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): November 23, 2021

Abercrombie & Fitch Co.

(Exact name of registrant as specified in its charter)

Delaware			1-12107	31-1469076
(State or other jurisdiction of incorporation)			(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 November 23, 2021, Abercrombie & Fitch Co. (the “Company”) issued a news release (the “Release”) reporting the Company’s unaudited financial results for the third quarter ended October 30, 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, the second quarter ended July 31, 2021, the third quarter ended October 30, 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 third quarter ended October 30, 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. Information on the Company’s website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the Securities and Exchange Commission.

The Company’s management conducted a conference call on November 23, 2021 to review the Company’s financial results for the third quarter ended October 30, 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 8.01. Other Events.

As announced in the Release, the Board of Directors of the Company approved a new share repurchase program pursuant to which the Company may, from time to time, repurchase up to $500 million of the Company’s Class A Common Stock. This authorization replaced the February 2021 share repurchase authorization, which had approximately 3.9 million shares remaining available for repurchase upon its cancellation.

The new repurchase authorization has no time limit and does not require the repurchase of a minimum number of shares. Shares may be repurchased on the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and actual number of common shares to be repurchased will depend upon market conditions, eligibility to trade, and other factors.

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 November 23, 2021
99.2	Additional unaudited financial information made available by Abercrombie & Fitch Co. on November 23, 2021
99.3	Investor presentation of results for the first quarter ended October 30, 2021 made available by Abercrombie & Fitch Co. on November 23, 2021
99.4	Transcript of conference call held by management of Abercrombie & Fitch Co. on November 23, 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: November 24, 2021	By:	/s/ Scott Lipesky
		Scott Lipesky
		Executive Vice President and Chief Financial Officer

EX-99.1

ABERCROMBIE & FITCH CO. REPORTS THIRD QUARTER RESULTS

Achieves best third quarter operating income and operating margin since 2012

Announces Board of Director’s approval of $500 million share repurchase program

New Albany, Ohio, November 23, 2021: Abercrombie & Fitch Co. (NYSE: ANF) today announced results for the third quarter ended October 30, 2021. These compare to results for the third quarter ended October 31, 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, “We were very pleased with our third quarter results. Total net sales grew 10% year-over-year, or 5% from 2019 levels. Our largest market, the U.S., experienced ongoing strength, growing 17% on a one-year and 12% on a two-year basis. Digital net sales rose 8% from last year, representing 46% of total third quarter sales. Gross profit rate declined 30 basis points on a one-year and increased 360 basis points on a two-year basis, benefiting from AUR improvements, offset by elevated supply chain costs. Combined with ongoing tight expense controls, we achieved an 8% operating margin, representing our best third quarter operating margin and income since 2012.”

“The start of the holiday season has been promising. Customers have come out early to shop and have been responding well to assortments. We continue to actively manage through ongoing supply chain constraints, including production and delivery delays and elevated costs, and are confident that we have the product, marketing voice and omnichannel experience to surprise and delight new and existing customers throughout the fourth quarter.”

Details related to net income per diluted share for the third quarter are as follows:

	2021		2020
GAAP	$	0.77	$	0.66
Excluded items, net of tax effect (1)	(0.09)		(0.09)
Adjusted non-GAAP	$	0.86	$	0.76
Impact from changes in foreign currency exchange rates (2)	—		(0.05)
Adjusted non-GAAP constant currency	$	0.86	$	0.71

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

(2)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 third quarter ended October 30, 2021 as compared to the third quarter ended October 31, 2020:

•Net sales of $905 million, up 10% as compared to last year and up 5% as compared to pre-COVID 2019 third quarter net sales.

•Digital net sales of$413 millionincreased 8% as compared to last year and increased 55% as compared to pre-COVID 2019 third quarter digital net sales.

•Gross profit rate of63.7%, down approximately30 basis points as compared to last year and up approximately 360 basis points as compared to 2019. The year-over-year decline is driven by approximately 300 basis points of higher average unit cost from freight inflation and efforts to offset supply chain issues, almost fully offset by higher average unit retail on lower promotions.

•Operating expense, excluding other operating income, net, was up 8% compared to last year and remained flat as compared to 2019. The year-over-year increase reflects an increase in marketing expenses and payroll and a decrease in store occupancy. Operating expense as a percentage of sales decreased to 55.8% from 56.8% last year and from 58.4% as compared to 2019.

•     Operating income of $73 million and $79 million on a reported and adjusted non-GAAP basis, respectively, as compared to operating income of $59 million and $65 million last year, on a reported and adjusted non-GAAP basis, respectively.

•Net income per diluted share of $0.77 and $0.86 on a reported and adjusted non-GAAP basis, respectively, as compared to net income per diluted share last year of $0.66 and $0.76 on a reported and adjusted non-GAAP basis, respectively.

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Net Sales

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

(in thousands)	2021		2020		2019		1 YR % Change	2 YR % Change
Net sales by brand:
Hollister (1)	$	522,311	$	476,665	$	514,772	10%	1%
Abercrombie (2)	382,849		342,988		348,700		12%	10%
Total company	$	905,160	$	819,653	$	863,472	10%	5%
Net sales by region: (3)	2021		2020		2019		1 YR % Change	2 YR % Change
United States	$	654,858	$	557,814	$	583,593	17%	12%
EMEA	179,156		190,214		191,977		(6)%	(7)%
APAC	38,215		43,618		55,910		(12)%	(32)%
Other (4)	32,931		28,007		31,992		18%	3%
International	$	250,302	$	261,839	$	279,879	(4)%	(11)%
Total company	$	905,160	$	819,653	$	863,472	10%	5%

(1)    Hollister includes the Hollister, Gilly Hicks and Social Tourist brands.

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

(3)    Net sales by geographic area are presented by attributing revenues to an individual country on the basis of the country in which the merchandise was sold for in-store purchases and on the basis of the shipping location provided by customers for digital orders.

(4)    Other includes all sales that do not fall within the United States, EMEA, or APAC regions.

Financial Position and Liquidity

As of October 30, 2021 the company had:

•Cash and equivalents of $0.9 billion. This compares to cash and equivalents of $1.1 billion and $0.8 billion as of January 30, 2021 and October 31, 2020, respectively.

•Inventories of $544 million, steady compared to October 31, 2020.

•Long-term gross borrowings under the company’s senior secured notes of $308 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 $271 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 $1.2 billion as of January 30, 2021 and October 31, 2020, respectively.

Cash Flow and Capital Allocation

Details related to the company’s cash flows for the year-to-date period ended October 30, 2021 are as follows:

•Net cash provided by operating activities of $131 million.

•Net cash used for investing activities of $62 million.

•Net cash used for financing activities of $304 million.

The company repurchased approximately 2.7 million shares during the third quarter and has returned $235 million to shareholders during the year-to-date period ended October 30, 2021 through share repurchases. The company’s Board of Directors approved a new share repurchase program of up to $500 million of outstanding common stock, replacing the February 2021 share repurchase program of 10 million shares, which had approximately 3.9 million shares remaining. The timing and actual number of common shares to be repurchased will depend upon market conditions, eligibility to trade, and other factors.

During the second quarter of fiscal 2021, the company spent $47 million to purchase $42.3 million at par value of its senior secured notes. During the first quarter of fiscal 2021, the company paid $64 million to settle all remaining obligations related to the SoHo Hollister flagship store in New York City, which reduced the company’s operating lease liabilities by $65 million and eliminated future interest expense related to this obligation.

Depreciation and amortization was $108 million for the year-to-date period ended October 30, 2021.

