8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 26, 2021

Abercrombie & Fitch Co.

(Exact name of registrant as specified in its charter)

Delaware			1-12107	31-1469076
(State or other jurisdiction of incorporation or organization)			(Commission File Number)	(I.R.S. Employer Identification No.)
6301 Fitch Path	New Albany	Ohio		43054
(Address of principal executive offices)				(Zip Code)
Registrant’s telephone number, including area code:		(614)	283-6500

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

    ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 Par Value	ANF	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

                                        Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 26, 2021, Abercrombie & Fitch Co. (the “Company”) issued a news release (the “Release”) reporting the Company's unaudited financial results for the first quarter ended May 1, 2021. A copy of the Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In conjunction with the Release, the Company also made available additional unaudited quarterly financial information for the first quarter ended May 1, 2021, and for each of the quarters in the fiscal year ended January 30, 2021. The Company also made available additional unaudited financial information for the fiscal years ended January 30, 2021, February 1, 2020, February 2, 2019 and February 3, 2018. The additional financial information is included as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

In conjunction with the Release, the Company also made available an investor presentation of results for the first quarter ended May 1, 2021. The presentation, which is available under the “Investors” section of the Company's website, located at corporate.abercrombie.com, is included as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference.

The Company's management conducted a conference call on May 26, 2021 to review the Company's financial results for the first quarter ended May 1, 2021. A copy of the transcript of the conference call is included as Exhibit 99.4 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(a) through (c) Not applicable

(d) Exhibits:

The following exhibits are included with this Current Report on Form 8-K:

Exhibit No.	Description
99.1	News release issued by Abercrombie & Fitch Co. on May 26, 2021
99.2	Additional unaudited financial information made available by Abercrombie & Fitch Co. on May 26, 2021
99.3	Investor presentation of results for the first quarter ended May 1, 2021 made available by Abercrombie & Fitch Co. on May 26, 2021
99.4	Transcript of conference call held by management of Abercrombie & Fitch Co. on May 26, 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Abercrombie & Fitch Co.
Dated: May 27, 2021	By:	/s/ Scott Lipesky
		Scott Lipesky
		Executive Vice President and Chief Financial Officer

EX-99.1

ABERCROMBIE & FITCH CO. REPORTS FIRST QUARTER RESULTS

Achieves best first quarter operating income since 2008; Net income per diluted share of $0.64 reflects ongoing digital sales strength, gross profit rate expansion and tight expense controls

New Albany, Ohio, May 26, 2021: Abercrombie & Fitch Co. (NYSE: ANF) today announced results for the first quarter ended May 1, 2021. These compare to results for the first quarter ended May 2, 2020. Descriptions of the use of non-GAAP financial measures and reconciliations of GAAP and non-GAAP financial measures accompany this release.

Fran Horowitz, Chief Executive Officer, said, “2021 is off to a strong start. We built on the significant progress we made in 2020, registering our best first quarter operating income since 2008. The first quarter is evidence that our shift to a digitally-led global business model is working. Total net sales grew 61% year-over-year, with digital sales up 45% to 52% of total sales. Inventories remained tightly controlled and product resonated with both new and existing customers, fueling improved price realization and benefiting gross margin rate, which expanded by 900 basis points. We remained focused on funding key investments in customer-facing initiatives and delivered significant first quarter operating leverage.”

“Results were well-ahead of first quarter 2019 pre-COVID levels, with net sales 6% higher, including up 18% in our largest market, the U.S., gross margin expansion of 290 basis points and operating margin increasing 1,100 basis points. Sales growth was achieved despite the reduction of 1.3 million gross square feet of store space, or 20%, compared to the first quarter of 2019.”

“Momentum has continued into the second quarter across brands, and early reaction to our newest member of the A&F Co. family, Social Tourist, has been amazing. Our solid foundation and strong liquidity position enables us to be on the offense. We remain focused on profitable topline growth, our ongoing digital evolution and our growth vehicles, including Gilly Hicks, and are committed to thoughtful expense management and global square footage optimization. Although the global landscape remains uncertain, I am excited about the future and more confident than ever in our ability to drive sustainable, long-term operating margin expansion.”

Details related to net income (loss) per diluted share for the first quarter are as follows:

	2021		2020 (1)
GAAP	$	0.64	$	(3.90)
Excluded items, net of tax effect (2)	(0.03)		(0.62)
Adjusted non-GAAP	$	0.67	$	(3.29)
Impact from changes in foreign currency exchange rates (3)	—		(0.01)
Adjusted non-GAAP constant currency	$	0.67	$	(3.30)

(1)Net loss per diluted share for the first quarter of fiscal 2020 reflects adverse tax impacts of $90.9 million, or $1.45 per diluted share, related to valuation allowances on deferred tax assets and other tax charges.

(2)Excluded items consist of pre-tax store asset impairment charges and the tax effect of pre-tax excluded items.

(3)The estimated impact from foreign currency is calculated by applying current period exchange rates to prior year results using a 26% tax rate.

A summary of results for the first quarter ended May 1, 2021 as compared to the first quarter ended May 2, 2020:

•Net sales of $781 million, up 61% as compared to last year and up 6% as compared to pre-COVID 2019 first quarter net sales.

•Digital net sales increased 45% to $403 million reflecting robust growth in every month of the quarter.

•Gross profit rate improved 900 basis points to 63.4% driven by higher average unit retail on lower promotions.

•Operating expense, excluding other operating (income) loss, net, was down 7% and up 2% as compared to last year on a reported and adjusted non-GAAP basis, respectively, reflecting a decrease in store occupancy and increases in payroll and customer-facing expenses. Operating expense as a percentage of sales decreased to 56.2% and 55.9% from 97.4% and 88.6% on a reported and adjusted non-GAAP basis, respectively.

•     Operating income of $57 million and $60 million on a reported and adjusted non-GAAP basis, respectively, as compared to operating loss of $209 million and $166 million last year, on a reported and adjusted non-GAAP basis, respectively.

•Net income per diluted share of $0.64 and $0.67 on a reported and adjusted non-GAAP basis, respectively, as compared to net loss per diluted share last year of $3.90 and $3.29 on a reported and adjusted non-GAAP basis, respectively.

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Net Sales

Net sales by brand and region for the first quarter are as follows:

(in thousands)	2021		2020		% Change
Net sales by brand:
Hollister (1)	$	442,408	$	273,012	62%
Abercrombie (2)	338,997		212,347		60%
Total company	$	781,405	$	485,359	61%
Net sales by region:	2021		2020		% Change
United States	$	553,846	$	322,862	72%
EMEA	159,002		112,654		41%
APAC	46,046		32,335		42%
Other	22,511		17,508		29%
International	$	227,559	$	162,497	40%
Total company	$	781,405	$	485,359	61%

(1)    Hollister includes the Hollister and Gilly Hicks brands.

(2)    Abercrombie includes the Abercrombie & Fitch and abercrombie kids brands.

Financial Position and Liquidity

As of May 1, 2021 the company had:

•Cash and equivalents of $0.9 billion. This compares to cash and equivalents of $1.1 billion and $0.7 billion as of January 30, 2021 and May 2, 2020, respectively.

•Inventories of $389 million, down 9% as compared to May 2, 2020.

•Long-term gross borrowings under the company’s senior secured notes of $350 million (the “Senior Secured Notes”) which mature in July 2025 and bear interest at a rate of 8.75% per annum.

•Borrowing available under the senior-secured asset-based revolving credit facility (the “ABL Facility”)of $223 million.

•Liquidity, comprised of cash and equivalents and borrowing available under the ABL Facility, of approximately $1.1 billion. This compares to liquidity of $1.3 billion and $0.8 billion as of January 30, 2021 and May 2, 2020, respectively.

Cash Flow and Capital Allocation

Details related to the company’s cash flows for the year-to-date period ended May 1, 2021 are as follows:

•Net cash used for operating activities of $131 million.

•Net cash used for investing activities of $14 million. The company expects capital expenditures for fiscal 2021 to be approximately $100 million as compared to $102 million of capital expenditures in fiscal 2020.

•Net cash used for financing activities of $53 million.

The company has returned $35 million to shareholders during the year-to-date period ended May 1, 2021 through share repurchases. As of May 1, 2021, the Company had the authority to repurchase approximately 8.9 million shares as a part of the A&F Board of Directors’ previously approved February 2021 share repurchase authorization. The timing and amount of repurchases will depend on various factors, including market and business conditions.

In addition, during the first quarter of fiscal 2021, the company finalized an agreement with and paid its landlord partner to settle all remaining obligations related to the SoHo Hollister flagship store in New York City, which closed during the second quarter of fiscal 2019. Prior to this new agreement, the company was required to make payments in aggregate of $80 million pursuant to the lease agreements through fiscal 2028. The new agreement resulted in an acceleration of payments and provided for a discount resulting in a cash outflow of $64 million during the first quarter to settle all remaining obligations. This strategic use of excess cash reduces the company’s operating lease liabilities by $65 million and eliminates future interest expense related to this obligation.

Depreciation and amortization was $38 million for the year-to-date period ended May 1, 2021.

Flagship Store Update

As part of its ongoing global store network optimization initiative and stated goal of repositioning from larger format, tourist-dependent flagship locations to smaller, omni-enabled stores that cater to local customers, the company closed its Abercrombie & Fitch brand Orchard Road Singapore flagship location during the first quarter of fiscal 2021. This leaves the company with six operating flagships at the end of the first quarter of fiscal 2021, down from seven at the beginning of the year and 15 at the beginning of fiscal 2020.

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Conference Call

Today at 8:30 AM, ET, the company will conduct a conference call. To listen to the conference call, dial (800) 458-4121 or go to corporate.abercrombie.com. The international call-in number is (323) 794-2093. This call will be recorded and made available by dialing the replay number (888) 203-1112 or the international number (719) 457-0820 followed by the conference ID number 3919672 or through corporate.abercrombie.com. A presentation of first quarter results will be available in the “Investors” section at corporate.abercrombie.com at approximately 7:30 AM, ET, today.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Press Release or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the company’s control. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements. The following factors, in addition to those disclosed in “ITEM 1A. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021, in some cases have affected, and in the future could affect, A&F’s financial performance and could cause actual results for fiscal 2021 and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this Press Release or otherwise made by management: COVID‐19 has and may continue to materially adversely impact and cause disruption to our business; changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits could have a material adverse impact on our business; failure to engage our customers, anticipate customer demand and changing fashion trends, and manage our inventory commensurately could have a material adverse impact on our business; our failure to operate effectively in a highly competitive and constantly evolving industry could have a material adverse impact on our business; fluctuations in foreign currency exchange rates could have a material adverse impact on our business; our ability to attract customers to our stores depends, in part, on the success of the shopping malls or area attractions that our stores are located in or around; the impact of war, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience could have a material adverse impact on our business; the impact of extreme weather, infectious disease outbreaks, including COVID-19, and other unexpected events could result in an interruption to our business, as well as to the operations of our third-party partners, and have a material adverse impact on our business; failure to successfully develop an omnichannel shopping experience, a significant component of our growth strategy, or failure to successfully invest in customer, digital and omnichannel initiatives could have a material adverse impact on our business; our failure to optimize our global store network could have a material adverse impact on our business; our failure to execute our international growth strategy successfully and inability to conduct business in international markets as a result of legal, tax, regulatory, political and economic risks could have a material adverse impact on our business; our failure to appropriately address emerging environmental, social and governance matters could have a material adverse impact on our reputation and, as a result, our business; failure to protect our reputation could have a material adverse impact on our business; if our information technology systems are disrupted or cease to operate effectively, it could have a material adverse impact on our business; we may be exposed to risks and costs associated with cyber-attacks, data protection, credit card fraud and identity theft that could have a material adverse impact on our business; our reliance on our distribution centers makes us susceptible to disruptions or adverse conditions affecting our supply chain; changes in the cost, availability and quality of raw materials, labor, transportation, and trade relations could have a material adverse impact on our business; we depend upon independent third parties for the manufacture and delivery of all our merchandise, and a disruption of the manufacture or delivery of our merchandise could have a material adverse impact on our business; we rely on the experience and skills of our executive officers and associates, and the failure to attract or retain this talent, effectively manage succession, and establish a diverse workforce could have a material adverse impact on our business; we identified a material weakness in our internal control over financial reporting and may identify additional material weaknesses in the future. If we fail to remediate our material weaknesses, or if we fail to establish and maintain effective internal control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected; fluctuations in our tax obligations and effective tax rate may result in volatility in our results of operations could have a material adverse impact on our business; our litigation exposure, or any securities litigation and shareholder activism, could have a material adverse impact on our business; failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets which could have a material adverse impact on our business; changes in the regulatory or compliance landscape could have a material adverse impact on our business; and the agreements related to our senior secured asset-based revolving credit facility and our senior secured notes include restrictive covenants that limit our flexibility in operating our business and our inability to obtain credit on reasonable terms in the future could have an adverse impact on our business.

