. She also held various leadership roles in merchandising at Express, Inc., Bloomingdale's, Bergdorf Goodman, Bonwit Teller, and Saks Fifth Avenue. Horowitz is recognized for leading the transformation of Abercrombie & Fitch, focusing on inclusivity and evolving the brand's image.

Robert Ball, Chief Financial Officer

Robert Ball was promoted to Chief Financial Officer of Abercrombie & Fitch Co., effective November 20, 2024. He joined the company in 2003 and has held several finance leadership positions during his tenure, including Chief Financial Officer of the Abercrombie & Fitch and Abercrombie Kids brands, and roles in financial reporting, financial planning and analysis, and corporate finance. Before joining Abercrombie & Fitch, Ball began his career as a financial advisor at Merrill Lynch.

Scott Lipesky, Executive Vice President, Chief Operating Officer

Scott Lipesky has served as Executive Vice President, Chief Operating Officer of Abercrombie & Fitch Co. since May 2023. He previously held the role of Chief Financial Officer for the company from October 2017 to May 2023. Lipesky originally joined Abercrombie & Fitch in November 2007 and served in various finance positions, including Chief Financial Officer of the Hollister brand from 2014 to 2016. Prior to rejoining Abercrombie & Fitch in 2017, he was Chief Financial Officer of American Signature Inc., a privately-held home furnishings company. His background also includes roles as corporate finance director with FTI Consulting and director of corporate business development with The Goodyear Tire & Rubber Company. He started his career at PricewaterhouseCoopers, where he qualified as a CPA.

Samir Desai, Executive Vice President, Chief Digital and Technology Officer

Samir Desai has been the Chief Digital and Technology Officer and Executive Vice President of Abercrombie & Fitch Co. since 2021. Before joining Abercrombie & Fitch, he held various leadership positions at Equinox Group, including Chief Technology Officer from 2016 to 2021, and other technology roles since 2005. Earlier in his career, he was Director of Information Technology at Intertex Apparel Group.

Carey Collins Krug, Chief Marketing Officer

Carey Collins Krug serves as the Chief Marketing Officer and Senior Vice President & Head of Marketing for Abercrombie brands. She joined Abercrombie & Fitch Co. from David Yurman, where she was Chief Marketing Officer. Krug's previous experience includes working at Ralph Lauren as the Senior Vice President of Global Marketing for the Polo Ralph Lauren brand, and at Donna Karan as the Vice President of Global Marketing.

The highly competitive nature of the retail industry, coupled with constantly shifting consumer preferences and fashion trends, poses a primary risk to Abercrombie & Fitch's market share and profitability. The company must continuously innovate and adapt to remain relevant against both online and brick-and-mortar competitors. Failure to effectively engage customers, anticipate changing fashion trends, and manage inventory could lead to decreased sales and diluted brand value. For instance, the Abercrombie brand experienced a 5% year-over-year decline in net sales in Q2 2025, underscoring this ongoing challenge.

Secondly, Abercrombie & Fitch is exposed to macroeconomic and geopolitical uncertainties that can impact its global operations and financial performance. Fluctuations in global economic conditions, such as inflation, unemployment, and currency exchange rates, directly affect consumer confidence and discretionary spending. Changes in trade policies, tariffs (including a projected $50 million net tariff impact in Q1 2025), and legislative developments can introduce volatility. Furthermore, geopolitical events, including armed conflicts and social unrest, can disrupt supply chains and procurement processes, leading to increased freight costs and operational challenges.

Finally, as a digitally-led omnichannel retailer, Abercrombie & Fitch faces substantial cybersecurity and data privacy risks. The potential for cybersecurity threats, privacy breaches, or data security incidents could lead to significant operational disruptions and reputational damage. Maintaining the security and integrity of its information technology systems is crucial given the company's reliance on digital operations and customer data.

• Global Apparel Market: The global apparel market is valued at approximately $1.84 trillion in 2025.
• U.S. Apparel Market: The U.S. apparel market is projected to be approximately $390.33 billion in 2025.
• Global Athleisure Market: The global athleisure market is projected to grow from approximately $425.07 billion in 2025.
• U.S. Athleisure Market: The U.S. athleisure market is foreseen to be approximately $118.79 billion in 2025.
• Global Kids Apparel Market (including teens): The global kids apparel market is expected to reach approximately $228 billion by 2025.
• U.S. Online Fashion Retail Market: The U.S. online fashion retail market is estimated to be valued at approximately $144.97 billion by 2025.

Abercrombie & Fitch (ANF) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Continued Brand Transformation and Product Innovation: The company's successful re-positioning of the Abercrombie brand towards an inclusive, millennial-focused aesthetic and ongoing efforts for Hollister are expected to continue attracting and retaining customers. This includes a focus on well-curated product assortments, testing new product concepts, and brand extensions such as the "A&F Wedding Shop" and the global expansion of Abercrombie Kids into department stores.
2. Accelerated Digital and Omnichannel Growth: Abercrombie & Fitch is significantly investing in its digital capabilities, e-commerce strategies, and omnichannel experiences to meet evolving consumer demands. With a substantial portion of sales already originating from digital channels, particularly for the Abercrombie brand, continued investment in customer analytics, digital marketing, and social commerce platforms like Instagram and TikTok is anticipated to fuel online sales and customer engagement.
3. Strategic Global Expansion: The company is focused on expanding its presence in international markets. This includes exploring further opportunities in the EMEA (Europe, Middle East, and Africa) region, with a particular focus on Germany, and the APAC (Asia-Pacific) region, especially China. This global expansion strategy involves opening new stores and leveraging localized playbooks.
4. Physical Store Expansion and Modernization: Abercrombie & Fitch plans to enhance its physical retail footprint by opening approximately 60 new stores and remodeling or "right-sizing" 40 existing locations in 2025, aiming for a net increase in store count. These new and remodeled stores are designed to offer "new experiences" and are considered an essential part of the overall brand experience.
5. Increased Marketing Investments and Customer Acquisition: To support brand affinity and acquire new customers, Abercrombie & Fitch is increasing its marketing investments year-over-year, particularly in digital and influencer marketing. This strategy aims to leverage key partnerships and campaigns to drive strong traffic across both physical and digital channels.

Share Repurchases

• Abercrombie & Fitch announced a new $1.3 billion share repurchase authorization in March 2025, replacing a prior 2021 program, with $1.1 billion remaining under this authorization as of August 2025.
• For fiscal year 2025, the company expects to repurchase approximately $400 million worth of shares.
• The company repurchased $230 million in shares during fiscal year 2024, contributing to a 3% reduction in shares outstanding.

Capital Expenditures

• Expected capital expenditures for fiscal year 2025 are approximately $225 million.
• The primary focus for capital expenditures in fiscal year 2025 includes approximately 40 net new store openings, 40 remodels and right-sizes, and investments in modernizing retail ERP systems, omnichannel experiences, and loyalty programs.
• Capital expenditures were $183 million in fiscal year 2024, $157 million in fiscal year 2023, and $153 million in fiscal year 2022.