Conference Call

Today at 8:30 AM, ET, the company will conduct a conference call and provide additional details around its quarterly results and its outlook for the fourth quarter. 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 1289887 or through

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corporate.abercrombie.com. A presentation of third 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,” “should,” “are confident,” 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; in the past, we have identified a material weakness in our internal control over financial reporting and may identify additional material weaknesses in the future. 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, omnichannel specialty retailer of apparel and accessories for men, women and kids through five renowned brands. The iconic Abercrombie & Fitch brand was born in 1892 and aims to make every day feel as exceptional as the start of a long weekend. abercrombie kids sees the world through kids’ eyes, where play is life and every day is an opportunity to be anything and better anything. The Hollister brand believes in liberating the spirit of an endless summer inside everyone and making teens feel celebrated and comfortable in their own skin. Gilly Hicks, offering intimates, loungewear and sleepwear, is designed to give all Gen Z customers their daily dose of happy. Social Tourist, the creative vision of Hollister and social media personalities, Dixie and Charli D’Amelio, offers 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. Abercrombie & Fitch Co. operates approximately 730 stores under these

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brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com, www.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
	October 30, 2021		% of Net Sales		October 31, 2020		% of Net Sales
Net sales	$	905,160	100.0	%	$	819,653	100.0	%
Cost of sales, exclusive of depreciation and amortization	328,916		36.3	%	295,220		36.0	%
Gross profit	576,244		63.7	%	524,433		64.0	%
Stores and distribution expense	351,804		38.9	%	346,263		42.2	%
Marketing, general and administrative expense	146,269		16.2	%	121,000		14.8	%
Flagship store exit benefits (costs)	11		0.0	%	(8,063)		(1.0)	%
Asset impairment, exclusive of flagship store exit charges	6,749		0.7	%	6,329		0.8	%
Other operating (income) expense, net	(1,320)		(0.1)	%	288		0.0	%
Operating income	72,731		8.0	%	58,616		7.2	%
Interest expense, net	7,270		0.8	%	8,808		1.1	%
Income before income taxes	65,461		7.2	%	49,808		6.1	%
Income tax expense	16,383		1.8	%	5,779		0.7	%
Net income	49,078		5.4	%	44,029		5.4	%
Less: Net income attributable to noncontrolling interests	1,845		0.2	%	1,758		0.2	%
Net income attributable to Abercrombie & Fitch Co.	$	47,233	5.2	%	$	42,271	5.2	%
Net income per share attributable to Abercrombie & Fitch Co.:
Basic	$	0.80			$	0.68
Diluted	$	0.77			$	0.66
Weighted-average shares outstanding:
Basic	58,796				62,558
Diluted	61,465				63,877

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Abercrombie & Fitch Co.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
	Thirty-nine Weeks Ended				Thirty-nine Weeks Ended
	October 30, 2021		% of Net Sales		October 31, 2020		% of Net Sales
Net sales	$	2,551,415	100.0	%	$	2,003,340	100.0	%
Cost of sales, exclusive of depreciation and amortization	916,552		35.9	%	791,154		39.5	%
Gross profit	1,634,863		64.1	%	1,212,186		60.5	%
Stores and distribution expense	994,347		39.0	%	978,757		48.9	%
Marketing, general and administrative expense	391,129		15.3	%	326,509		16.3	%
Flagship store exit benefits	(1,177)		0.0	%	(12,490)		(0.6)	%
Asset impairment, exclusive of flagship store exit charges	10,199		0.4	%	57,340		2.9	%
Other operating income, net	(4,586)		(0.2)	%	(1,562)		(0.1)	%
Operating income (loss)	244,951		9.6	%	(136,368)		(6.8)	%
Interest expense, net	27,151		1.1	%	19,277		1.0	%
Income (loss) before income taxes	217,800		8.5	%	(155,645)		(7.8)	%
Income tax expense	15,560		0.6	%	38,565		1.9	%
Net income (loss)	202,240		7.9	%	(194,210)		(9.7)	%
Less: Net income attributable to noncontrolling interests	4,739		0.2	%	2,203		0.1	%
Net income (loss) attributable to Abercrombie & Fitch Co.	$	197,501	7.7	%	$	(196,413)	(9.8)	%
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	3.24			$	(3.14)
Diluted	$	3.10			$	(3.14)
Weighted-average shares outstanding:
Basic	60,879				62,541
Diluted	63,770				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) digital net 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 October 30, 2021
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded items		Adjusted non-GAAP
Asset impairment, exclusive of flagship store exit charges (2)	$	6,749	$	6,749	$	—
Operating income	72,731		(6,749)		79,480
Income before income taxes	65,461		(6,749)		72,210
Income tax expense (3)	16,383		(1,375)		17,758
Net income attributable to Abercrombie & Fitch Co.	$	47,233	$	(5,374)	$	52,607
Net income per diluted share attributable to Abercrombie & Fitch Co.	$	0.77	$	(0.09)	$	0.86
Diluted weighted-average shares outstanding:	61,465				61,465

(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 $6.7 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 October 31, 2020
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded items		Adjusted non-GAAP
Asset impairment, exclusive of flagship store exit charges (2)	$	6,329	$	6,329	$	—
Operating income	58,616		(6,329)		64,945
Income before income taxes	49,808		(6,329)		56,137
Income tax expense (3)	5,779		(369)		6,148
Net income attributable to Abercrombie & Fitch Co.	$	42,271	$	(5,960)	$	48,231
Net income per diluted share attributable to Abercrombie & Fitch Co.	$	0.66	$	(0.09)	$	0.76
Diluted weighted-average shares outstanding:	63,877				63,877

(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 $6.3 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.
Schedule of Non-GAAP Financial Measures
Thirty-nine Weeks Ended October 30, 2021
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded items		Adjusted non-GAAP
Asset impairment, exclusive of flagship store exit charges (2)	$	10,199	$	10,199	$	—
Operating income	244,951		(10,199)		255,150
Income before income taxes	217,800		(10,199)		227,999
Income tax expense (3)	15,560		(2,048)		17,608
Net income attributable to Abercrombie & Fitch Co.	$	197,501	$	(8,151)	$	205,652
Net income per diluted share attributable to Abercrombie & Fitch Co.	$	3.10	$	(0.13)	$	3.22
Diluted weighted-average shares outstanding:	63,770				63,770

(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 $10.2 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
Thirty-nine Weeks Ended October 31, 2020
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded items		Adjusted non-GAAP
Asset impairment, exclusive of flagship store exit charges (2)	$	57,340	$	57,340	$	—
Operating loss	(136,368)		(57,340)		(79,028)
Loss before income taxes	(155,645)		(57,340)		(98,305)
Income tax expense (3)	38,565		(3,635)		42,200
Net loss attributable to Abercrombie & Fitch Co.	$	(196,413)	$	(53,705)	$	(142,708)
Net loss per diluted share attributable to Abercrombie & Fitch Co.	$	(3.14)	$	(0.86)	$	(2.28)
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 $57.3 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.

10

Abercrombie & Fitch Co.
Reconciliation of Constant Currency Financial Measures
Thirteen Weeks Ended October 30, 2021
(in thousands, except percentage and basis point changes and per share data)
(Unaudited)
	2021		2020		% Change
Net sales
GAAP (1)	$	905,160	$	819,653	10%
Impact from changes in foreign currency exchange rates (2)	—		3,540		—%
Net sales on a constant currency basis	$	905,160	$	823,193	10%
Gross profit	2021		2020		BPS Change (3)
GAAP (1)	$	576,244	$	524,433	(30)
Impact from changes in foreign currency exchange rates (2)	—		(1,702)		50
Gross profit on a constant currency basis	$	576,244	$	522,731	20
Operating income	2021		2020		BPS Change (3)
GAAP (1)	$	72,731	$	58,616	80
Excluded items (4)	(6,749)		(6,329)		10
Adjusted non-GAAP	$	79,480	$	64,945	90
Impact from changes in foreign currency exchange rates (2)	—		(4,067)		50
Adjusted non-GAAP constant currency basis	$	79,480	$	60,878	140
Net income per diluted share attributable to Abercrombie & Fitch Co.	2021		2020		$ Change
GAAP (1)	$	0.77	$	0.66	$0.11
Excluded items, net of tax (4)	(0.09)		(0.09)		0.00
Adjusted non-GAAP	$	0.86	$	0.76	$0.10
Impact from changes in foreign currency exchange rates (2)	—		(0.05)		0.05
Adjusted non-GAAP constant currency basis	$	0.86	$	0.71	$0.15

(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 $6.7 million and $6.3 million for the current year and prior year, respectively.