About Abercrombie & Fitch Co.

Abercrombie & Fitch Co. (NYSE: ANF) is a leading, global specialty retailer of apparel and accessories for men, women and kids through five brands. Abercrombie & Fitch believes that every day should feel as exceptional as the start of the long weekend. Since 1892, the brand has been a specialty retailer of quality apparel, outerwear and fragrance - designed to inspire

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our global customers to feel confident, be comfortable and face their Fierce. The quintessential retail brand of the global teen consumer, Hollister Co. believes in liberating the spirit of an endless summer inside everyone. At Hollister, summer isn’t just a season, it’s a state of mind. Hollister creates carefree style designed to make all teens feel celebrated and comfortable in their own skin, so they can live in a summer mindset all year long, whatever the season. A global specialty retailer of quality, comfortable, made-to-play favorites, abercrombie kids sees the world through kids’ eyes, where play is life and every day is an opportunity to be anything and better everything. Hollister also carries an intimates brand, Gilly Hicks by Hollister, which offers intimates, loungewear and sleepwear. Its products are designed to invite everyone to embrace who they are underneath it all. Social Tourist is the creative vision of Hollister, the teen brand liberating the spirit of an endless summer, and social media personalities Dixie and Charli D’Amelio. The lifestyle brand creates trend forward apparel that allows teens to experiment with their style, while exploring the duality of who they are both on social media and in real life.

The brands share a commitment to offering products of enduring quality and exceptional comfort that allow consumers around the world to express their own individuality and style. The company operates approximately 730 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com, abercrombiekids.com, www.hollisterco.com, www.gillyhicks.com, and www.socialtourist.com.

Investor Contact:	Media Contact:
Pamela Quintiliano	Mackenzie Gusweiler
Abercrombie & Fitch Co.	Abercrombie & Fitch Co.
(614) 283-6751	(614) 283-6192
Investor_Relations@anfcorp.com	Public_Relations@anfcorp.com

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Abercrombie & Fitch Co.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
	Thirteen Weeks Ended				Thirteen Weeks Ended
	May 1, 2021		% of Net Sales		May 2, 2020		% of Net Sales
Net sales	$	781,405	100.0	%	$	485,359	100.0	%
Cost of sales, exclusive of depreciation and amortization	286,271		36.6	%	221,214		45.6	%
Gross profit	495,134		63.4	%	264,145		54.4	%
Stores and distribution expense	316,608		40.5	%	322,124		66.4	%
Marketing, general and administrative expense	120,947		15.5	%	108,257		22.3	%
Flagship store exit benefits	(1,100)		(0.1)	%	(543)		(0.1)	%
Asset impairment, exclusive of flagship store exit charges	2,664		0.3	%	42,928		8.8	%
Other operating (income) loss, net	(1,418)		(0.2)	%	506		0.1	%
Operating income (loss)	57,433		7.3	%	(209,127)		(43.1)	%
Interest expense, net	8,606		1.1	%	3,371		0.7	%
Income (loss) before income taxes	48,827		6.2	%	(212,498)		(43.8)	%
Income tax expense	6,121		0.8	%	31,533		6.5	%
Net income (loss)	42,706		5.5	%	(244,031)		(50.3)	%
Less: Net income attributable to noncontrolling interests	938		0.1	%	117		0.0	%
Net income (loss) attributable to Abercrombie & Fitch Co.	$	41,768	5.3	%	$	(244,148)	(50.3)	%
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	0.67			$	(3.90)
Diluted	$	0.64			$	(3.90)
Weighted-average shares outstanding:
Basic	62,380				62,541
Diluted	65,305				62,541

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Reporting and Use of GAAP and Non-GAAP Measures

The company believes that each of the non-GAAP financial measures presented are useful to investors as they provide a measure of the company’s operating performance excluding the effect of certain items which the company believes do not reflect its future operating outlook, such as asset impairment charges primarily attributable to the COVID-19 pandemic or related to the company’s flagship stores, therefore supplementing investors’ understanding of comparability of operations across periods. Management used these non-GAAP financial measures during the periods presented to assess the company’s performance and to develop expectations for future operating performance. Non-GAAP financial measures should be used supplemental to, and not as an alternative to, the company’s GAAP financial results, and may not be calculated in the same manner as similar measures presented by other companies.

In addition, at times the company provides comparable sales, defined as the percentage year-over-year change in the aggregate of: (1) sales for stores that have been open as the same brand at least one year and whose square footage has not been expanded or reduced by more than 20% within the past year, with prior year’s net sales converted at the current year’s foreign currency exchange rate to remove the impact of foreign currency rate fluctuation, and (2) direct-to-consumer sales with prior year’s net sales converted at the current year’s foreign currency exchange rate to remove the impact of foreign currency rate fluctuation. In light of store closures related to COVID-19, the Company has not disclosed comparable sales for Fiscal 2021.

The company also provides certain financial information on a constant currency basis to enhance investors’ understanding of underlying business trends and operating performance, by removing the impact of foreign currency exchange rate fluctuations. The effect from foreign currency, calculated on a constant currency basis, is determined by applying current year average exchange rates to prior year results and is net of the year-over-year impact from hedging. The per diluted share effect from foreign currency is calculated using a 26% tax rate.

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended May 1, 2021
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded items		Adjusted non-GAAP
Asset impairment, exclusive of flagship store exit charges (2)	$	2,664	$	2,664	$	—
Operating income	57,433		(2,664)		60,097
Income before income taxes	48,827		(2,664)		51,491
Income tax expense (3)	6,121		(449)		6,570
Net income attributable to Abercrombie & Fitch Co.	$	41,768	$	(2,215)	$	43,983
Net income per diluted share attributable to Abercrombie & Fitch Co.	$	0.64	$	(0.03)	$	0.67
Diluted weighted-average shares outstanding:	65,305				65,305

(1)    “GAAP” refers to accounting principles generally accepted in the United States of America.

(2)    Excluded items consist of pre-tax store asset impairment charges of $2.7 million.

(3)    The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and an adjusted non-GAAP basis.

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Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended May 2, 2020
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded items		Adjusted non-GAAP
Asset impairment, exclusive of flagship store exit charges (2)	$	42,928	$	42,928	$	—
Operating loss	(209,127)		(42,928)		(166,199)
Loss before income taxes	(212,498)		(42,928)		(169,570)
Income tax expense (3)	31,533		(4,432)		35,965
Net loss attributable to Abercrombie & Fitch Co.	$	(244,148)	$	(38,496)	$	(205,652)
Net loss per diluted share attributable to Abercrombie & Fitch Co.	$	(3.90)	$	(0.62)	$	(3.29)
Diluted weighted-average shares outstanding:	62,541				62,541

(1)    “GAAP” refers to accounting principles generally accepted in the United States of America.

(2)    Excluded items consist of pre-tax store asset impairment charges of $42.9 million, which are principally the result of the impact of COVID-19 on store cash flows.

(3)    The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and an adjusted non-GAAP basis.

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Abercrombie & Fitch Co.
Reconciliation of Constant Currency Financial Measures
Thirteen Weeks Ended May 1, 2021
(in thousands, except percentage and basis point changes and per share data)
(Unaudited)
	2021		2020		% Change
Net sales
GAAP (1)	$	781,405	$	485,359	61%
Impact from changes in foreign currency exchange rates (2)	—		12,273		(4)%
Net sales on a constant currency basis	$	781,405	$	497,632	57%
Gross profit	2021		2020		BPS Change (3)
GAAP (1)	$	495,134	$	264,145	900
Impact from changes in foreign currency exchange rates (2)	—		7,384		(20)
Gross profit on a constant currency basis	$	495,134	$	271,529	880
Operating income (loss)	2021		2020		BPS Change (3)
GAAP (1)	$	57,433	$	(209,127)	5,040
Excluded items (4)	(2,664)		(42,928)		850
Adjusted non-GAAP	$	60,097	$	(166,199)	4,190
Impact from changes in foreign currency exchange rates (2)	—		(900)		(60)
Adjusted non-GAAP constant currency basis	$	60,097	$	(167,099)	4,130
Net income (loss) per diluted share attributable to Abercrombie & Fitch Co.	2021		2020		$ Change
GAAP (1)	$	0.64	$	(3.90)	$4.54
Excluded items, net of tax (4)	(0.03)		(0.62)		0.59
Adjusted non-GAAP	$	0.67	$	(3.29)	$3.96
Impact from changes in foreign currency exchange rates (2)	—		(0.01)		0.01
Adjusted non-GAAP constant currency basis	$	0.67	$	(3.30)	$3.97

(1)    “GAAP” refers to accounting principles generally accepted in the United States of America.

(2)    The estimated impact from foreign currency is determined by applying current period exchange rates to prior year results and is net of the year-over-year impact from hedging. The per diluted share estimated impact from foreign currency is calculated using a 26% tax rate.

(3)    The estimated basis point change has been rounded based on the percentage change.

(4)    Excluded items consist of pre-tax store asset impairment charges of $2.7 million and $42.9 million for the current year and prior year, respectively.

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Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
	May 1, 2021		January 30, 2021		May 2, 2020
Assets
Current assets:
Cash and equivalents	$	909,008	$	1,104,862	$	703,989
Receivables	107,821		83,857		88,639
Inventories	388,633		404,053		426,594
Other current assets	78,727		68,857		67,412
Total current assets	1,484,189		1,661,629		1,286,634
Property and equipment, net	533,773		550,587		654,784
Operating lease right-of-use assets	839,003		893,989		1,133,618
Other assets	213,585		208,697		216,795
Total assets	$	3,070,550	$	3,314,902	$	3,291,831
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	236,667	$	289,396	$	162,747
Accrued expenses	321,906		396,365		285,799
Short-term portion of operating lease liabilities	231,750		248,846		307,173
Short-term portion of borrowings	—		—		210,000
Income taxes payable	26,672		24,792		8,232
Total current liabilities	816,995		959,399		973,951
Long-term liabilities:
Long-term portion of operating lease liabilities	$	844,401	$	957,588	$	1,184,448
Long-term borrowings, net	344,278		343,910		232,178
Other liabilities	114,926		104,693		103,188
Total long-term liabilities	1,303,605		1,406,191		1,519,814
Total Abercrombie & Fitch Co. stockholders’ equity	941,174		936,628		790,239
Noncontrolling interests	8,776		12,684		7,827
Total stockholders’ equity	949,950		949,312		798,066
Total liabilities and stockholders’ equity	$	3,070,550	$	3,314,902	$	3,291,831

9

Abercrombie & Fitch Co.
Condensed Consolidated Statements of Cash Flows
(in thousands, except per share data)
(Unaudited)
	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020
Operating activities
Net cash used for operating activities	$	(131,350)	$	(140,776)
Investing activities
Purchases of property and equipment	$	(14,404)	$	(46,990)
Withdrawal of funds from Rabbi Trust assets (1)	—		50,000
Net cash (used for) provided by investing activities	$	(14,404)	$	3,010
Financing activities
Proceeds from borrowings under the asset-based senior secured credit facility	—		210,000
Payment of debt issuance or modification costs and fees	(1,490)		—
Purchases of common stock	(35,249)		(15,172)
Dividends paid	—		(12,556)
Other financing activities	(16,452)		(10,604)
Net cash (used for) provided by financing activities	$	(53,191)	$	171,668
Effect of foreign currency exchange rates on cash	$	(1,021)	$	(3,891)
Net (decrease) increase in cash and equivalents, and restricted cash and equivalents	$	(199,966)	$	30,011
Cash and equivalents, and restricted cash and equivalents, beginning of period	$	1,124,157	$	692,264
Cash and equivalents, and restricted cash and equivalents, end of period	$	924,191	$	722,275

(1)As disclosed in the Form 10-K for the year ended January 30, 2021, during the fourth quarter ended January 30, 2021, an error relating to the cash flow presentation of the $50 million withdrawal of the excess funds from the company’s Rabbi Trust assets was identified. The cash flows presented for the year-to-date periods ended May 2, 2020, August 1, 2020, and October 31, 2020 incorrectly classified such withdrawal as a cash inflow from operating activities, rather than a cash inflow from investing activities. This cash flow statement reflects the correct classification.

10

Abercrombie & Fitch Co.

Store Count

	Thirteen Weeks Ended May 1, 2021
	Hollister (1)		Abercrombie (2)		Total Company (3)
	United States	International	United States	International	United States	International	Total
January 30, 2021	347	150	190	48	537	198	735
New	2	1	—	1	2	2	4
Permanently closed	—	(1)	(6)	(1)	(6)	(2)	(8)
May 1, 2021	349	150	184	48	533	198	731

(1)Hollister includes the company’s Hollister and Gilly Hicks brands. Locations with Gilly Hicks carveouts within Hollister stores are represented as a single store count. Excludes 10 international franchise stores as of May 1, 2021 and 9 international franchise stores as of January 30, 2021. Excludes 12 Company-operated temporary stores as of each of May 1, 2021 and January 30, 2021.

(2)Abercrombie includes the company's Abercrombie & Fitch and abercrombie kids brands. Locations with abercrombie kids carveouts within Abercrombie & Fitch stores are represented as a single store count. Excludes 12 international franchise stores as of May 1, 2021 and 10 international franchise stores as of January 30, 2021. Excludes four and two Company-operated temporary stores as of May 1, 2021 and January 30, 2021 respectively.

(3)This store count excludes one international third-party operated multi-brand outlet store as of each of May 1, 2021 and January 30, 2021.

11

EX-99.2

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data, store data, and comparable sales data)
							Fiscal 2020										Fiscal 2021
	2017 (1)		2018		2019		Q1		Q2		Q3		Q4		2020			Q1		2021
Net sales	$	3,492,690	$	3,590,109	$	3,623,073	$	485,359	$	698,328	$	819,653	$	1,122,044	$	3,125,384		$	781,405	$	781,405
Cost of sales, exclusive of depreciation and amortization	1,408,848		1,430,193		1,472,155		221,214		274,720		295,220		443,025		1,234,179			286,271		286,271
Gross profit	2,083,842		2,159,916		2,150,918		264,145		423,608		524,433		679,019		1,891,205			495,134		495,134
Stores and distribution expense	1,540,032		1,536,216		1,551,243		322,124		310,370		346,263		412,827		1,391,584			316,608		316,608
Marketing, general and administrative expense	471,914		484,863		464,615		108,257		97,252		121,000		137,334		463,843			120,947		120,947
Flagship store exit charges (benefits)	2,393		5,806		47,257		(543)		(3,884)		(8,063)		854		(11,636)			(1,100)		(1,100)
Asset impairment, exclusive of flagship store exit charges	14,391		11,580		19,135		42,928		8,083		6,329		15,597		72,937			2,664		2,664
Other operating (income) loss, net	(16,938)		(5,915)		(1,400)		506		(2,356)		288		(3,492)		(5,054)			(1,418)		(1,418)
Operating income (loss)	72,050		127,366		70,068		(209,127)		14,143		58,616		115,899		(20,469)			57,433		57,433
Interest expense, net	16,889		10,999		7,737		3,371		7,098		8,808		8,997		28,274			8,606		8,606
Income (loss) before income taxes	55,161		116,367		62,331		(212,498)		7,045		49,808		106,902		(48,743)			48,827		48,827
Income tax expense (benefit)	44,636		37,559		17,371		31,533		1,253		5,779		21,646		60,211			6,121		6,121
Net income (loss)	10,525		78,808		44,960		(244,031)		5,792		44,029		85,256		(108,954)			42,706		42,706
Less: Net income attributable to noncontrolling interests	3,431		4,267		5,602		117		328		1,758		2,864		5,067			938		938
Net income (loss) attributable to Abercrombie & Fitch Co.	$	7,094	$	74,541	$	39,358	$	(244,148)	$	5,464	$	42,271	$	82,392	$	(114,021)		$	41,768	$	41,768

										Fiscal 2020										Fiscal 2021
	2017 (1)			2018			2019			Q1		Q2		Q3		Q4		2020		Q1		2021
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	0.10		$	1.11		$	0.61		$	(3.90)	$	0.09	$	0.68	$	1.32	$	(1.82)	$	0.67	$	0.67
Diluted	$	0.10		$	1.08		$	0.60		$	(3.90)	$	0.09	$	0.66	$	1.27	$	(1.82)	$	0.64	$	0.64
Weighted-average shares outstanding:
Basic	68,391			67,350			64,428			62,541		62,527		62,558		62,581		62,551		62,380		62,380
Diluted	69,403			69,137			65,778			62,541		63,286		63,877		64,788		62,551		65,305		65,305
Hollister comparable sales (2) (3)	8		%	5		%	(1)		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Abercrombie comparable sales (2) (4)	(2)		%	1		%	3		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Comparable sales (2)	3		%	3		%	1		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Shares outstanding	68,195			66,227			62,786			62,284		62,365		62,384		62,399		62,399		61,935		61,935
Number of stores - end of period	868			861			857			853		854		853		735		735		731		731
Gross square feet - end of period	6,710			6,566			6,314			6,285		6,296		6,235		5,232		5,232		5,189		5,189
(1) Fiscal 2017 was a fifty-three week year.
(2) Comparable sales are calculated on a constant currency basis and exclude revenue other than store and online sales. The Company did not provide comparable sales results for fiscal 2020 or the first quarter of 2021 due to widespread temporary store closures as a result of COVID-19.
(3) Hollister includes the Company's Hollister and Gilly Hicks brands.
(4) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.

1

EX-99.3

INVESTOR PRESENTATION: FIRST QUARTER 2021

2 SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this presentation or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the company's control. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we assume no obligation to publicly update or revise our forward-looking statements. Risks and uncertainties related to the duration and impact of the COVID-19 pandemic on the Company and the factors disclosed in "ITEM 1A. RISK FACTORS" of A&F's Annual Report on Form 10-K for the fiscal year ended January  30, 2021, in some cases have affected, and in the future could affect, the company's financial performance and could cause actual results for the 2021 fiscal year and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this presentation or otherwise made by management. OTHER INFORMATION 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 news release issued by the company on May 26, 2021 which is available in the "Investors" section of the company's website, located at corporate.abercrombie.com. As used in the presentation, "GAAP" refers to accounting principles generally accepted in the United States of America. As used in the presentation, "Hollister" refers to the company's Hollister and Gilly Hicks brands and "Abercrombie" refers to the company's Abercrombie & Fitch and abercrombie kids brands. Sub-totals and totals may not foot due to rounding. Net income (loss) and net income (loss) per share financial measures included herein are attributable to Abercrombie & Fitch Co., excluding net income attributable to noncontrolling interests.

3 TABLE OF CONTENTS Safe Harbor and Other Information 2 Company Overview 4 Focus Areas 7 Digital Evolution 12 Global Store Network Optimization 14 Q1 2021 Results 18 Financial Position, Liquidity & Capital Allocation 24 Appendix 30

4 COMPANY OVERVIEW

5 GILLY HICKS Hollister also carries an intimates brand, Gilly Hicks, which offers intimates, loungewear and sleepwear. Its products are designed to invite everyone to embrace who they are underneath it all. SOCIAL TOURIST Social Tourist is the creative vision of Hollister, the teen brand liberating the spirit of an endless summer, and social media personalities Dixie and Charli D’Amelio. The lifestyle brand creates trend forward apparel that allows teens to experiment with their style, while exploring the duality of who they are both on social media and in real life. HOLLISTER The quintessential apparel brand of the global teen consumer, Hollister Co. believes in liberating the spirit of an endless summer inside everyone. At Hollister, summer isn’t just a season, it’s a state of mind. Hollister creates carefree style designed to make all teens feel celebrated and comfortable in their own skin, so they can live in a summer mindset all year long, whatever the season. ABERCROMBIE & FITCH Abercrombie & Fitch believes that every day should feel as exceptional as the start of the long weekend.   Since 1892, the brand has been a specialty retailer of quality apparel, outerwear and fragrance - designed to inspire our global customers to feel confident, be comfortable and face their Fierce. ABERCROMBIE KIDS A global specialty retailer of quality, comfortable, made-to-play favorites, abercrombie kids sees the world through kids’ eyes, where play is life and every day is an opportunity to be anything and better everything. COMPANY OVERVIEW OUR FIVE GLOBAL BRANDS

6 COMPANY-OPERATED RETAIL STORES COMPANY OVERVIEW GLOBAL, DIGITALLY-LED OMNICHANNEL RETAILER THE COMPANY'S PRODUCTS ARE SOLD GLOBALLY, PRIMARILY THROUGH ITS COMPANY-OWNED DIGITAL AND STORE CHANNELS, AS WELL AS THROUGH VARIOUS THIRD-PARTY ARRANGEMENTS 24 CAPABILITY TO SHIP TO OVER 110 COUNTRIES INTERNATIONAL THIRD-PARTY OPERATED STORES GLOBAL BRANDS, INCLUDING SOCIAL TOURIST WHICH LAUNCHED ON MAY 20, 2021 WHOLESALE PARTNERSHIPS, PRIMARILY INTERNATIONAL COUNTRIES WITH SHIP- FROM-STORE & 10 WITH PURCHASE-ONLINE-PICK- UP-IN-STORE CAPABILITIES OF FISCAL 2020 NET SALES WERE DERIVED INTERNATIONALLY 12 8 110 OF FISCAL 2020 NET SALES WERE DERIVED DIGITALLY Information provided on this slide is as of May 1, 2021 unless otherwise specified. 731 54% 32% 5

7 FOCUS AREAS

8 OPTIMIZING OUR GLOBAL STORE NETWORK • Rightsizing store fleet and adapting to the evolving role of the store as customers' shopping preferences shift ENHANCING DIGITAL AND OMNICHANNEL CAPABILITIES • Creating best-in-class customer experiences while growing profitably across channels INCREASING THE SPEED AND EFFICIENCY OF OUR CONCEPT-TO-CUSTOMER PRODUCT LIFE CYCLE • Investing in capabilities to position supply chain for greater speed, agility and flexibility • Utilizing data and analytics to offer the right product at the right time and the right price IMPROVING OUR CUSTOMER ENGAGEMENT THROUGH OUR LOYALTY PROGRAMS AND MARKETING OPTIMIZATION • Leveraging data, including our loyalty programs, to engage with customers across channels • Driving more efficient and effective marketing spend THE FOLLOWING TRANSFORMATION INITIATIVES HAVE CREATED THE FOUNDATION TO ALLOW US TO QUICKLY RESPOND TO COVID-19 AND FOCUS ON LONG-TERM SUSTAINABLE GROWTH: 1 2 3 4 FOCUS AREAS OUR PREVIOUSLY-STATED TRANSFORMATION INITIATIVES

9 ACCELERATING DIGITAL, DATA AND TECHNOLOGY INVESTMENTS TO INCREASE AGILITY AND IMPROVE CUSTOMER EXPERIENCE INCREASING OUR MARKETING INVESTMENTS TO BUILD ON THE MOMENTUM WE SEE ACROSS BRANDS AND GEOGRAPHIES DEDICATING RESOURCES TOWARDS CONTINUING GILLY HICKS GROWTH AND LAUNCHING SOCIAL TOURIST OPTIMIZING SQUARE FOOTAGE WHILE BEING OPPORTUNISTIC IN GLOBAL STORE EXPANSION INTEGRATING ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRACTICES AND STANDARDS THROUGHOUT THE ORGANIZATION FOCUS AREAS OUR FOCUS AREAS FOR 2021 WE ENTERED 2021 ON THE OFFENSE WHILE WORKING TOWARDS RECAPTURING LOST SALES DUE TO COVID-19. WHILE WE CONTINUE TO OPERATE IN AN UNCERTAIN ENVIRONMENT WE WILL FOCUS ON WHAT WE CAN CONTROL

10 FOCUS AREAS LAUNCH OF NEW BRAND "SOCIAL TOURIST" THE COMPANY RECENTLY ANNOUNCED THAT SOCIAL MEDIA STARS, DIXIE AND CHARLI D'AMELIO, EXPANDED THEIR RELATIONSHIP WITH HOLLISTER TO CO-CREATE A TREND-FORWARD GLOBAL APPAREL BRAND AN EXCLUSIVE, MULTI-YEAR APPAREL AGREEMENT BETWEEN THE COMPANY AND THE D'AMELIOS ANNOUNCED: May 6, 2021 LAUNCHED: May 20, 2021 AVAILABLE AT: Hollister stores globally and online at www.socialtourist.com FEATURES FOUR DISTINCT APPAREL LINES: Gender- inclusive items, trend pieces such as dresses and skirts, everyday essentials featuring premium basics, and swim EACH COLLECTION WILL INCLUDE: Limited edition items, with new product dropping approximately every month

11 FOCUS AREAS HOW WE ARE NAVIGATING COVID-19 FOCUSING ON THE WELL-BEING OF ASSOCIATES AND CUSTOMERS • Implemented a range of health and safety measures with the well-being of the Company’s customers, associates and business partners in mind, including, but not limited to temporary store closures, reduced store hours, enhanced cleaning and social distancing measures OPTIMIZING DIGITAL OPERATIONS • Following recommended cleaning and distancing measures in the company's distribution centers to continue digital operations and mitigate shipping delays • Focusing on a seamless digital checkout experience for customers • Continuing to offer Purchase-Online-Pickup-in-Store, including curbside pickup at a majority of U.S. locations. • Working cross-functionally and utilizing Ship-from-Store capabilities to best leverage in-store inventory • Offered flexible return dates as stores reopened and extended our return policy to cover the period of store closures CONSERVATIVELY MANAGING CASH FLOWS IN THE NEAR-TERM GIVEN CONTINUED GLOBAL UNCERTAINTY AND TEMPORARY STORE CLOSURES •   Partnering with merchandise and non-merchandise vendors in regards to payment terms • Reevaluating budgeted expenses to better align operating costs with expected sales • Tightly managing inventories • Continuing suspension of the company's dividend program • Assessing government policy and economic stimulus responses to COVID-19