11

Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
	October 30, 2021		January 30, 2021		October 31, 2020
Assets
Current assets:
Cash and equivalents	$	865,622	$	1,104,862	$	812,881
Receivables	83,447		83,857		89,074
Inventories	543,713		404,053		545,548
Other current assets	111,423		68,857		73,776
Total current assets	1,604,205		1,661,629		1,521,279
Property and equipment, net	516,176		550,587		593,932
Operating lease right-of-use assets	762,641		893,989		955,781
Other assets	229,512		208,697		205,970
Total assets	$	3,112,534	$	3,314,902	$	3,276,962
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	424,560	$	289,396	$	334,775
Accrued expenses	355,149		396,365		356,370
Short-term portion of operating lease liabilities	209,812		248,846		255,775
Income taxes payable	39,900		24,792		6,663
Total current liabilities	1,029,421		959,399		953,583
Long-term liabilities:
Long-term portion of operating lease liabilities	$	764,346	$	957,588	$	1,010,051
Long-term borrowings, net	303,247		343,910		343,559
Other liabilities	97,191		104,693		110,965
Total long-term liabilities	1,164,784		1,406,191		1,464,575
Total Abercrombie & Fitch Co. stockholders’ equity	908,934		936,628		849,379
Noncontrolling interests	9,395		12,684		9,425
Total stockholders’ equity	918,329		949,312		858,804
Total liabilities and stockholders’ equity	$	3,112,534	$	3,314,902	$	3,276,962

12

Abercrombie & Fitch Co.
Condensed Consolidated Statements of Cash Flows
(in thousands, except per share data)
(Unaudited)
	Thirty-nine Weeks Ended
	October 30, 2021		October 31, 2020
Operating activities
Net cash provided by operating activities	$	131,287	$	108,894
Investing activities
Purchases of property and equipment	$	(62,223)	$	(91,748)
Withdrawal of funds from Rabbi Trust assets (1)	—		50,000
Net cash used for investing activities	$	(62,223)	$	(41,748)
Financing activities
Proceeds from issuance of senior secured notes	—		350,000
Proceeds from borrowings under the asset-based senior secured credit facility	—		210,000
Repayment of term loan facility borrowings	—		(233,250)
Repayment of borrowings under the asset-based senior secured credit facility	—		(210,000)
Purchase of senior secured notes	(46,969)		—
Payment of debt issuance or modification costs and fees	(2,016)		(7,151)
Purchases of common stock	(235,249)		(15,172)
Dividends paid	—		(12,556)
Other financing activities	(20,124)		(11,742)
Net cash (used for) provided by financing activities	$	(304,358)	$	70,129
Effect of foreign currency exchange rates on cash	$	(8,560)	$	2,269
Net (decrease) increase in cash and equivalents, and restricted cash and equivalents	$	(243,854)	$	139,544
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	$	880,303	$	831,808

(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.

13

Abercrombie & Fitch Co.

Store Count

	Thirteen Weeks Ended October 30, 2021
	Hollister (1)		Abercrombie (2)		Total Company (3)
	United States	International	United States	International	United States	International	Total
July 31, 2021	355	150	179	49	534	199	733
New	1	1	2	1	3	2	5
Permanently closed	(1)	—	—	(2)	(1)	(2)	(3)
October 30, 2021	355	151	181	48	536	199	735
	Thirty-Nine Weeks Ended October 30, 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	9	5	6	3	15	8	23
Permanently closed	(1)	(4)	(15)	(3)	(16)	(7)	(23)
October 30, 2021	355	151	181	48	536	199	735

(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 October 30, 2021, 10 international franchise stores as of July 31, 2021, and 9 international franchise stores as of January 30, 2021. Excludes 14 Company-operated temporary stores as of each of October 30, 2021 and July 31, 2021, and 12 Company-operated temporary stores as of 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 13 international franchise stores as of October 30, 2021, 12 international franchise stores as of and July 31, 2021, and 10 international franchise stores as of January 30, 2021. Excludes four Company-operated temporary stores as of each of October 30, 2021 and July 31, 2021, and two Company-operated temporary stores as of January 30, 2021.

(3)This store count excludes one international third-party operated multi-brand outlet store as of each of October 30, 2021, July 31, 2021, and January 30, 2021.

14

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		Q2		Q3		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	$	864,850	$	905,160	$	2,551,415
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		301,365		328,916		916,552
Gross profit	2,083,842		2,159,916		2,150,918		264,145		423,608		524,433		679,019		1,891,205		495,134		563,485		576,244		1,634,863
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		325,935		351,804		994,347
Marketing, general and administrative expense	471,914		484,863		464,615		108,257		97,252		121,000		137,334		463,843		120,947		123,913		146,269		391,129
Flagship store exit charges (benefits)	2,393		5,806		47,257		(543)		(3,884)		(8,063)		854		(11,636)		(1,100)		(88)		11		(1,177)
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		786		6,749		10,199
Other operating (income) loss, net	(16,938)		(5,915)		(1,400)		506		(2,356)		288		(3,492)		(5,054)		(1,418)		(1,848)		(1,320)		(4,586)
Operating income (loss)	72,050		127,366		70,068		(209,127)		14,143		58,616		115,899		(20,469)		57,433		114,787		72,731		244,951
Interest expense, net	16,889		10,999		7,737		3,371		7,098		8,808		8,997		28,274		8,606		11,275		7,270		27,151
Income (loss) before income taxes	55,161		116,367		62,331		(212,498)		7,045		49,808		106,902		(48,743)		48,827		103,512		65,461		217,800
Income tax expense (benefit)	44,636		37,559		17,371		31,533		1,253		5,779		21,646		60,211		6,121		(6,944)		16,383		15,560
Net income (loss)	10,525		78,808		44,960		(244,031)		5,792		44,029		85,256		(108,954)		42,706		110,456		49,078		202,240
Less: Net income attributable to noncontrolling interests	3,431		4,267		5,602		117		328		1,758		2,864		5,067		938		1,956		1,845		4,739
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	$	108,500	$	47,233	$	197,501

										Fiscal 2020										Fiscal 2021
	2017 (1)			2018			2019			Q1		Q2		Q3		Q4		2020		Q1		Q2		Q3		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	$	1.77	$	0.80	$	3.24
Diluted	$	0.10		$	1.08		$	0.60		$	(3.90)	$	0.09	$	0.66	$	1.27	$	(1.82)	$	0.64	$	1.69	$	0.77	$	3.10
Weighted-average shares outstanding:
Basic	68,391			67,350			64,428			62,541		62,527		62,558		62,581		62,551		62,380		61,428		58,796		60,879
Diluted	69,403			69,137			65,778			62,541		63,286		63,877		64,788		62,551		65,305		64,136		61,465		63,770
Hollister comparable sales (2) (3)	8		%	5		%	(1)		%	Not provided		Not provided		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		Not provided		Not provided
Comparable sales (2)	3		%	3		%	1		%	Not provided		Not provided		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		59,692		57,037		57,037
Number of stores - end of period	868			861			857			853		854		853		735		735		731		733		735		735
Gross square feet - end of period	6,710			6,566			6,314			6,285		6,296		6,235		5,232		5,232		5,189		5,150		5,159		5,159
(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 fiscal 2021 due to widespread temporary store closures as a result of COVID-19.
(3) Hollister includes the Company's Hollister, Gilly Hicks, and Social Tourist brands.
(4) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.

1

EX-99.3

INVESTOR PRESENTATION: THIRD QUARTER 2021

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," "should," "are confident," 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 November 23, 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, Gilly Hicks, and Social Tourist 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. 2

Safe Harbor and Other Information 2 Company Overview 4 Focus Areas 7 Digital Evolution 11 Global Store Network Optimization 13 Q3 2021 Results 16 Financial Position, Liquidity & Capital Allocation 22 Appendix 28 TABLE OF CONTENTS

4 COMPANY OVERVIEW

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. Hollister also carries a lifestyle brand, Gilly Hicks. At Gilly Hicks, we know everyone has their own unique happy place. We exist to help you find yours. Gilly Hicks focuses on underwear, loungewear and activewear designed to give all Gen Z customers their daily dose of happy. 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. 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. 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. COMPANY OVERVIEWOUR FIVE GLOBAL BRANDS 5

6 735 GLOBAL, DIGITALLY-LED OMNICHANNEL RETAILER COMPANY-OPERATED RETAIL STORES THE COMPANY'S PRODUCTS ARE SOLD GLOBALLY, PRIMARILY THROUGH ITS COMPANY-OWNED DIGITAL AND STORE CHANNELS, AS WELL AS THROUGH VARIOUS THIRD-PARTY ARRANGEMENTS CAPABILITY TO SHIP TO OVER 110 COUNTRIES GLOBAL BRANDS 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 OF FISCAL 2020 NET SALES WERE DERIVED DIGITALLY FOR A TOTAL OF $1.7 BILLION Information provided on this slide is as of October 30, 2021 unless otherwise specified. 54% COMPANY OVERVIEW 12 U.S. STORES AVAILABLE TO FULFILL SAME DAY SHIPPING 5 32% 110 9545

FOCUS AREAS 7

OUR PREVIOUSLY-STATED TRANSFORMATION INITIATIVES 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 8

WE ENTERED 2021 ON 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 OUR FOCUS AREAS FOR 2021 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 AND SOCIAL TOURIST GROWTH OPTIMIZING SQUARE FOOTAGE WHILE BEING OPPORTUNISTIC IN GLOBAL STORE EXPANSION INTEGRATING ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRACTICES AND STANDARDS THROUGHOUT THE ORGANIZATION FOCUS AREAS 9

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 ensuring all stores follow local mandates relating to face coverings, social distancing, cleaning measures, reduced operating hours and/or temporary closures 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 PRUDENTLY 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 FOCUS AREASHOW WE ARE NAVIGATING COVID-19 10

DIGITAL EVOLUTION 11

* 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 DIGITAL EVOLUTIONAGGRESSIVELY INVESTING TO SUPPORT TRANSFORMATION TO A DIGITALLY-LED GLOBAL OMNI- CHANNEL RETAILER 12

GLOBAL STORE NETWORK OPTIMIZATION 13

14 ROUGHLY HALF OF GLOBAL STORE BASE IN UPDATED FORMATS; REMOVED 1.6M GROSS SQUARE FEET GLOBALLY SINCE 2017 Total stores FY17 FY18 FY19 FY20 Q3 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 Q3 21 6,710 6,566 6,314 5,232 5,159 GLOBAL STORE NETWORK OPTIMIZATION

15 91% OF U.S. STORES LOCATED IN A/B MALLS; CONTINUE TO REPOSITION GLOBAL FLEET * Mall rating based on Green Street Advisors as of March 2021. YTD STORE OPTIMIZATION ACTIVITY Q3 2021 STORE FLEET DETAIL HOLLISTER ABERCROMBIE TOTAL COMPANY # OF STORES % OF FLEET # OF STORES % OF FLEET # OF STORES % OF FLEET LEGACY STORES 192 38% 106 46% 298 41% UPDATED FORMATS 301 59% 79 34% 380 52% OUTLETS 12 2% 39 17% 51 7% FLAGSHIPS 1 —% 5 2% 6 1% TOTAL 506 100% 229 100% 735 100% HOLLISTER ABERCROMBIE TOTAL NEW STORES 14 9 23 REMODELS 2 — 2 RIGHT-SIZES 2 3 5 NEW EXPERIENCES 18 12 30 PERMANENT CLOSURES (5) (18) (23) 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) Q3 2021 U.S. STORE FLEET * A MALL B MALL C MALL FLAGSHIPS TOTAL # OF STORES 239 246 49 2 536 % OF U.S. FLEET 45% 46% 9% —% 100% (3) GLOBAL STORE NETWORK OPTIMIZATION

Q3 2021 RESULTS 16

Q3 2021 RESULTS “We were very pleased with our third quarter results. Total net sales grew 10% year-over-year, or 5% from 2019 levels. Our largest market, the U.S., experienced ongoing strength, growing 17% on a one-year and 12% on a two- year basis. Digital net sales rose 8% from last year, representing 46% of total third quarter sales. Gross profit rate declined 30 basis points on a one-year and increased 360 basis points on a two-year basis, benefiting from AUR improvements, offset by elevated supply chain costs. Combined with ongoing tight expense controls, we achieved an 8% operating margin, representing our best third quarter operating margin and income since 2012.” “The start of the holiday season has been promising. Customers have come out early to shop and have been responding well to assortments. We continue to actively manage through ongoing supply chain constraints, including production and delivery delays and elevated costs, and are confident that we have the product, marketing voice and omnichannel experience to surprise and delight new and existing customers throughout the fourth quarter.” FRAN HOROWITZ, CHIEF EXECUTIVE OFFICER CEO COMMENTARY 17

SIGNIFICANT ITEMS IMPACTING Q3 2021 RESULTS • Net sales increased 10%, or $86M, 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 • Gross margin rate declined 30 basis points as compared to last year to 63.7%, driven by approximately 300 basis points of higher average unit cost from freight inflation and efforts to offset supply chain issues, almost fully offset by higher average unit retail on lower promotions • Store occupancy expense decreased $19M, reflecting a decrease in store count and favorable rent negotiations • Marketing expense increased $30M, including digital sales marketing, reflecting the company's initiatives to make strategic investments across marketing • Asset impairment charges of $7M and $6M for this year and last year, respectively (1) Adjusted non-GAAP results exclude the effect of certain items set out of page 29. (2) The estimated impact from foreign currency is calculated by applying current period exchange rates to prior year results using a 26% tax rate. Q3 2021 Q3 2020 GAAP $0.77 $0.66 EXCLUDED ITEMS, NET OF TAX EFFECT (1) (0.09) (0.09) ADJUSTED NON-GAAP $0.86 $0.76 IMPACT FROM FOREIGN CURRENCY EXCHANGE RATES (2) — (0.05) ADJUSTED NON-GAAP ON A CONSTANT CURRENCY BASIS $0.86 $0.71 Q3 2021 RESULTSNET INCOME (LOSS) PER SHARE 18

TOTAL COMPANY NET SALES UP 10% AND 5% COMPARED TO Q3 2020 AND Q3 2019, RESPECTIVELY, TO $905M DIGITAL SALES UP 8% AND UP 55% TO LAST YEAR AND 2019, RESPECTIVELY, RESULTING IN Q3 2021 DIGITAL SALES OF $413M, OR 46% OF TOTAL NET SALES ABERCROMBIE $383M UP 12% TO LAST YEAR 42.3% OF TOTAL NET SALES HOLLISTER $522M UP 10% TO LAST YEAR 57.7% OF TOTAL NET SALES EMEA $179M DOWN 6% TO LAST YEAR 19.8% OF TOTAL NET SALES UNITED STATES (1) $655M UP 17% TO LAST YEAR 72.4% OF TOTAL NET SALES APAC $38M DOWN 12% TO LAST YEAR 4.2% OF TOTAL NET SALES OTHER (2) $33M UP 18% TO LAST YEAR 3.6% OF TOTAL NET SALES Q3 2021 RESULTSNET SALES 19 (1) Net sales by geographic area are presented by attributing revenues to an individual country on the basis of the country in which the merchandise was sold for in- store purchases and on the basis of the shipping location provided by customers for digital orders. (2) Other includes all sales that do not fall within the United States, EMEA, or APAC regions.

(in thousands) Q3 2021 % OF NET SALES Q3 2020 % OF NET SALES Q3 2019 % OF NET SALES 1 YR Δ BPS (3) 2 YR Δ BPS (3) STORE OCCUPANCY (1) $108,234 12.0% $126,918 15.5% $150,794 17.5% (350) (550) ALL OTHER (2) 243,570 26.9% 219,345 26.8% 226,903 26.3% 10 60 STORES AND DISTRIBUTION 351,804 38.9% 346,263 42.2% 377,697 43.7% (330) (480) MARKETING, GENERAL & ADMINISTRATIVE 146,269 16.2% 121,000 14.8% 114,075 13.2% 140 300 FLAGSHIP STORE EXIT BENEFITS 11 0.0% (8,063) (1.0)% 285 0.0% 100 — ASSET IMPAIRMENT, EXCLUSIVE OF FLAGSHIP STORE EXIT CHARGES — 0.0% — 0.0% 2,142 0.2% — (20) TOTAL $498,084 55.0% $459,200 56.0% $494,199 57.2% (100) (220) (in thousands) Q3 2021 % OF NET SALES Q3 2020 % OF NET SALES Q3 2019 % OF NET SALES 1 YR Δ BPS (3) 2 YR Δ BPS (3) STORE OCCUPANCY (1) $108,234 12.0% $126,918 15.5% $150,794 17.5% (350) (550) ALL OTHER (2) 243,570 26.9% 219,345 26.8% 226,903 26.3% 10 60 STORES AND DISTRIBUTION 351,804 38.9% 346,263 42.2% 377,697 43.7% (330) (480) MARKETING, GENERAL & ADMINISTRATIVE 146,269 16.2% 121,000 14.8% 114,075 13.2% 140 300 FLAGSHIP STORE EXIT BENEFITS 11 0.0% (8,063) (1.0)% 285 0.0% 100 — ASSET IMPAIRMENT, EXCLUSIVE OF FLAGSHIP STORE EXIT CHARGES 6,749 0.7% 6,329 0.8% 12,610 1.5% (10) (80) TOTAL $504,833 55.8% $465,529 56.8% $504,667 58.4% (100) (260) GAAP * Q3 non-GAAP operating expense is presented on an adjusted non-GAAP basis, and excludes the effect of certain items set out of page 29. (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. Q3 2021 RESULTSOPERATING EXPENSE 20 NON-GAAP*