12 DIGITAL EVOLUTION

13 DIGITAL EVOLUTION DIGITALLY-LED GLOBAL RETAILER * In fiscal 2020, the company was impacted by the COVID-19 pandemic and experienced widespread temporary store closures, while the company’s digital operations continued to serve the customers during this unprecedented period. INVESTMENTS IN DIGITAL AND OMNICHANNEL CAPABILITIES OF $150M+ FISCAL 2017 - FISCAL 2020 FISCAL 2017 Digital sales penetration of 28%, <$1.0B FISCAL 2020* Digital sales penetration of 54%, $1.7B+ EXPECTED DIGITAL AND OMNICHANNEL INVESTMENTS FOR THE YEAR OF $50M+ FISCAL 2021

14 GLOBAL STORE NETWORK OPTIMIZATION

15 Total stores FY17 FY18 FY19 FY20 Q1 21 * Prior period figures have been revised to reflect a change in classification of certain stores to be consistent with current presentation. GROSS SQUARE FOOTAGE (in thousands) FY 17 FY 18 FY 19 FY 20 Q1 21 6,710 6,566 6,314 5,232 5,189 GLOBAL STORE NETWORK OPTIMIZATION ROUGHLY HALF OF GLOBAL STORE FLEET IN UPDATED FORMATS & GROSS SQUARE FOOTAGE REDUCED 23% SINCE 2017

16* Mall rating based on Green Street Advisors as of March 2021. YTD STORE OPTIMIZATION ACTIVITY Q1 2021 STORE FLEET DETAIL HOLLISTER ABERCROMBIE TOTAL COMPANY # OF STORES % OF FLEET # OF STORES % OF FLEET # OF STORES % OF FLEET LEGACY STORES 195 39% 117 50% 312 43% UPDATED FORMATS 291 58% 70 30% 361 49% OUTLETS 12 2% 40 17% 52 7% FLAGSHIPS 1 —% 5 2% 6 1% TOTAL 499 100% 232 100% 731 100% HOLLISTER ABERCROMBIE TOTAL NEW STORES 3 1 4 REMODELS — — — RIGHT-SIZES 1 — 1 NEW EXPERIENCES 4 1 5 PERMANENT CLOSURES (1) (7) (8) GLOBAL STORE NETWORK OPTIMIZATION 90% OF U.S. STORES LOCATED IN A/B MALLS FLAGSHIP STORE CLOSURES/ LEASE EXPIRATIONS (1) (1) Includes the A&F Singapore location, which closed in the first quarter of 2021, as well as the A&F 5th Avenue, New York City and A&F Hamburg, Germany locations. (2) Includes the A&F Amsterdam, Netherlands and the A&F Shanghai, China locations. (3) Includes the Hollister 5th Avenue, New York City and the A&F Ginza, Japan locations. (2) Q1 2021 U.S. STORE FLEET * A MALL B MALL C MALL FLAGSHIPS TOTAL # OF STORES 236 246 49 2 533 % OF U.S. FLEET 44% 46% 9% —% 100% (3)

17 NEW STORE OPENINGS & CLOSINGS (1) Store count excludes one international third-party operated multi-brand outlet store as of each of May 1, 2021 and January 30, 2021. (2) Hollister includes the company’s Hollister and Gilly Hicks brands. Locations with Gilly Hicks carveouts within Hollister stores are represented as a single store count. Excludes 10 international franchise stores as of May 1, 2021 and nine January 30, 2021. Excludes 12 Company-operated temporary stores as of each of May 1, 2021 and January 30, 2021. (3) Abercrombie includes the company's Abercrombie & Fitch and abercrombie kids brands. Locations with abercrombie kids carveouts within Abercrombie & Fitch stores are represented as a single store count. Excludes 12 international franchise stores as of May 1, 2021 and 10 international franchise stores as of January 30, 2021. Excludes four Company-operated temporary stores as of May 1, 2021 and two Company-operated temporary stores as of January 30, 2021. TOTAL COMPANY (1) TOTAL UNITED STATES CANADA EUROPE ASIA MIDDLE EAST END OF Q4 2020 735 537 17 123 46 12 OPENINGS 4 2 — 1 1 — PERMANENT CLOSINGS (8) (6) — (1) (1) — END OF Q1 2021 731 533 17 123 46 12 HOLLISTER (2) TOTAL UNITED STATES CANADA EUROPE ASIA MIDDLE EAST END OF Q4 2020 497 347 10 107 27 6 OPENINGS 3 2 — — 1 — PERMANENT CLOSINGS (1) — — (1) — — END OF Q1 2021 499 349 10 106 28 6 ABERCROMBIE (3) TOTAL UNITED STATES CANADA EUROPE ASIA MIDDLE EAST END OF Q4 2020 238 190 7 16 19 6 OPENINGS 1 — — 1 — — PERMANENT CLOSINGS (7) (6) — — (1) — END OF Q1 2021 232 184 7 17 18 6 GLOBAL STORE NETWORK OPTIMIZATION 731 STORES AS OF Q1 2021 HOLLISTER ABERCROMBIE TOTAL COMPANY (in thousands) U.S. INTERNATIONAL U.S. INTERNATIONAL U.S. INTERNATIONAL TOTAL Q4 2020 2,309 1,219 1,311 393 3,620 1,612 5,232 Q1 2021 2,324 1,212 1,275 378 3,599 1,590 5,189 GROSS SQUARE FOOTAGE

18 Q1 2021 RESULTS

19 “2021 is off to a strong start. We built on the significant progress we made in 2020, registering our best first quarter operating income since 2008. The first quarter is evidence that our shift to a digitally-led global business model is working. Total net sales grew 61% year-over-year, with digital sales up 45% to 52% of total sales. Inventories remained tightly controlled and product resonated with both new and existing customers, fueling improved price realization and benefiting gross margin rate, which expanded by 900 basis points. We remained focused on funding key investments in customer-facing initiatives and delivered significant first quarter operating leverage.” “Results were well-ahead of first quarter 2019 pre-COVID levels, with net sales 6% higher, including up 18% in our largest market, the U.S., gross margin expansion of 290 basis points and operating margin increasing 1,100 basis points. Sales growth was achieved despite the reduction of 1.3 million gross square feet of store space, or 20%, compared to the first quarter of 2019.” “Momentum has continued into the second quarter across brands, and early reaction to our newest member of the A&F Co. family, Social Tourist, has been amazing. Our solid foundation and strong liquidity position enables us to be on the offense. We remain focused on profitable topline growth, our ongoing digital evolution and our growth vehicles, including Gilly Hicks, and are committed to thoughtful expense management and global square footage optimization. Although the global landscape remains uncertain, I am excited about the future and more confident than ever in our ability to drive sustainable, long-term operating margin expansion.” FRAN HOROWITZ, CHIEF EXECUTIVE OFFICER Q1 2021 RESULTS CEO COMMENTARY

20 SIGNIFICANT ITEMS IMPACTING Q1 2021 RESULTS • Net sales increased 61%, or $296M, as compared to last year, reflecting an increase in both store and digital sales as the company anniversaries prior year COVID-19 related store closures. • Store occupancy expense decreased $32M, reflecting a decrease in store count and favorable rent negotiations. • Store payroll expense increased $13M, reflecting the return of certain expenses saved last year during COVID-19 temporary store closures. • Shipping and fulfillment expense increased $9M as compared to last year, driven by year-over-year digital sales growth of approximately 45%. • Asset impairment charges of $3M and $43M for this year and last year, respectively. (1) Adjusted non-GAAP results exclude the effect of certain items set out of page 31. (2) The estimated impact from foreign currency is calculated by applying current period exchange rates to prior year results using a 26% tax rate. Q1 2021 Q1 2020 GAAP $0.64 $(3.90) EXCLUDED ITEMS, NET OF TAX EFFECT (1) (0.03) (0.62) ADJUSTED NON-GAAP $0.67 $(3.29) IMPACT FROM FOREIGN CURRENCY EXCHANGE RATES (2) — (0.01) ADJUSTED NON-GAAP ON A CONSTANT CURRENCY BASIS $0.67 $(3.30) Q1 2021 RESULTS NET INCOME (LOSS) PER SHARE

21 TOTAL COMPANY NET SALES UP 61% AND 6% COMPARED TO Q1 2020 AND Q1 2019, RESPECTIVELY, TO $781M DIGITAL SALES UP 45% AND 81% TO LAST YEAR AND 2019, RESPECTIVELY, RESULTING IN Q1 2021 DIGITAL SALES OF $403M, OR 52% OF TOTAL NET SALES ABERCROMBIE $339M UP 60% TO LAST YEAR 43.4% OF TOTAL NET SALES HOLLISTER $442M UP 62% TO LAST YEAR 56.6% OF TOTAL NET SALES EMEA $159M UP 41% TO LAST YEAR 20.3% OF TOTAL NET SALES UNITED STATES $554M UP 72% TO LAST YEAR 70.9% OF TOTAL NET SALES APAC $46M UP 42% TO LAST YEAR 5.9% OF TOTAL NET SALES OTHER $23M UP 29% TO LAST YEAR 2.9% OF TOTAL NET SALES Q1 2021 RESULTS NET SALES

22 GAAP NON-GAAP* * Q1 non-GAAP operating expense is presented on an adjusted non-GAAP basis, and excludes the effect of certain items set out of page 31. (1) Includes operating lease costs, other landlord charges, utilities, depreciation and other occupancy expense. (2) Includes selling payroll, store management and support, other store expense, direct-to-consumer expense, and distribution center costs. (3) Rounded based on reported percentages. (in thousands) Q1 2021 % OF NET SALES Q1 2020 % OF NET SALES Δ BPS (3) STORE OCCUPANCY (1) $107,277 13.7% $138,962 28.6% (1,490) ALL OTHER (2) 209,331 26.8% 183,162 37.7% (1,090) STORES AND DISTRIBUTION 316,608 40.5% 322,124 66.4% (2,590) MARKETING, GENERAL & ADMINISTRATIVE 120,947 15.5% 108,257 22.3% (680) FLAGSHIP STORE EXIT BENEFITS (1,100) (0.1)% (543) (0.1)% — ASSET IMPAIRMENT, EXCLUSIVE OF FLAGSHIP STORE EXIT CHARGES 2,664 0.3% 42,928 8.8% (850) TOTAL $439,119 56.2% $472,766 97.4% (4,120) (in thousands) Q1 2021 % OF NET SALES Q1 2020 % OF NET SALES Δ BPS (3) STORE OCCUPANCY (1) $107,277 13.7% $138,962 28.6% (1,490) ALL OTHER (2) 209,331 26.8% 183,162 37.7% (1,090) STORES AND DISTRIBUTION 316,608 40.5% 322,124 66.4% (2,590) MARKETING, GENERAL & ADMINISTRATIVE 120,947 15.5% 108,257 22.3% (680) FLAGSHIP STORE EXIT BENEFITS (1,100) (0.1)% (543) (0.1)% — ASSET IMPAIRMENT, EXCLUSIVE OF FLAGSHIP STORE EXIT CHARGES — 0.0% — 0.0% — TOTAL $436,455 55.9% $429,838 88.6% (3,270) Q1 2021 RESULTS OPERATING EXPENSE

23 (1) Gross profit is derived from cost of sales, exclusive of depreciation and amortization. GAAP (in thousands) Q1 2021   % OF NET SALES Q1 2020   % OF NET SALES Q1 2019 % OF NET SALES NET SALES $781,405 100.0% $485,359 100.0% $733,972 100.0% GROSS PROFIT (1) 495,134 63.4% 264,145 54.4% 444,090 60.5% OPERATING EXPENSE 439,119 56.2% 472,766 97.4% 471,965 64.3% OTHER OPERATING (INCOME) LOSS, NET (1,418) (0.2)% 506 0.1% (617) (0.1)% OPERATING INCOME (LOSS) 57,433 7.3% (209,127) (43.1)% (27,258) (3.7)% INTEREST EXPENSE, NET 8,606 1.1% 3,371 0.7% 616 0.1% INCOME (LOSS) BEFORE INCOME TAXES 48,827 6.2% (212,498) (43.8)% (27,874) (3.8)% INCOME TAX EXPENSE (BENEFIT) 6,121 0.8% 31,533 6.5% (9,588) (1.3)% NET INCOME (LOSS) $41,768 5.3% $(244,148) (50.3)% $(19,155) (2.6)% NET INCOME (LOSS) PER SHARE BASIC $0.67 $(3.90) $(0.29) DILUTED $0.64 $(3.90) $(0.29) WEIGHTED-AVERAGE SHARES BASIC 62,380 62,541 66,540 DILUTED 65,305 62,541 66,540 Q1 2021 RESULTS INCOME STATEMENT