(1) Gross profit is derived from cost of sales, exclusive of depreciation and amortization. (2) Gross profit rate of 63.7% is down 30 basis points as compared to last year, driven by approximately 300 basis points of higher average unit cost from freight inflation and efforts to offset supply chain issues, almost fully offset by higher average unit retail on lower promotions. GAAP (in thousands) Q3 2021   % OF NET SALES Q3 2020   % OF NET SALES Q3 2019 % OF NET SALES NET SALES $905,160 100.0% $819,653 100.0% $863,472 100.0% GROSS PROFIT (1) (2) 576,244 63.7% 524,433 64.0% 518,931 60.1% OPERATING EXPENSE 504,833 55.8% 465,529 56.8% 504,667 58.4% OTHER OPERATING (INCOME) LOSS, NET (1,320) (0.1)% 288 0.0% (215) 0.0% OPERATING INCOME 72,731 8.0% 58,616 7.2% 14,479 1.7% INTEREST EXPENSE, NET 7,270 0.8% 8,808 1.1% 2,922 0.3% INCOME BEFORE INCOME TAXES 65,461 7.2% 49,808 6.1% 11,557 1.3% INCOME TAX (BENEFIT) EXPENSE 16,383 1.8% 5,779 0.7% 3,987 0.5% NET INCOME (LOSS) $47,233 5.2% $42,271 5.2% $6,523 0.8% NET INCOME (LOSS) PER SHARE BASIC $0.80 $0.68 $0.10 DILUTED $0.77 $0.66 $0.10 WEIGHTED-AVERAGE SHARES BASIC 58,796 62,558 63,099 DILUTED 61,465 63,877 63,911 Q3 2021 RESULTSINCOME STATEMENT 21

FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION 22

(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) OCTOBER 30, 2021 OCTOBER 31, 2020 NET CASH PROVIDED BY OPERATING ACTIVITIES $131,287 $108,894 NET CASH USED FOR INVESTING ACTIVITIES $(62,223) $(41,748) NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES $(304,358) $70,129 CASH FLOW SUMMARY FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION 23

24 FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATIONSTRONG FINANCIAL POSITION AND LIQUIDITY CASH & EQUIVALENTS $866M AS COMPARED TO $813M LAST YEAR SHORT-TERM BORROWINGS NO BORROWINGS OUTSTANDING UNDER ABL FACILITY $271M OF BORROWING AVAILABLE UNDER ABL FACILITY AS OF OCTOBER 30, 2021 GROSS LONG-TERM BORROWINGS $308M OUTSTANDING AS COMPARED TO $350M LAST YEAR INVENTORIES $544M, FLAT TO LAST YEAR * Liquidity is comprised of cash and equivalents and borrowing available under the ABL Facility.

THE A&F BOARD OF DIRECTORS APPROVED A NEW SHARE REPURCHASE PROGRAM OF UP TO $500 MILLION OF COMMON STOCK, REPLACING THE FEBRUARY 2021 REPURCHASE PROGRAM OF 10 MILLION SHARES, WHICH HAD APPROXIMATELY 3.9 MILLION SHARES OF AVAILABILITY REMAINING The company repurchased approximately 2.7 million shares during Q3 2021, and has returned $235 million to shareholders during the year- to-date period ended October 30, 2021 through share repurchases. 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 6,143 $235,249 $38.30 $— $235,249 (in thousands) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q3 2021 ENDING SHARES OUTSTANDING 67,758 68,195 66,227 62,786 62,399 57,037 FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION SHARE REPURCHASES AND DIVIDENDS 25

(in thousands) OCTOBER 30, 2021 JANUARY 30, 2021 OCTOBER 31, 2020 CASH AND EQUIVALENTS $865,622 $1,104,862 $812,881 RECEIVABLES 83,447 83,857 89,074 INVENTORIES 543,713 404,053 545,548 OTHER CURRENT ASSETS 111,423 68,857 73,776 TOTAL CURRENT ASSETS $1,604,205 $1,661,629 $1,521,279 PROPERTY AND EQUIPMENT, NET 516,176 550,587 593,932 OPERATING LEASE RIGHT-OF-USE ASSETS 762,641 893,989 955,781 OTHER ASSETS 229,512 208,697 205,970 TOTAL ASSETS $3,112,534 $3,314,902 $3,276,962 ACCOUNTS PAYABLE $424,560 $289,396 $334,775 ACCRUED EXPENSES 355,149 396,365 356,370 SHORT-TERM PORTION OF OPERATING LEASE LIABILITIES 209,812 248,846 255,775 INCOME TAXES PAYABLE 39,900 24,792 6,663 TOTAL CURRENT LIABILITIES $1,029,421 $959,399 $953,583 LONG-TERM PORTION OF OPERATING LEASE LIABILITIES 764,346 957,588 1,010,051 LONG-TERM BORROWINGS, NET 303,247 343,910 343,559 OTHER LIABILITIES 97,191 104,693 110,965 TOTAL LONG-TERM LIABILITIES $1,164,784 $1,406,191 $1,464,575 TOTAL ABERCROMBIE & FITCH CO. STOCKHOLDERS EQUITY 908,934 936,628 849,379 NONCONTROLLING INTEREST 9,395 12,684 9,425 TOTAL STOCKHOLDERS' EQUITY $918,329 $949,312 $858,804 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $3,112,534 $3,314,902 $3,276,962 BALANCE SHEET FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION 26

YEAR TO DATE PERIOD ENDED (in thousands) OCTOBER 30, 2021 OCTOBER 31, 2020 NET CASH PROVIDED BY OPERATING ACTIVITIES $131,287 $108,894 PURCHASES OF PROPERTY AND EQUIPMENT (62,223) (91,748) WITHDRAWAL OF FUNDS FROM RABBI TRUST ASSETS — 50,000 NET CASH USED FOR INVESTING ACTIVITIES $(62,223) $(41,748) PROCEEDS FROM ISSUANCE OF SENIOR SECURED NOTES — 350,000 PURCHASE OF SENIOR SECURED NOTES (46,969) — PROCEEDS FROM BORROWINGS UNDER THE ABL FACILITY — 210,000 REPAYMENT OF TERM LOAN FACILITY BORROWINGS — (233,250) REPAYMENT OF ABL FACILITY BORROWINGS — (210,000) PAYMENT OF DEBT ISSUANCE OR MODIFICATION COSTS AND FEES (2,016) (7,151) PURCHASES OF COMMON STOCK (235,249) (15,172) DIVIDENDS PAID — (12,556) OTHER FINANCING ACTIVITIES (20,124) (11,742) NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES $(304,358) $70,129 EFFECT OF FOREIGN CURRENCY EXCHANGE RATES ON CASH (8,560) 2,269 NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS $(243,854) $139,544 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 $880,303 $831,808 FINANCIAL POSITION, LIQUIDITY & CAPITAL ALLOCATION STATEMENT OF CASH FLOWS 27

APPENDIX 28

NET SALES Q3 2021 Q3 2020 Δ % GAAP $905,160 $819,653 10% IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — 3,540 0% NON-GAAP CONSTANT CURRENCY BASIS $905,160 $823,193 10% GROSS PROFIT Q3 2021 Q3 2020 Δ BPS (2) GAAP $576,244 $524,433 (30) IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (1,702) 50 NON-GAAP CONSTANT CURRENCY BASIS $576,244 $522,731 20 OPERATING INCOME (LOSS) Q3 2021 Q3 2020 Δ BPS (2) GAAP $72,731 $58,616 80 EXCLUDED ITEMS (3) (6,749) (6,329) 10 ADJUSTED NON-GAAP $79,480 $64,945 90 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (4,067) 50 ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $79,480 $60,878 140 NET INCOME (LOSS) PER DILUTED SHARE Q3 2021 Q3 2020 Δ $ GAAP $0.77 $0.66 $0.11 EXCLUDED ITEMS, NET OF TAX (3) (0.09) (0.09) 0.00 ADJUSTED NON-GAAP $0.86 $0.76 $0.10 IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (0.05) 0.05 ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $0.86 $0.71 $0.15 (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. APPENDIXRECONCILIATION OF GAAP TO NON-GAAP RESULTS 29