24 FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION

25 CASH & EQUIVALENTS $909M AS COMPARED TO $704M LAST YEAR SHORT-TERM BORROWINGS NO BORROWINGS OUTSTANDING UNDER ABL FACILITY AS COMPARED TO $210M LAST YEAR $223M OF BORROWING AVAILABLE UNDER ABL FACILITY AS OF MAY 1, 2021 GROSS LONG-TERM BORROWINGS $350M OUTSTANDING AS COMPARED TO $233M LAST YEAR INVENTORIES $389M DOWN 9% FROM LAST YEAR * Liquidity is comprised of cash and equivalents and borrowing available under the ABL Facility. FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION FINANCIAL POSITION AND LIQUIDITY SUMMARY

26 (in thousands) NET CASH PROVIDED BY OPERATING ACTIVITIES CAPITAL EXPENDITURES FREE CASH FLOW (1) FY 2016 $185,169 $140,844 $44,325 FY 2017 $287,658 $107,001 $180,657 FY 2018 $352,933 $152,393 $200,540 FY 2019 $300,685 $202,784 $97,901 FY 2020 $404,918 $101,910 $303,008 (1) Free cash flow is a non-GAAP measure and is computed by subtracting capital expenditures from net cash provided by operating activities, both of which are disclosed in the table above, preceding the measure of free cash flow. YEAR TO DATE PERIOD ENDED (in thousands) MAY 1, 2021 MAY 2, 2020 NET CASH USED FOR OPERATING ACTIVITIES $(131,350) $(140,776) NET CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES $(14,404) $3,010 NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES $(53,191) $171,668 FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION CASH FLOW SUMMARY

27 SHARE REPURCHASES (in thousands, except for average cost) NUMBER OF SHARES COST AVERAGE COST DIVIDENDS TOTAL FY 2016 — $— $— $54,066 $54,066 FY 2017 — $— $— $54,392 $54,392 FY 2018 2,932 $68,670 $23.42 $53,714 $122,384 FY 2019 3,957 $63,542 $16.06 $51,510 $115,052 FY 2020 1,397 $15,172 $10.86 $12,556 $27,728 YTD 2021 1,077 $35,249 $32.72 $— $35,249 In order to preserve liquidity and increase financial flexibility in light of COVID-19, during fiscal 2020 the company suspended its share repurchase and dividend programs. The Company has since resumed share repurchase activity. At the end of Q1 2021, the Company had approximately 8.9 million shares remaining available for purchase under its publicly announced February 2021 stock repurchase authorization. (in thousands) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q1 2021 ENDING SHARES OUTSTANDING 67,758 68,195 66,227 62,786 62,399 61,935 FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION SHARE REPURCHASES AND DIVIDENDS

28 (in thousands) MAY 1, 2021 JANUARY 30, 2021 MAY 2, 2020 CASH AND EQUIVALENTS $909,008 $1,104,862 $703,989 RECEIVABLES 107,821 83,857 88,639 INVENTORIES 388,633 404,053 426,594 OTHER CURRENT ASSETS 78,727 68,857 67,412 TOTAL CURRENT ASSETS $1,484,189 $1,661,629 $1,286,634 PROPERTY AND EQUIPMENT, NET 533,773 550,587 654,784 OPERATING LEASE RIGHT-OF-USE ASSETS 839,003 893,989 1,133,618 OTHER ASSETS 213,585 208,697 216,795 TOTAL ASSETS $3,070,550 $3,314,902 $3,291,831 ACCOUNTS PAYABLE $236,667 $289,396 $162,747 ACCRUED EXPENSES 321,906 396,365 285,799 SHORT-TERM PORTION OF BORROWINGS — — 210,000 SHORT-TERM PORTION OF OPERATING LEASE LIABILITIES 231,750 248,846 307,173 INCOME TAXES PAYABLE 26,672 24,792 8,232 TOTAL CURRENT LIABILITIES $816,995 $959,399 $973,951 LONG-TERM PORTION OF OPERATING LEASE LIABILITIES 844,401 957,588 1,184,448 LONG-TERM BORROWINGS, NET 344,278 343,910 232,178 OTHER LIABILITIES 114,926 104,693 103,188 TOTAL LONG-TERM LIABILITIES $1,303,605 $1,406,191 $1,519,814 TOTAL ABERCROMBIE & FITCH CO. STOCKHOLDERS EQUITY 941,174 936,628 790,239 NONCONTROLLING INTEREST 8,776 12,684 7,827 TOTAL STOCKHOLDERS' EQUITY $949,950 $949,312 $798,066 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $3,070,550 $3,314,902 $3,291,831 FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION BALANCE SHEET

29 YEAR TO DATE PERIOD ENDED (in thousands) MAY 1, 2021 MAY 2, 2020 NET CASH USED FOR OPERATING ACTIVITIES $(131,350) $(140,776) PURCHASES OF PROPERTY AND EQUIPMENT (14,404) (46,990) WITHDRAWAL OF FUNDS FROM RABBI TRUST ASSETS — 50,000 NET CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES $(14,404) $3,010 PROCEEDS FROM BORROWINGS UNDER THE ABL FACILITY — 210,000 PAYMENT OF DEBT ISSUANCE OR MODIFICATION COSTS AND FEES (1,490) — PURCHASES OF COMMON STOCK (35,249) (15,172) DIVIDENDS PAID — (12,556) OTHER FINANCING ACTIVITIES (16,452) (10,604) NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES $(53,191) $171,668 EFFECT OF FOREIGN CURRENCY EXCHANGE RATES ON CASH (1,021) (3,891) NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS $(199,966) $30,011 CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS, BEGINNING OF PERIOD $1,124,157 $692,264 CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS, END OF PERIOD $924,191 $722,275 FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION STATEMENT OF CASH FLOWS

30 APPENDIX

31 NET SALES Q1 2021 Q1 2020 Δ % GAAP $781,405 $485,359 61% IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — 12,273 (4)% NON-GAAP CONSTANT CURRENCY BASIS $781,405 $497,632 57% GROSS PROFIT Q1 2021 Q1 2020 Δ BPS (2) GAAP $495,134 $264,145 900 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — 7,384 (20) NON-GAAP CONSTANT CURRENCY BASIS $495,134 $271,529 880 OPERATING INCOME (LOSS) Q1 2021 Q1 2020 Δ BPS (2) GAAP $57,433 $(209,127) 5,040 EXCLUDED ITEMS (3) (2,664) (42,928) 850 ADJUSTED NON-GAAP $60,097 $(166,199) 4,190 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (900) (60) ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $60,097 $(167,099) 4,130 NET INCOME (LOSS) PER DILUTED SHARE Q1 2021 Q1 2020 Δ $ GAAP $0.64 $(3.90) $4.54 EXCLUDED ITEMS, NET OF TAX (3) (0.03) (0.62) 0.59 ADJUSTED NON-GAAP $0.67 $(3.29) $3.96 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (0.01) 0.01 ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $0.67 $(3.30) $3.97 (1) The impact from foreign currency is determined by applying current period exchange rates to prior year results and is net of the year-over-year impact from hedging. The per diluted share impact from foreign currency is calculated using a 26% tax rate. (2) The estimated basis point impact has been rounded based on the percentage change. (3) Excludes pre-tax store asset impairment charges. APPENDIX RECONCILIATION OF GAAP TO NON-GAAP RESULTS

32 (1) The tax effect of excluded items, calculated as the difference between the tax provision on a GAAP basis and an adjusted non-GAAP basis. (in thousands) Q1 2021 GAAP EXCLUDED ITEMS Q1 2021 NON-GAAP ASSET IMPAIRMENT, EXCLUSIVE OF FLAGSHIP STORE EXIT CHARGES $2,664 $2,664 $— OPERATING INCOME 57,433 (2,664) 60,097 INCOME BEFORE INCOME TAXES 48,827 (2,664) 51,491 INCOME TAX EXPENSE (1) 6,121 (449) 6,570 NET INCOME $41,768 $(2,215) $43,983 NET INCOME PER DILUTED SHARE $0.64 $(0.03) $0.67 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 65,305 65,305 (in thousands) Q1 2020 GAAP EXCLUDED ITEMS Q1 2020 NON-GAAP ASSET IMPAIRMENT, EXCLUSIVE OF FLAGSHIP STORE EXIT CHARGES $42,928 $42,928 $— OPERATING LOSS (209,127) (42,928) (166,199) LOSS BEFORE INCOME TAXES (212,498) (42,928) (169,570) INCOME TAX EXPENSE (1) 31,533 (4,432) 35,965 NET LOSS $(244,148) $(38,496) $(205,652) NET LOSS PER DILUTED SHARE $(3.90) $(0.62) $(3.29) DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 62,541 62,541 APPENDIX RECONCILIATION OF GAAP TO NON-GAAP RESULTS

EX-99.4

REFINITIV STREETEVENTS EDITED TRANSCRIPT ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call EVENT DATE/TIME: MAY 26, 2021 / 12:30PM GMT REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

C O R P O R A T E P A R T I C I P A N T S Fran Horowitz Abercrombie & Fitch Co. - CEO & Director Pamela Nagler Quintiliano Abercrombie & Fitch Co. - VP of IR Scott D. Lipesky Abercrombie & Fitch Co. - Senior VP & CFO C O N F E R E N C E C A L L P A R T I C I P A N T S Dana Lauren Telsey Telsey Advisory Group LLC - CEO & Chief Research Officer Dylan Douglas Carden William Blair & Company L.L.C., Research Division - Analyst Janet Joseph Kloppenburg JJK Research Associates, Inc. - President Janine M. Stichter Jefferies LLC, Research Division - Equity Analyst Jay Daniel Sole UBS Investment Bank, Research Division - Executive Director and Equity Research Analyst of Softlines & Luxury Kelly Crago Citigroup Inc., Research Division - VP Marni Shapiro The Retail Tracker - Co-Founder Matthew Robert Boss JPMorgan Chase & Co, Research Division - MD and Senior Analyst Sarah L. Goldberg Robert W. Baird & Co. Incorporated, Research Division - Research Analyst Susan Kay Anderson B. Riley Securities, Inc., Research Division - Analyst P R E S E N T A T I O N Operator Good day, and welcome to the Abercrombie & Fitch First Quarter Fiscal Year 2021 Earnings Call. Today's call is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Pam Quintiliano. Please go ahead. Pamela Nagler Quintiliano - Abercrombie & Fitch Co. - VP of IR Thank you. Good morning, and welcome to our First Quarter 2021 Earnings Call. Joining me today on the call are Fran Horowitz, Chief Executive Officer; and Scott Lipesky, Chief Financial Officer. Earlier this morning, we issued our first quarter earnings release, which is available on our website at corporate.abercrombie.com under the Investors section. Also available on our website is an investor presentation. Please keep in mind that any forward-looking statements made on the call are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions we mention today. A detailed discussion of these factors and uncertainties is contained in the company's filings with the Securities and Exchange Commission. In addition, we will be referring to certain non-GAAP financial measures during the call. Additional details and a reconciliation of GAAP to adjusted non-GAAP financial measures are. Included in the release issued earlier this morning. With that, I will turn the call over to Fran. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Good morning. It is hard to believe that over a year of earnings calls have passed since COVID first began impacting the world. During that time, we have become stronger, smarter and more nimble, and have discovered new ways of uniting our teams to foster innovative thinking and stay close to our customer. 2 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