(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) Q3 2021 GAAP EXCLUDED ITEMS Q3 2021 NON-GAAP ASSET IMPAIRMENT, EXCLUSIVE OF FLAGSHIP STORE EXIT CHARGES $6,749 $6,749 $— OPERATING INCOME 72,731 (6,749) 79,480 INCOME BEFORE INCOME TAXES 65,461 (6,749) 72,210 INCOME TAX EXPENSE (1) 16,383 (1,375) 17,758 NET INCOME $47,233 $(5,374) $52,607 NET INCOME PER DILUTED SHARE $0.77 $(0.09) $0.86 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 61,465 61,465 (in thousands) Q3 2020 GAAP EXCLUDED ITEMS Q3 2020 NON-GAAP ASSET IMPAIRMENT, EXCLUSIVE OF FLAGSHIP STORE EXIT CHARGES $6,329 $6,329 $— OPERATING LOSS 58,616 (6,329) 64,945 LOSS BEFORE INCOME TAXES 49,808 (6,329) 56,137 INCOME TAX EXPENSE (1) 5,779 (369) 6,148 NET LOSS $42,271 $(5,960) $48,231 NET LOSS PER DILUTED SHARE $0.66 $(0.09) $0.76 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 63,877 63,877 APPENDIX 30 RECONCILIATION OF GAAP TO NON-GAAP RESULTS

EX-99.4

REFINITIV STREETEVENTS EDITED TRANSCRIPT ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call EVENT DATE/TIME: NOVEMBER 23, 2021 / 1:30PM 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. - Executive 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 Janet Joseph Kloppenburg JJK Research Associates, Inc. - President Jay Daniel Sole UBS Investment Bank, Research Division - Executive Director and Equity Research Analyst of Softlines & Luxury Marni Shapiro The Retail Tracker - Co-Founder Paul Lawrence Lejuez Citigroup Inc., 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 - VP & Analyst P R E S E N T A T I O N Operator Good day, and welcome to the Abercrombie & Fitch Third Quarter Fiscal Year 2021 Earnings Call. Today's conference is being recorded. (Operator Instructions) And now at this time, I'd like to turn the conference over to Pam Quintiliano. Please go ahead, ma'am. Pamela Nagler Quintiliano - Abercrombie & Fitch Co. - VP of IR Thank you. Good morning, and welcome to our third quarter 2021 earnings call. Joining me today are Fran Horowitz, Chief Executive Officer; and Scott Lipesky, Chief Financial Officer. Earlier this morning, we issued our third 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 mentioned 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. Additional details and a reconciliation of GAAP to adjusted non-GAAP financial measures are included in the release and investor presentation issued earlier this morning. We will also be providing financial comparisons to the corresponding periods of fiscal 2020 and 2019, where applicable. And due to temporary COVID-driven store closures last year, we will not be disclosing comparable sales. With that, I will turn the call over to Fran. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Thanks, Pam. Good morning, and thank you for joining us today. I am excited to share our third quarter results, which benefited from a strong back-to-school -- and discuss the fourth quarter, which is off to a good start. But first, I'd like to begin with a thank you to our global team and to our partners. Together, we actively navigated factory closures and transportation delays, reduced our promotions and markdowns, managed expenses and made strategic investments across marketing, technology and fulfillment to drive our business forward. Due to that hard work and our ongoing commitment to delivering against our key strategic pillars, including: fleet optimization, digital and omnichannel enhancements, a faster concept-to-customer life cycle and improved customer engagement, we delivered our best third quarter operating profit and margin in close to a decade. Total sales rose 10% to last year and were up 5% to Q3 2019, and we achieved our highest Q3 sales since 2014 despite industry-wide supply chain constraints and the removal of 1.1 million gross square feet from our store base last year. Our largest and most established market, the U.S., outperformed with sales up 17% on a 1 year and 12% on a 2-year basis. It was wonderful to have more kids return to school and have social activities resume for our kid, teen and millennial customer. We executed well against the back-to-school and fall calendar, providing seasonally appropriate newness and outfitting options. With compelling interpretations of the latest fashion trends, including wider leg silhouettes, vegan leather and seamless body suits, all while maintaining the quality, fit and value that we have become known for. Our customers were highly engaged, as illustrated by our average basket size and lapsed customer rate of return, both of which improved in the double-digit percent range. In addition, we also acquired roughly 2 million new customers globally, all very positive signs regarding the health of our brands. By channel, store sales rose 11% from last year and declined 20% from 2019. Digital, which for us, carries a significantly higher 4-wall margin than stores, grew 8% on a 1-year and 55% on a 2-year basis, representing 46% of total sales. Results speak to higher AUR across brands and channels on reduced markdowns and promotions and improved full price sell-throughs. Q3 marked the sixth consecutive quarter of AUR improvement as our customers continued to adopt a buy it when you see attitude. This represents a major shift in mindset that has been years in the making as we have evolved each brand's positioning, purpose, perception and execution. Looking ahead, we will build on our solid foundation and believe there's ongoing AUR opportunity at all of our brands. Third quarter AUR improvements were offset by higher supply chain-related costs. Despite those pressures, we grew our operating margin rate by 80 basis points on a 1-year basis and 640 basis points on a 2-year basis. And while we don't talk about it often publicly, we could not have achieved these results without our corporate purpose of being there for you on the journey to being and becoming who you are, which serves as our North Star. It ensures our associates and partners feel comfortable sharing their thoughts and evolving with us, and that we listen and speak to our customers authentically, providing inclusive options for all of their lifestyle needs. Part of that evolution was the recent hiring of a leader to drive our comprehensive ESG efforts forward. Simply put, purpose is woven into all that we do, including our critical pillars of product, voice and experience. Starting with product. During the third quarter, we had so many wins that it's hard to name just a few. Denim, which is one of our most important categories, continued to be on fire, posting record-breaking Q3 sales. We received a tremendous amount of positive media headlines in publications that have billions of impressions and thousands of organic social media tags across platforms, all devoted to the fit, quality and comfort of our assortments. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Momentum built in non-skinny and wider leg styles, including the mom, dad, straight and flare for women, while slim straight and taper gained popularity for guys as he continued to refresh his wardrobe. Importantly, promotions were once again down across brands with higher full priced selling. In addition to denim, other top-performing categories included dresses, shorts, pants and knit tops and bottoms. We are thrilled with the progress we've made with our product, which goes hand in hand with amplifying our voice and experience. Our marketing teams are leaders in the rapidly evolving digital space and are embracing new and emerging technology trends and engagement opportunities using voices and platforms that are authentic to each of our brands. Across the company, we continue to lean into the power of social selling and our refining strategies that are tailor-made for each of our brands and their target customers. This includes: live shopping events on TikTok and Instagram, exclusive social product launches, in-app storefronts across platforms, augmented reality campaigns with Snapchat and robust affiliated influencer programs, and our customer is responding. Our unrelenting focus on digital is intertwined with providing the best omnichannel experience for our global customers by meeting them whenever, wherever and however they choose to interact with us. This focus is what inspired us to open our new West Coast DC and introduce same-day delivery. It is also what drove one of our major internal initiatives to know them better and wow them everywhere, which is about transforming our ways of working to ensure that everything we do is data-driven and aligns with the moments that are most important to our customer in a world of endless ideas and rapid innovation. Now moving on to the brands. Hollister sales, which include Gilly Hicks and Social Tourist, rose 10% to last year and 1% to 2019. In the U.S., sales rose 17% on a 1-year and 7% on a 2-year basis. I am proud that Hollister's global Q3 sales were the strongest since 2013 and that U.S. sales were the strongest since 2012, especially given that Hollister and Gilly saw an outsized impact on inventory receipts due to higher exposure to Vietnam production. Importantly, sales were healthy with nice AUR growth. During the quarter, we continued to authentically speak to our Gen Z customer about the topics they care about the most, including their diverse backgrounds and identities, mental wellness and one of their most passionate -- biggest passions, gaming. In September, Hollister formally announced the launch of the Hollister Good Vibras collective, a long-term program dedicated to supporting rising Latinx creators from the fashion, music and comedy verticals of TikTok and Instagram and authentically amplifying their voices. This first-of-its-kind collective is meaningful given Hollister's large Latinx customer base and is a testament to the fundamental shift in how we engage our customers. The launch, which generated over 20 million PR impressions, included a bilingual made for TikTok album produced by the collective's music creators. The following month, Hollister named Fortnite World Cup Champion, Bugha, its first Chief Gaming Scout. The announcement made waves across the gaming news cycle, garnering over 125 million PR impressions. The partnership included a collection with Hollister's highly successful all-day gameplay assortment, featuring a matching hoodie and sweat pant that he co-created with his fans via social. The collaboration boosted sentiment across our social channels and saw strong sell-throughs. Looking ahead, Bugha will work with Hollister to scout rising gamers for Team Hollister, our new up-and-coming gamer program. We are looking forward to a charity livestream during Giving Tuesday with proceeds going back to the Hollister Confidence Project, an initiative dedicated to promoting confidence and mental wellness in teens worldwide. At Gilly Hicks, our updated brand purpose of bringing our customer to their happy place is resonating. Our recently introduced men's products has been well received, which is exciting given this is a completely new and untapped customer for us. At the same time, our existing customer has continued to come to us for her must-haves, including Go Active, which grew to over 20% of sales. Response to our stand-alone and 23 updated side-by-side locations has been encouraging. We see runway to open additional stand-alone and side-by-sides globally and to refresh the Gilly Hicks experience that live within Hollister, as we embark on our next phase of growth. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

In addition to Gilly Hicks, we've also been pleased with the results at our newest brand, Social Tourist, which we view as another one of our growth vehicles. As a reminder, Social Tourist, which launched in May, is a multiyear exclusive apparel partnership with social media superstars Charli and Dixie D'Amelio. In the third quarter, the D'Amelio series aired on Hulu. In the show, Charli, Dixie and their family wove Social Tourist into their daily lives. the highly viewed series, which Hollister sponsored, drove meaningful social impressions and engagement, spikes in search demand and major PR buzz. Hollister also partnered with Hulu on an ad buy, which drove roughly 90 million ad impressions. We've also continued to apply learnings from Social Tourist, particularly as it relates to TikTok and social selling to other areas of the company, making us even smarter, faster and more creative. Turning to Abercrombie, which includes kids. Q3 sales rose 12% compared to last year and 10% to 2019, representing our highest sales volume since 2015 and best gross margin since 2013. In the U.S., sales rose 19% on a 1 year and 18% on a 2-year basis. It has been absolutely amazing to experience the turnaround of this brand, which is in a remarkably different place than it was just a few short years ago. At kids, we had a great back-to-school season. We combined insight-driven marketing and paid media and took the stress and guesswork out of shopping for parents by providing product that shined from both a fashion and a quality perspective. We also found power in leveraging affiliate parents' voices with a first-ever mini-me collection. Spanning both the adults and kids brands, it contained stylish, cool and ageless essentials for fall and was an immediate hit. At adults, we launched our highly successful Denim Your Way campaign in early August. This was the culmination of work that first began in January when we put out a call on social media to cast our customers in the campaign. After receiving thousands of submissions, we chose 10 customers and brand fans to help drive fit and design decisions and to be predominantly featured in our Denim Your Way marketing. The campaign and accompanying assortment received glowing reviews, and is a perfect example of how we are listening to our customer to create product for their lifestyle needs. Throughout the quarter, we also continued to leverage our relationship with TikTok. A highlight was our women's fall outfitting campaign, Flashes of Fall, which generated over 140 million impressions. In addition, our Abercrombie influencer team doubled down on their efforts to maintain their leadership in the world of social selling. Now looking to the fourth quarter. Our customer is responding well to our assortments, especially our cold weather offerings, including cozy and outerwear, as well as occasion dressing and denim. We have seen some early holiday shopping and also a fair amount of self-purchasing as the weather has become more seasonal and our customer gears up for a return to holiday activities and events. With the delays in the supply chain, we expect to deliver newness leading up to the holiday peak, which will be a great learning around future flows and strategies. On the delays, I am proud of our seasoned supply chain team for helping us navigate these challenges. On top of our great product, I'm also excited about the social strategies we have in place. Our stores and DCs are well staffed and ready to go, and I am confident that our store network and expanded suite of omni capabilities, including same-day shipping, will enable our customer to do their shopping, whenever, wherever and however they choose. We are ready to compete and win for holiday, and I am confident in our ability to deliver an operating margin between 9% and 10% this fiscal year, which will be our best annual operating margin since 2008. Looking beyond holiday, we continue to see significant growth opportunities across our portfolio of brands, and we look forward to sharing more on our strategic vision of how we will scale our business at our next Investor Day, which we are planning for the first half of fiscal 2022. Stay tuned as we finalize the details. And with that, I will turn it over to Scott. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Thanks, Fran, and good morning. In the third quarter, we delivered strong results across brands and across the P&L. Our profitability continued to benefit from the transformative moves we made in our operating model and expense structure last year as the shift to digital accelerated. For Q3, total net sales were $905 million, up 10% to last year and up 5% to pre-pandemic levels. While transportation delays increased during the quarter, our teams were able to maximize the inventory on hand to deliver sales above our expectations. Store sales rose 11% on a 1-year basis and were down 20% on a 2-year basis. At the same time, total digital sales increased 8% compared to last year and grew 55% from 2019, representing 46% of total sales this quarter compared to 31% in 2019. By brand, net sales increased 10% for Hollister, which includes Gilly Hicks and Social Tourist, and 12% for Abercrombie, which includes kids. As compared to Q3 2019, net sales increased 1% for Hollister and 10% for Abercrombie. By region, we continued to see strong results in the U.S. with net sales up 17% and 12% on a 1- and 2-year basis, respectively, despite having roughly 140 fewer stores and over 20% less square footage in our U.S. store base as compared to Q3 2019. In the U.S., Hollister was up 17% to 2020 and up 7% to 2019, while Abercrombie was up 19% and 18%, respectively. Outside of the U.S., we continue to see a slower recovery with EMEA down 6% to last year and 7% to Q3 2019. Our business was strongest in our largest European market, the U.K., where we experienced sequential sales improvements. The U.K. customer has responded well to product and has embraced our latest A&F location on Regent Street, which opened in September and is a fraction of the size and cost of our recently closed flagship. This was offset by continued COVID-driven restrictions and impacts across key Western European countries, including 2 of our largest markets, Germany and France. In APAC, sales were down 12% to last year and down 32% to 2019 as we faced traffic headwinds due to ongoing COVID cases inside China and Hong Kong and slow vaccination progress in Japan. Additionally, we believe that China was impacted further by the overall geopolitical climate. We continue to view international as a longer-term growth opportunity and are encouraged by the customer response to regional marketing and product distortions in both the EMEA and APAC markets. Moving on to gross profit. Our rate of 63.7% was down 30 basis points to last year and up 360 basis points to 2019. The result exceeded our expectations and included approximately 300 basis points of impact from higher freight costs and air utilization, which was at the low end of our 300 to 400 basis point expectation. We continued to see AUR growth across brands compared to 2020 and 2019 on reduced promotions and markdowns, while maintaining initial tickets. We ended the quarter with inventory approximately flat to last year. Inventory on hand was lower than planned coming out of Q3 and was offset by higher in-transit due to the extended Vietnam closures and increasing transit times. Related to Vietnam, all factories are open and operating. We are using air to catch up on these receipts and are encouraged by recent improvements moving product through the U.S. ports. I'll cover the rest of our Q3 results on an adjusted non-GAAP basis. Excluded from our non-GAAP results are approximately $6.7 million and $6.3 million of pretax asset impairment charges for this year and last year, respectively. Operating expense, excluding other operating income, was up 8% compared to last year and up 1% to 2019, coming in at the low end of our expectation of up low single digits as we saw better-than-expected store and distribution expense and shifted a portion of our marketing spend to Q4 to better align with inventory flows. In Q3, we saw an increase in stores and distribution expense of 2% compared to 2020 and a reduction of 7% compared to 2019. Compared to 2019, store occupancy was down approximately $43 million related to square footage reductions and renegotiated leases. These savings were partially offset by increased shipping and fulfillment expenses on higher digital sales. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Marketing, general and administrative expenses rose 21% from last year and 28% to Q3 2019, primarily driven by increased marketing investments. As Fran mentioned, we continued to drive strong customer engagement across our brands, and we expect to continue reinvesting a portion of our occupancy savings into digital media in Q4. We delivered operating income of $79 million compared to operating income of $65 million last year and $27 million in 2019. This was our best third quarter operating income and operating margin since 2012. The effective tax rate was approximately 25%. Net income per diluted share on an adjusted non-GAAP basis was $0.86 compared to $0.76 last year. As we continue to benefit from our evolved operating model and the resulting higher profitability level, we're in a strong position to both invest in the business and return excess cash to shareholders. We ended the quarter with cash and cash equivalents of $866 million and funded debt of $308 million. During the quarter, we repurchased approximately 2.7 million shares for $100 million, bringing year-to-date total share repurchases to about 6.1 million shares and $235 million. Recently, our Board of Directors approved a new share repurchase authorization of $500 million, replacing the February 2021 share repurchase program. In the fourth quarter, we expect to repurchase at least $100 million worth of shares, pending market conditions and share price. We continue to expect