First quarter results are evidence of the progress we have made against our key transformation initiatives, which enabled us to report our best operating income since 2008. We exceeded our pre COVID results, delivering significant improvements across key financial metrics on both a 1- and 2-year basis. Sales rose 6% compared to Q1 2019 despite removing 1.3 million gross square feet or roughly 20% of our base over the last 2 years, and experiencing temporary store closures in EMEA during our most recent quarter. In our largest market, the U.S., sales were up 18%, while our global digital revenues grew 81% from Q1 '19 levels. Our gross margin rate was 290 basis points higher compared to Q1 2019, and our operating margin rate rose 1,100 basis points. I am extremely proud of what we have accomplished. We proactively invested in the business, keeping an eye on our longer-term goals. While consumer spending benefited from some well-documented tailwinds, results reflected strong product acceptance driving a substantial reduction in promotions and markdowns. This is further confirmation that our target customer is responding to our unique product, voice and experience across brands, all of which have been significantly refined over the last several years. For the quarter, total company revenues rose 61% year-over-year with similar growth in Hollister and Abercrombie. This was well above our plan for a 30% to 40% increase. And by region, the U.S., which is our largest market, was a standout, with revenues rising 72% on a beat across all brands. Digital, which has been continues to carry 4-wall operating margins above the store channel, remained strong even as COVID restrictions eased and store traffic improved from Q4. For the quarter, digital revenues grew 45% compared to last year to 52% of total first quarter sales. We continued to add new customers in the channel as we leaned in to our digital marketing efforts. Importantly, customer retention is high and spend per customer increased. In addition to our strong digital results, we were pleased to realize improvement in our stores' performance both year-over-year and on a sequential basis. We ended the quarter with approximately 674 of our 731 stores open or 92% of our base with the majority of closures in Western Europe. This compares to 88% of our base opened at the end of the fourth quarter. For the first quarter, global store sales rose 77% compared to last year. We continue to take a balanced approach to our omnichannel product and messaging. Our collections were wear now, trend right and hit the bull's eye for each of our brand's unique edit points. From jeans to dresses to fleece to tees, our kid, teen and millennial customer responded to our latest product. Jeans, which is one of our top sales categories, continued to be a huge win, growing on a 1- and 2-year basis. We leaned into the key women's trends, including higher rise and wider leg silhouettes in ways that were appropriate and differentiated for each of our brands, and we offered them in extended sizes. At Abercrombie, the majority of our new women's jeans styles are selling through at full price. And at Hollister, we've also stepped away significantly from promotional events. She loves the style, quality and fit of our jeans across brands, which allowed us to achieve our best Q1 jeans gross margin rate since the first quarter of 2012. As our customer has been adopting the latest jeans silhouettes, we've been experiencing great full-price tops selling. We are now being viewed as an outfitting destination and recognized for our exceptional value equation across our balanced assortment. We remain disciplined with our inventory commitments while chasing into proven successes where appropriate. We ended the quarter with inventories down 9% to last year on our 61% revenue increase. We pulled back on omnichannel promotions and markdowns, including winter clearance, category-specific and entire site promotions. After many years of hard work, we have made great progress in transitioning our customers away from a wait-for-sale mentality to a buy-it-when-you-see-it one. We are firing on all cylinders and experienced our best Q1 gross margin in over a decade in A&F Women's, Hollister Girls and Kids, Boys and Girls. As a result, our gross profit rate grew by 900 basis points to last year to the highest Q1 level since 2013. At the same time, we've continued to tightly manage expenses while making strategic investments across marketing, technology and fulfillment to support future growth, and the formula is working. In Q1, we expanded our operating margin to over 7%, our best first quarter since 2008. Our results illustrate that we are executing better than ever. We've been on this path for several years and rather than slow our progress, the global pandemic has accelerated change. Q1 speaks to our evolution into a digital-first global omnichannel retailer. We've enhanced our customer and brand experiences through a digital lens, which is how our 3 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

customers engage with us across social media, our apps, websites and our stores. We've also refined our messaging to speak to our customers authentically on the topics that they care about the most. In February, Hollister introduced its first Black History Month collection with the Academy Group, a great organization that supports and helps unlock opportunities for teens from the most resilient communities. In March, we had our second Annual World Teen Mental Health Day campaign, where we partnered with TikTok stars and mental health podcasts, teenager therapy to host pop-up virtual mental wellness discussions for high school students across the country, including a surprise session from Dixie D'Amelio. At Abercrombie, adults kicked off the quarter with their Black History Month for Justice Collection, a capsule designed by our BIPOC associates that spoke about racial equity in their own words. This was launched with our partners at the Steve Fund, who do amazing work devoted to the mental health and emotional well-being of young people of color and was part of the Abercrombie equity project. For kids in April, we launched the second season of our successful social content series, The Kind Crew, which appears on Nickelodeon's YouTube channel. In line with last year, the purpose is to inspire others to lead with kindness and help to make the world a more kind, accepting and compassionate place. Turning to brand-specific performance. We continue to be pleased with results at Hollister, which includes Gilly Hicks, where our global teen customer remains highly engaged. We drove higher average transaction value on strong AUR growth. For Hollister girls, dresses, fleece tops, knit tops and bottoms were standouts. Our guys continue to live in soft and cozy product, including sweatpants. For both guys and girls, we realized significant sales improvement in jeans. By channel, digital revenues grew roughly 35% over last year, while stores experienced sequential improvement as more restrictions were lifted. A key driver of Hollister's success has been its on-target marketing. In February, we kicked off a partnership with flighthouse to launch our Hollister TikTok channel and introduced a new group of jeans-focused influencers, which helped solidify our jean business even further. In April, we hosted our first Fortnite gaming challenge with Mission Control. At Gilly Hicks, momentum continued to build with total sales up approximately 90%, including roughly 100% digital growth from the prior year. Customers responded well to lounglette match-backs, sleep, underwear and our active collection, Gilly Go. We're excited about Gilly's future, and will share more with you throughout the year on how we will continue to thoughtfully scale. Moving on to A&F adult. Fashion newness resonated with our evolution to a more modernized version of the brand continuing to gain traction. As a result of phenomenal products acceptance across genders, we achieved strong full-price sell-throughs. Women's, in particular, truly had a breakout moment, the kind I have rarely seen in my 30-plus years as a merchant, achieving its best Q1 revenue since 2008 and the third largest Q1 in brand history. Success was broad-based across categories, including jeans, dresses, intimates and swim. And for men's, jeans, shorts and swim were all well-received. By channel, digital sales grew approximately 60% over last year, and there was sequential improvement in store sales. At Abercrombie Kids, we experienced roughly 25% digital growth and a sequential improvement in store traffic. Our assortments stayed true to our Play is life motto and the customer responded. Popular categories included boys' and girls' shorts, girls' knits and swim and boys' sweatpants. Turning to marketing. At adults, we focused on being there to [outfit] our customer for all their activities, including travel, going out and spring and summer celebrations. We have been nimble and anticipatory of their needs, and our campaigns have reflected that, successfully targeting our 20- to 30-year-old customer with first and new product and messaging. We built on our social media momentum, leveling up our partnerships with creators on TikTok and Instagram to promote our denim, softAF, men's essentials and spring fashion collections. We also completed our social media denim model casting call. Response was great, and the campaign will roll out later this year. The power of social selling is clearly a key theme for us and one that we are actively leaning into across brands. It's helping us identify those new and first trends are happening faster than ever, especially with the ubiquity of platforms like TikTok. It's also allowing us to stay super close to and communicate with our customers in real time. The recent launch of our latest brand, Social Tourist, is a great example of our commitment to being 4 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

an innovator and at the forefront of this shift in consumer behavior. It also encapsulates how much we have evolved and how we are thinking about our brands and our consumer differently with an eye towards the future. As our customer continues to shift to digital shopping and exploration across social channels, it made sense to introduce a brand inspired by that world and by the experiences of 2 of the biggest social media stars, Charlie and Dixie D'Amelio. Social Tourist has taken our already successful relationship with Charlie and Dixie, who, combined, have over 250 million followers across social media platforms to the next level. It is a groundbreaking, multiyear exclusive apparel agreement that has the sisters working side-by-side with our design teams, creating aspirational top of the fashion pyramid product that speaks directly to Charlie and Dixie's digitally led lifestyle. Working with the D'Amelios has just been amazing. And the departure from our other brands, the majority of product will live online with select SKUs available in Hollister stores. There will be limited edition monthly drops that are bought to create excitement and buzz and to sellout. With Social Tourist, we've tapped into the power of social selling in a new and unique way and are positioning ourselves as a leader in the space. We've been very pleased with reception to the brand since it was introduced on May 6. Thus far, Social Tourist has hit over 85 million estimated impressions, including over 25 million views of the brand video. The brand will also be featured in D'Amelio family's new series, the D'Amelio Show, which is coming soon to Hulu. We're extremely excited about the long-term opportunity and view the brand as another growth vehicle. We also believe we'll provide a halo for Hollister, offer insights into up-and-coming teen-oriented trends and help inform our social strategies. As we've nurtured our established brands and our growth vehicles, we remain laser-focused on our transformation initiatives, which were first introduced at our 2018 Investor Day. Global store network optimization remains one of our top priorities. Aligning square footage with digital penetration is the single most [important] (added by company after the call) lever to long-term operating margin expansion. Looking ahead, we will continue to transition away from larger format locations to smaller, more intimate omni-enabled ones. In London, we closed our Abercrombie flagship on Savile Row last year and are set to open a significantly smaller store on Regent Street, where more of our local customers shop. [This location has better economics, is in our updated prototype and is a more accurate representation of the brand, and we cannot wait for customers to see it] (corrected by company after the call). In addition to global store network optimization, we also remain committed to our other transformation initiatives, including investing in digital and omnichannel capabilities, increasing the speed and efficiency of our supply chain and evolving brand positioning while improving customer engagement, and will update you on each throughout the year. Before I turn it over to Scott, I want to take a moment to discuss our thoughts on the health of the consumer. In the first quarter, the U.S. benefited from government stimulus, a mini back-to-school season and easing of COVID restrictions. Internationally, there was the reopening of certain markets, although many large countries remained closed. As we think about Q2, we expect to realize benefits from the further lifting of COVID restrictions and, hopefully, a reopening of key countries in Western Europe. Thus far, our momentum has continued quarter-to-date. As more countries and states begin to open, we look forward to further engaging with our global customer base and are cautiously optimistic that we will see a more normal back-to-school and back-to-ball period compared to last year. And while we hope it all goes smoothly, we're not walking away from this past year's key learnings and disciplines. We will continue to expect the unexpected and will quickly pivot no matter what may come our way. I'm excited about the future and more confident than ever in our ability to drive sustainable, long-term operating margin expansion. And with that, I will turn it over to Scott. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Thanks, Fran, and good morning, everyone. As we lap the start of COVID, we will be providing comparisons to both last year and to Q1 2019 where applicable. Due to temporary COVID-driven store closures, we do not plan to disclose comparable sales this year. Now on to Q1 results. In the quarter, we delivered net sales of $781 million, up 61% to last year as we lapped the onset of the pandemic and associated widespread temporary store closures beginning mid-March 2020. On a 2-year basis, sales were up 6% as compared to Q1 2019. We 5 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

continued to experience strong digital demand across brands with 45% digital sales growth to last year and 81% growth from Q1 2019. Global digital sales for the quarter were $403 million or 52% of total sales. By brand, net sales increased 62% for Hollister, which includes Gilly Hicks; and 60% for Abercrombie, which includes Kids. As compared to Q1 2019, net sales increased 3% for Hollister and 11% for Abercrombie. By region, net sales in the U.S. were up 72% and 18% on a 1- and 2-year basis, respectively. As a reminder, we ended 2020 with a significantly transformed business model and had roughly 130 fewer stores and over 20% less square footage in our U.S. store base this quarter as compared to Q1 2019. The reduction in square footage was purposeful and continued our multiyear efforts to optimize our global store square footage to align with growing digital penetration. In EMEA, sales rose 41% on a 1-year basis and were down 9% on a 2-year basis. Results continued to be adversely impacted by COVID-related restrictions and temporary store closures in Western Europe, with nearly 60% of our European store base closed for the majority of the quarter. As the U.K. has recently opened, we've experienced an uptick in trend. In APAC, sales were up 42% to last year and down 30% to Q1 2019. Throughout the quarter, we saw COVID-related restrictions in Japan. In China, we continued to build out our local teams and reset the foundation to enable long-term growth. We are committed to the APAC region and are following the successful playbook we put in place in the U.S. and EMEA. In the U.S. and APAC, we saw sequential store traffic improvements over Q4, while EMEA levels were consistent with Q4 as lockdown and closures continued. Globally, we realized sequential improvements in conversion and average transaction value. As of yesterday, 95% of our stores were fully open with 36 stores closed, 22 of which are located in Germany and are only open for shopping by appointment. Moving on to gross profit. Our rate of 63.4% was up 900 basis points to last year and 290 basis points to Q1 '19, driven by higher AUR across brands on reduced promotions and markdowns. As a reminder, last year's gross profit rate included approximately 300 basis points of inventory write-down charges, primarily as a result of COVID and the unexpected store closures. Inventories remain tightly controlled and are current ending the quarter down 9% to last year. I'll now cover the rest of our Q1 results and on an adjusted non-GAAP basis. Excluded from our non-GAAP results are $3 million and $43 million of pretax asset impairment charges for this year and last year, respectively. Operating expense, excluding other operating income, was up 2% as compared to last year, while operating expense as a percentage of sales decreased to 55.9% from 88.6%. We've made great progress on our cost base and are seeing the benefits. Stores and distribution expense decreased 2% compared to last year and 11% on a 2-year basis, reflecting significant savings in store occupancy related to square footage reductions, partially offset by increased shipping and fulfillment expenses on digital growth. This is the formula we have been discussing for the past couple of years, and we are pleased to see it play out. Marketing, general and administrative expenses rose 12%, primarily driven by increased performance-based compensation and digital media spend, partially offset by lower noncustomer-facing controllable expenses and in-store marketing costs. We delivered operating income of $60 million compared to an operating loss of $166 million last year. As Fran noted, this is our best first quarter operating income and operating margin since 2008. The effective tax rate was approximately 13%. Net income per diluted share on an adjusted non-GAAP basis was $0.67 compared to a net loss of $3.29 last year, which reflected adverse impacts related to valuation allowances on deferred tax assets and other tax charges of $1.45 per diluted share. As a reminder, we exited fiscal 2020 in a strong financial position with cash and cash equivalents of $1.1 billion and total liquidity of approximately $1.3 billion. This enables us to make investments to fuel sustainable growth and to deploy excess cash strategically. On the latter, during Q1, we finalized an agreement with our Soho New York Hollister flagship landlord to settle all remaining obligations related to the store, which we closed in Q2 2019. Prior to this agreement, we had roughly $80 million of payments remaining through fiscal 2028. With the agreement, we received a discount to accelerate payments, resulting in a cash outflow of approximately $64 million. The settlement served to reduce our operating lease liabilities by approximately $65 million, resulting in a $900,000 gain and eliminated all future cash obligations related to this location. As a result of the settlement, we will avoid incurring interest expense of a total of approximately $3 million for the rest of 2021. Looking ahead, we will continue to search for ways to deleverage the balance sheet where the economics work. During the quarter, we also resumed our share buyback program, repurchasing approximately 1.1 million shares for $35 million. As of the end of Q1, we had approximately 8.9 million shares remaining under our previously authorized share repurchase program. We are committed to putting our excess cash to work and will continue to focus on buybacks, pending market conditions, share price and our ability to accelerate investments in the business. We expect fiscal 2021 CapEx to be approximately $100 million with about half of that related to digital and technology. 6 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

Taking a moment to discuss our omnichannel philosophy. As we evolve our model, the line between stores and digital continues to blur. We believe that stores are a critical part of the omnichannel brand experience and remain committed to investing in smaller omni-enabled locations that better serve our local customers. This includes restarting our store remodel program and delivering more off-mall formats in the future as we continue to meet our customers where they shop. This year, we have roughly 250 leases up for renewal. We look forward to having thoughtful conversations with our landlord partners to find stores that are the right size, right location and right economics. I'll finish up with how we are approaching the remainder of the year. We will put some of the cost savings realized in 2020 back to work in customer-facing areas to fuel growth opportunities. Reflecting ongoing global uncertainty, we will continue to conservatively manage inventories to position the business to chase, optimize our DC capacity for digital demand and tightly manage expenses. We are not providing an outlook for the full year. Consistent with our comments last quarter, we are planning to make progress recouping COVID-driven sales losses, and the year is off to a great start. For gross profit rate, we will continue to manage inventory tightly with a goal of maintaining and potentially building on 2020 progress, keeping in mind we are likely to see cost headwinds for the remainder of the year. For OpEx, we will manage tightly and focus on using a portion of our occupancy savings to fund increased fulfillment, marketing and digital investments. For the second quarter, we are planning as follows: net sales to be at or above 2019 level, which was approximately $841 million. We do not expect an increase in government-mandated store closures from today's levels and are awaiting full clarity on when remaining countries in EMEA will fully reopen. Our plan also reflects the expectation that we will continue to successfully manage through ongoing supply chain constraints and labor shortages. Gross profit rate is to be up at least 200 basis points from 60.7% last year. We remain cautiously optimistic in our ability to drive AUR improvements through lower promotion and clearance activity and to realize potential FX benefits. This should be partially offset by elevated product costs. Operating expense, excluding other operating income, to be up 15% to 20% to last year's adjusted non-GAAP level of $404 million, reflecting lower occupancy, offset by the reversal of certain 2020 COVID-related savings, higher fulfillment costs and higher marketing, payroll and digital project spend. With that, operator, we are ready for questions. Q U E S T I O N S A N D A N S W E R S Operator (Operator Instructions) And we will begin with Dana Telsey with Telsey Advisory Group. Dana Lauren Telsey - Telsey Advisory Group LLC - CEO & Chief Research Officer And congratulations on such nice progress. On the product side, Social Tourist is very exciting. I've already had two 15-year-olds like rage about it in terms of the excitement there. What are you seeing for that brand? And what are you seeing in each -- in Hollister and Abercrombie and men's and women's? Will it be as big a denim back-to-school season as we're all expecting it to be? And then, Scott, can you just unpack expenses, port congestion or labor costs, how you're planning for those expense elements? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Good morning, Dana. So we are also incredibly excited about Social Tourist. I mean it truly is a groundbreaking opportunity for us and for the industry, frankly. To partner with Charlie and Dixie D'Amelio, two of the largest influencers out there in social media today with over 250 million followers is an incredible partnership. I think you know that partnership with them started back in '20 and back-to-school. And the work that we've done with them has been successful from that point forward. So we thought what better time than now, coming out of COVID, coming out of 2020, 7 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

a stronger, faster, smarter company to kick off a new brand. What we've seen so far, 25 million views just on their brand video, 85 million impressions. So as you know, it just launched. We will update everybody throughout the year on the excitement, but so far, lots of excitement around the brand. Regarding denim, we are in an exciting denim trend. It started probably within -- about a year ago when we saw this shift both from a rise perspective as well as from a leg perspective, and the consumer is responding quickly. It's funny today with TikTok, one of the leading influencers of fashion out there, as soon as the kids and the young millennials saw this shift, they were excited to get out there and buy these new denim choices. So we believe across both brands, back-to-school at Hollister, and we call it back-to-fall for the millennial customer for Abercrombie, we see denim opportunity. And with that, I'll give it to Scott to go through the... Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Okay. I will unpack some expenses here. So on the first one, port congestion and transportation cost, yes, there is definitely inflation here, pretty much in every mode and channel and also some delays on top of that getting product in. We have an amazing supply chain team, and they are doing everything they can to use pretty much every tool in the toolkit to enable us to get our product here at the best cost. But we do expect to see inflation there in the product cost on the transportation side but also on the commodity side as we've seen cotton prices tick up. It's just going to put more importance on the AUR side of the business. It's going to enforce us to deliver amazing product, which is what we try to do every day and also keep our inventories in line so that we can deliver a great AUR to offset some of these costs. On the labor side, we are seeing some labor inflation. There's always inflation with labor as rates go up each year. We are seeing some shortages in certain markets around the country. Our store teams are managing that on a case-by-case basis, a city-by-city basis as well as the ongoing inflation we've seen in the distribution center. So more inflation. It's booked into our outlook, and it's something that we feel we can lap. And the great thing is with all the progress we've made around store occupancy, we can absorb some of these shocks to the system in the near term. Operator We'll now move to our next question that will come from Paul Lejuez with Citi. Kelly Crago - Citigroup Inc., Research Division - VP This is Kelly Crago on for Paul. Just curious if you could provide any color on 2Q trends and whether you're seeing acceleration in trends versus the first quarter. And any chance you could provide more color on how the brands did in the U.S. versus international? Obviously, performance for both brands is impressive. Just curious if Hollister's underperformance versus A&F has something to do with their store closure in Europe where there were store closings. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Kelly, it's Scott, I'll kick this one off. So thinking about the acceleration in Q1, so great business in Q1, have seen that momentum continue here into Q2. I won't give numbers per se on Q2, but just would say that it's given us the confidence, even though May is the smallest month of the quarter, to put a target out there for Q2 that is at or above 2019 levels, which is a good thing because as coming into this year, we were all wondering in this company, I'm sure in others, when we're going to get back to those 2019 levels, so good progress here. The brands in the U.S., both brands performed quite well in the U.S. in Q1, really outperformance 18% up versus Q1 2019 was just stellar. And really all the work that we've done around the product and the marketing really came through as the customer started coming back out here in Q1. Thinking about Europe, continues to be very lumpy. In Europe, I would say, some countries have reopened. As those countries were closed, we really shifted to digital, kept that inventory moving and saw some nice results on the digital side. Have seen nice acceleration as countries reopened. There's definitely some pent-up demand out there but still lacks some clarity. Germany is a big country for us, and we still have a chunk of stores 8 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

that are shopped by-appointment only. So it will be nice to see those stores get open and stay open. Hopefully, that will happen here in Q2, but in the meantime, we'll just read and react. Kelly Crago - Citigroup Inc., Research Division - VP Got it. And just curious with the strength in margins you're seeing this year. How are you thinking about the long-term margin opportunities since it seems that you could exceed your sort of 6% EBIT margin target this year? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Yes, we -- getting back to that 6% margin target out there, we remain committed to that target. We obviously took a little pause last year on our progress with COVID, but we're excited to get back on track. And the great thing about last year is though even though we lost a big chunk on the top line, we made great progress on controlling what we can control, which is the expense side of the business and the inventory side of the business. The inventory enabled us to expand gross margins last year and again into Q1. And the expense side really set up for a great flow-through that you saw there in Q1. So we're confident that as we move forward and we can get that top line coming back to those 2019 levels and keep that gross margin where it is. AURs up but offsetting some of those costs that are coming at us, we have the right cost base to have a great flow-through and hopefully deliver that. Not giving a full year outlook at this point, just Q2, but we remain on track. Operator Susan Anderson with B. Riley has the next question. Susan Kay Anderson - B. Riley Securities, Inc., Research Division - Analyst Nice job on the quarter. Nice to see the strong sales there. I'm curious how you're thinking about back-to-school this year. As kids get back to school and then cycling of virtually no back-to-school last year, are you planning that to start off in July this year? And then also, are you expecting to see a benefit as the child tax credit rolls out? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Good morning, Susan. So we are looking forward to a more normalized back-to-school this year, but we're still waiting to hear, obviously, from a lot of states, on whether or not that is actually going to happen. So we're continuing to be cautiously optimistic about the back half. We're continuing to really take those disciplines that we learned from last year on managing our inventory tightly. We can react very well to our business. We're working still weekly with the team to read and react to what's happening and be able to chase the business, which is an amazing place for us to be. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Yes, I'll grab the child tax credit rollout. Hopefully, we'll see a bit of an impact on our business. We do have a younger -- we tilt to the younger side of the spectrum on the customer base. Looking back to Q1, we feel like we saw an impact positively on our business from stimulus. Hard to value that and put a number around it. But if we continue to see that and the child tax credit does roll out, hopefully, we'll see that as back-to-school is happening all at the same time. 9 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

Susan Kay Anderson - B. Riley Securities, Inc., Research Division - Analyst Great. And then just to follow up on inventory. It sounds like you're still planning very conservatively. Should we expect that to be down also the rest of the year? And then just if you could talk about your expectations around the promotional environment as we kind of go throughout the year if you're expecting that to remain very lean and rational. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Yes. I mean as far as inventory goes, as I had mentioned, we are going to plan lean inventory. We have learned that there's a real pivot happening in our industry, and it's very exciting. That's the supply and demand is proving out, that we can grow our margins and get higher AUR for our products. So we will continue to be lean. The best news is that we can chase the business. We've got a very agile supply chain. We produce in 17 countries around the world, and the team is very agile and being able to respond -- my voice here, sorry. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO I'll grab the promotional part. The promotion environment has been good. You can see that across the industry, which is exciting, but you still have to have great products, and keeping the inventory in line is very necessary to make that happen in the future. We'll see what happens in the future. We're going to play our hand, that's for sure. We're going to deliver great product, have awesome marketing campaigns and keep our inventory in line, and that puts us in control of our promotional cadence, and that's how we're going to plan it. To your first question there around inventory, it's really all connected. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Sorry about that. Before our next question, operator, I guess there's been some incoming questions about Gilly Hicks. Gilly Hicks was up 90%. There was some confusion that they thought, I said 9% but it was up 90%. Operator We'll now move to the next question from Jay Sole with UBS. Jay Daniel Sole - UBS Investment Bank, Research Division - Executive Director and Equity Research Analyst of Softlines & Luxury Great. I guess my question is just on the margins, the -- just curious about the sustainability of the EBIT margin in Q1. I mean the guidance for Q2 suggests the EBIT margin will get close to where you did in Q1. And then typically, the second half of the year, the EBIT margin seasonally are higher than Q1. And I guess my question is really, how do we think about the EBIT margin in the second half of the year given what you've delivered in the first half of the year? And I guess, Scott, specifically on the SoHo Hollister store, was that -- what was the profitability of that store? Was that a negative profitability store? Any color on that would be also appreciated. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO I'll kick off SoHo. So that store was a drag. We closed that store. We went dark in that store back in Q2 2019 but we still had a rent stream going forward. And so it was nice to put some cash to work. We had the excess cash on our balance sheet to be able to pay off that lease liability in full at a discount. So it's good to get that out of the cash flow base and off the liability side of the ledger. As we think about EBIT margins for the second half, we're not talking about the second half at this point. We're only going to focus on Q2 and our outlook. But to your point around sustainability, that's really what we've been trying to do as a company for the last 3 years, reduce occupancy expense, reduce the fixed side of that expense as our customer continues to shift over to the digital side, which brings along much more variable. 10 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

And so with last year's store closures and rent negotiations, we've taken out $100-plus million of store occupancy versus 2019 levels, which should enable us to have more consistent operating margins go forward if, and it's a big if, if you can keep getting that top line and keep good stable gross margins. So that's the formula that we're working with and good progress on Q1. The outlook that we've laid out there for Q2 puts us in that same range. So that's what it's all about for us, closing the gap to some of our peers, which we've owed our investors for a long time. Operator Matthew Boss with JPMorgan has the next question. Matthew Robert Boss - JPMorgan Chase & Co, Research Division - MD and Senior Analyst Great. And congratulations on the improvement across both brands. Maybe, Fran, could you just speak maybe on that topic to the balanced strength that you're seeing across both of your brands that, with that, the merchandising and marketing initiatives that I know over the past few years that you've put in place to really differentiate the concept? And then as we look forward, how best -- or is there any way to think about the market share opportunity that you see? And just where do we go from here? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Okay. So let's take that back to the start. So it is pretty exciting to see that we are -- that we have strengthened in all of our brands today and across genders. The balance that we're seeing in our business is super exciting. And it is a result, to your point, Matt, of a lot of years of hard work and really setting each of the brands on their own path. So where we have Abercrombie resonating, it's a really modern new version of the brand, and it's resonating with that young millennial and appealing to their lifestyle. That, coupled with the voice and the experience, as we like to say, when those things come together, we see a true win. The women's business, particularly, is just a complete industry standout. It's just fantastic what's happening in that business. She is responding to everything from our 96 Hour Collection, which is more about cozy stay-at-home to dresses, which are just terrific. So she's getting ready to also to go out. So we're providing her, candidly, with a balanced assortment, and it's appealing to each part of her lifestyle. In Hollister, again, product voice and experience coming together. Both girls and boys are resonating. The girls business as well has a nice dress business happening. So she's obviously getting ready to go out and see the world again. And denim, denim across both brands and across all genders has been strong. Lots of exciting things that are happening within denim. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Yes. Let me grab the second part here on market share. We do feel like we have a market share opportunity across our brands. When you think back to where we peaked in sales back in 2012, we've ceded margin within the industry to other apparel retailers, but we've also ceded it outside the industry to technology and experiences and things like that. So we do have an opportunity to go grab share. The grab share is about delivering amazing product and an awesome marketing message. We have built that marketing muscle over the past couple of years, and we feel great about how each of our brands, all of our brands, are positioned from a marketing perspective. The things we're doing on social media, very innovative. Social Tourist is just a more recent example of that. So we think that the combination of that product, voice and experience, is the right formula. If we can deliver it, we can go get share. Operator Janine Stichter with Jefferies has the next question. 11 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

Janine M. Stichter - Jefferies LLC, Research Division - Equity Analyst Congrats on the progress. I wanted to ask a bit about marketing. It seems like you're definitely earning a return on the spend there. I'm wondering if there's any way to quantify the higher spend this year, and maybe talk a little bit about the plans. It sounds like a lot of it is going towards digital but maybe any more color by brand or channel? And then also want to ask about pricing. AUR is obviously very strong. Wondering if you've taken price up at all on like-for-like product. And if not, if that's something you would consider just as we start to get the hit from some of these raw materials costs coming in. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Yes, we're going to start that one backwards, Janine. We're going to start with the pricing. We are actually very comfortable with our product pricing across all of our brands. What's super exciting is that what we've talked about for years is being able to reduce our discount to ticket and being less promotional, and that's really what we're seeing out there. So we're -- again, we're pleased with our ticket pricing and very happy to see that we've been able to reduce a lot of the promotions. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Back to the marketing. This is an area of investment for the company. We will be above last year and also above 2019. Like I just mentioned in the last one, we have built great marketing teams, and each brand is very dialed into how they're marketing to their direct customer. So as we think about spending plans going forward, we're kind of -- we're a test-and-learn culture here. We continue to test different opportunities across the marketing spectrum, across digital channel -- different digital channels and platforms. And we're excited about the returns we've seen, and we're going to continue to fuel that top line growth with more marketing. Operator We will now take a question from Mark Altschwager with Baird. Sarah L. Goldberg - Robert W. Baird & Co. Incorporated, Research Division - Research Analyst This is Sarah Goldberg on for Mark. It's been great to see the high level of engagement behind the Social Tourist launch. Two questions there. How are you thinking about the incrementality of this brand versus the current offering at Hollister? And then are there any differences in terms of gross margins or overall profitability we should be mindful of, given the new collaboration structure? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Yes. I mean, the way that we look at Social Tourist is it's creating a really exciting halo for the Hollister brand. What we saw, we started to partner with Charlie and Dixie early last year. We saw them bring in a new customer base for us. They tend -- the girls tend to have a more forward -- we talk a lot here about the trend pyramid. So they're a little bit more top of the pyramid and a little bit more advanced than our customers today. So a lot of what they will be doing will be showing new trends a little bit earlier on. We can then take that information and apply it to our Hollister brand. So there's lots of exciting angles with working with Social Tourist, and these girls are very close to this Gen Z consumer, as are we. They've learned a lot from us. We've learned a lot from them, and that's how we're going to continue to look at it as we move forward. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO On the financial side of it, the gross margin is relatively consistent with the other brands. And when we think about the operating margins, there'll be a bit of a startup cost here as we continue to ramp that up from 0 this year. So there'll be -- it'll be less of an operating margin generator than the other brands. But like Fran just mentioned, the halo that we expect to see around the Hollister brand should be a good benefit. 12 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

Operator And Janet Kloppenberg with JJK Research Associates has the next question. Janet Joseph Kloppenburg - JJK Research Associates, Inc. - President Congratulations on the strong improvement. I got on a little bit late, Scott, so forgive me. But can you talk about , Scott, traffic levels? What you're seeing there month-by-month and how that may change your view on digital gains as we go forward, and some of the puts and takes on margin associated with that mix change? And also, I was wondering about the strong full-price selling, Fran, and if you thought that maybe some price increases could take place given how much your product is resonating. And just lastly on Gilly, what do the margins look like there? And could that be a spinoff concept? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO So start with the beginning, yes. All right. So store traffic levels by month, not going to get into the details by month. But what I would say is that store traffic remains negative as we look back to 2019 and obviously positive versus 2020 since they were barely open. But it is, kind of is what it is. The economy is reopening slowly, faster in some places. You see a pretty much of a very scattered response across the U.S. and Europe, and that's fine. Does not change our view at all on digital gains. Our customer is a digital-first mindset. They're on the younger side of the age group. So everything starts on digital and sometimes it ends in the stores and sometimes it ends online. So no change there. As we think about margins, for us, the formula has been, as the customer continues to shift online, we need to pay less rent and have less store expense if they're not there. So that's a lot of the work that we had done last year. We saw that play out here in Q1. So longer term, no change in our thinking about that balance. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director And regarding -- I think the question was full-price selling and taking prices up. So regarding full-price selling, as we've mentioned, we could not be more excited about the product acceptance that we're getting from our consumer. It really speaks to 2 key things: the right product and then this opportunity to really manage our inventory much tighter than we ever had in the past. So we are not looking to currently raise our prices. What we've been able to do is reduce our promotions and our discounted ticket. And that has really been something we've been working on and trying to get to for quite some time. So it's been exciting to realize that. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO And on Gilly Hicks, the last piece, margins have been improving, which is great. We've built a great team within Gilly Hicks. They're expanding the assortment. And with that assortment expansion, we've seen margins come up, which is good. A spin-off concept, we're not thinking about it that way at this point. We think it's a nice growth vehicle, and we're putting the resources behind that from people and from a marketing side as well as the assortment in inventory like we just talked about. So we look at that as a growth vehicle for the company, and we'll focus on it that way. Operator We'll now hear from Marni Shapiro with Retail Tracker. Marni Shapiro - The Retail Tracker - Co-Founder Congratulations, everybody. The stores have looked absolutely fantastic. I have a couple of product questions, if you wouldn't mind. They're quick short ones. Since restrictions have been eased across the country and in parts of Europe, have you seen a shift in the type of products that are selling? Or has that been pretty consistent through the first quarter? And could you talk a little bit also about your product quality? You guys have 13 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

always had good product quality. There was a period of time where maybe it got a little bit less at some point, I think even before your time maybe, a while ago. But it's really improved across some of the categories in the stores, especially at Abercrombie, if you could touch a little bit on that. And then just a follow-up on all the Social Tourist commentary, which I'm obsessed with. Is there an opportunity to partner with an influencer or somebody like Charlie and Dixie at the Abercrombie brand? And would you consider that? Sorry for so many. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director That's okay. Let me go back to the first question, starting, have we seen a shift in the product. It's interesting. We have seen an incredible acceleration of our dress business across both brands. But with that said, Marni, we saw a strong dress business throughout 2020 and throughout the shutdowns. So we have seen a shift, but our team is focused on, really, as you know, staying as close as consumer as we can, only understanding what he and she are up to in their lifestyle, and they still need a balance. There's still some work from home. There's -- now they're starting to get out. But I would say that the biggest shift is dresses, was strong, is even stronger now, and that's true for both brands. Thank you on your -- for your comments on quality. When I first got here, that was probably one of the very first initiatives I took on. The brand has -- both brands, Hollister and Abercrombie, had really lost their focus on the quality, which had been inherently part of our legacy and our DNA. We are absolutely back to that commitment. The product that we are putting out there and the value equation that we provide for our consumer is terrific. And we're hearing it from he and she all the time in social media and how much that they're realizing it. So thank you for that. Starting your third question on partnerships. We actually have partnerships across all of our brands. Currently, we have terrific partnerships as an example, in Abercrombie women's. We work with a lot of affiliates that sell our product on social channels. They're introducing a lot of new consumers to our brands through that vehicle. So it is something -- it goes to our real industry-leading social commerce opportunity that we talk about all the time and what we're doing here with social commerce. Marni Shapiro - The Retail Tracker - Co-Founder Would you consider doing a product launch with any of them? Or is it more just the affiliate marketing and things like that? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Yes, at this point, what's working for us is working with them as affiliates, and that's kind of our focus at the moment. Operator (Operator Instructions) We will now hear from Dylan Carden with William Blair. Dylan Douglas Carden - William Blair & Company L.L.C., Research Division - Analyst Awesome. I was just curious. I appreciate for acknowledging that it might be a little bit early for this question. But just on the retail footprint, you guys have been ahead of the curve there, and you're kind of highlighting some of the combination of those efforts here on this print. Just any commentary about how you're feeling about closures go forward, give and take, between the 2 channels now that you've made a lot of efforts to kind of link them up would just be appreciated. Just sort of appreciate any sort of comments you can provide there. 14 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director I think, Dylan, it is early. We are excited about the progress we were able to make in 2020, as you noted, closing an additional 130-plus stores and really taking that very unproductive square footage out of our store base. We still have an opportunity. We keep 50% of our leases up for renewal over the next couple of years. We keep a very fluid lease stack. Those negotiations candidly haven't started yet for this year. So as we head into the back half of the year and we start those negotiations with our landlord, we'll have more to report at that point. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Yes, just to add on a little bit. As we think about more broadly how the store network plays with digital, it's really about supporting the omnichannel experience in a certain market. And that's really how we look at it, how many stores you need in a particular city or a catchment to drive the total omnichannel business and what size should those stores be. We've been shrinking our stores. You've been on this journey with us for years. We need to continue to do that. We still have some stores that are oversized. So we still have an opportunity to thin out that square footage. But really, when you take a step back, it's about supporting that omnichannel brand experience within each market. Operator And with that, ladies and gentlemen, this will conclude your question-and-answer session for today. I will turn the call back over to Fran Horowitz for any additional or closing remarks. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Thanks. So thank you, everyone, for participating in our call today. I hope you all enjoy your summer, and I look forward to speaking with you in August when we report our second quarter results. Operator With that, we will conclude today's conference. Thank you for your participation, and you may now disconnect. D I S C L A I M E R Refinitiv reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES REFINITIV OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. ©2021, Refinitiv. All Rights Reserved. 14687019-2021-05-26T21:46:32.933 15 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2021 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 26, 2021 / 12:30PM, ANF.N - Q1 2021 Abercrombie & Fitch Co Earnings Call

XML

Cover	May 26, 2021
Cover [Abstract]
Entity Registrant Name	Abercrombie & Fitch Co.
Document Type	8-K
Document Period End Date	May 26, 2021
Entity Incorporation, State or Country Code	DE
Entity File Number	1-12107
Entity Tax Identification Number	31-1469076
Entity Address, Address Line One	6301 Fitch Path
Entity Address, City or Town	New Albany
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43054
City Area Code	(614)
Local Phone Number	283-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value
Trading Symbol	ANF
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001018840
Amendment Flag	false