fiscal 2021 CapEx to be approximately $100 million, with about half of that related to digital and technology and the other half related to real estate and maintenance items. During the quarter, we opened 5 new stores, bringing the total to 23 for the year-to-date period and closed 3 stores for a total of 23 year-to-date. For the full year, we expect the store count to remain roughly flat to last year, pending ongoing negotiations with landlords. I'll finish up with our thoughts on Q4, which we are planning as follows, using 2019 as our comparison period. Net sales to be up 3% to 5% from 2019 level of approximately $1.185 billion. We expect the U.S. to continue to outperform EMEA and APAC. On inventory, we are optimizing AURs on current inventory and our distribution center teams are quickly replenishing as inventory flows in. While the inventory receipt pattern will be different than the past, we have and we will continue to work diligently to minimize the impact on sales for the quarter. Gross profit rate to be around flat to the 2019 level of 58.2%, including an expected negative impact of approximately $75 million of freight cost pressure due to rising ocean and air rates as well as the higher air deliveries necessary to catch up on the Vietnam factory closures. Based on early customer response to holiday, we are optimistic in our ability to continue to reduce markdowns and promotions to drive AUR improvements to offset this headwind. Operating expense, excluding other operating income, to be up low to mid-single digits to 2019 adjusted non-GAAP level of $565 million. We expect to continue to see lower store expenses, partially offset by higher fulfillment costs. Similar to Q3, we plan to increase marketing spend compared to 2019 as we look to maximize holiday sales and build momentum heading into 2022. Finally, we expect the tax rate to be in the low 20s. Assuming we deliver against these expectations, we expect our full year operating margin to be in the 9% to 10% range, our highest since 2008. In closing, we are excited to have delivered another quarter of profitable growth in Q3 and are laser focused on executing our strategies for holiday and beyond. We will provide additional detail on our 2022 assumptions on our year-end earnings call. And with that, operator, we are now ready for questions. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Q U E S T I O N S A N D A N S W E R S Operator (Operator Instructions) We'll take our first question from Paul Lejuez with Citi Group. Paul Lawrence Lejuez - Citigroup Inc., Research Division - MD and Senior Analyst Curious, within that gross margin guidance for the fourth quarter, what are your AURs assumptions? And how does that compare to AURs in the third quarter? And maybe if you can also kind of run through the freight pressure that you're expecting in 4Q versus 3Q? Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Sure, Paul, I'll grab that one. So yes, the gross margin for Q4, we'll see a little bit accelerated pressure versus what we saw in Q3. Number one, it's just a larger quarter. So we have more units flowing through. And we'll also see more of that Vietnam reopening pressure where we're putting a lot of that product on air to get it here by the holiday peak. So in the outlook for Q4, we're calling it flat to 2019. Q3 was up about 360 basis points to 2019. And getting back to the AUR question, we believe that we can get the AUR on lower markdowns and promotions to offset that $75 million headwind in Q4. Our product has resonated well coming into the quarter from October, and we're seeing that here in the November time period. So feel confident that we can offset that headwind here in Q4. Paul Lawrence Lejuez - Citigroup Inc., Research Division - MD and Senior Analyst Got it, Scott. And I think you mentioned the shift in marketing. Can you just maybe run through kind of what shifted out of 3Q and into 4Q? Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Yes. As we learned more about the inventory flows in Q3, we made a decision to move some of that marketing into Q4. So we shifted a small chunk of our marketing out of Q3 into Q4 to better align with those flows. So as Fran mentioned, we're loving what our teams are doing on social, and we're going to continue to fuel those efforts. We love the response that we're getting at each of our brands. We called out Abercrombie and we'll see some great things on Snap and TikTok this week. So we're going to continue to fuel those efforts. That should help us here in Q4, but it's also going to give us a nice setup heading into 2022. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Yes. And the important thing -- just to add one last thing to that, Paul. As we are seeing a different flow of our inventory this quarter, which is kind of exciting and lots of things to learn from it, that marketing will help notify the customer that we're going to surprise and delight them all the way from Black Friday through Christmas with new deliveries and fresh new product. Operator Next, we'll go to Jay Sole with UBS. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Jay Daniel Sole - UBS Investment Bank, Research Division - Executive Director and Equity Research Analyst of Softlines & Luxury Great. I'm just wondering if you can give us an update on denim? You mentioned some -- that denim was really strong. You mentioned some styles that were non-skinny denim that really were working. But I mean, where do you think we are in this denim resurgence? I mean is this sort of like the peak of it? I mean do you think it can last another quarter? Could it last another year or 2? How do you think about it? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Jay, I would love to talk about denim. It is on fire. We just reported our highest denim quarter in history, which is across all the brands and genders. I mean it's super exciting. There are so many things happening in denim. It's hard to even pin them down. But between -- to your point, between wider legs, the lighter washes, he's adopting them, she's adopting them. This kind of a trend in denim has legs, no pun intended, but it is going to last quite some time. I mean, if you look at what happened with the skinny jean, that trend went on for a decade. And we are just at the beginning of this trend. We've been seeing such positive response to the consumer. And he and she both need newness in their wardrobe. So we expect it to continue for quite some time. Jay Daniel Sole - UBS Investment Bank, Research Division - Executive Director and Equity Research Analyst of Softlines & Luxury Got it. Okay. If I can just ask one more, about the buyback. With the authorization that's out there and where the stock price is, I mean, do you feel like now is a good time with the margins that really bounced back so far, it's a good time to buy back a lot of stock? Or do you feel maybe a little bit cautious heading into next year with tough comparison, lapping stimulus and all that, that maybe it's better to hold on to that cash for now? Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Yes, Jay, we have fundamentally changed this business. It started back with COVID last year in the middle of the year and the expense we were able to take out of the business. And then store occupancy that we removed in the back half. So our goal has been for years to reset the profitability of this company, and we have done that. So we are bullish on the stock, as you can imagine, on the company. So we have repurchased about $235 million so far this year. We expect to continue that here in Q4. And as we mentioned, our Board put a new authorization for $500 million out there. We're in a great position to have the balance sheet to be able to do it. With higher profitability levels, we're generating more cash, and we continue to put that cash to work in the business and for shareholders. Operator All right. Next, we'll go to Susan Anderson with B. Riley. Susan Kay Anderson - B. Riley Securities, Inc., Research Division - VP & Analyst Nice job on the quarter. I was wondering if maybe you could talk about your thoughts on your term EBIT margin goals as much as you can. I know you're doing your Analyst Day next year. But just wondering how much of the margin gains seen this year is sustainable longer term? And is there still more opportunity to drive that EBIT margin over the next couple of years? 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Sure, Susan. I'll kick this one off, and then Fran can chime in. But our goal back in 2017 was to take our 2017 margin of 3% and double that to 6%. We're going to about triple that and more this year if we deliver on our Q4 outlook. So it feels good here at Abercrombie to be talking about operating margins in the 9% to 10% range. And we're not going to talk too much about the long term, but we believe that a lot of these gains are sustainable. And getting back to what I just mentioned, it's about this fundamental shift in our operating model. This acceleration of digital has been good. We have done a great job cleaning up our store fleet. A lot of those stores that were too big, whether it's a chain store in a mall or a store in a flagship. So pulling down that occupancy has given us better profitability and also the ability to invest in marketing efforts as we become more of a digital business. So we like where the business is set up from an expense perspective, and we believe that these gains are sustainable. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Yes. And the only thing I would add to that is the sustainability is driven by the transformation of this company. And this company is a very different company than it was just a few years ago. And the fact that our brands are firing on all cylinders and that their brands are just resonating, getting that product voice and experience right really is proof point to the delivery that we're going to do for third quarter and the future that Scott just discussed. Susan Kay Anderson - B. Riley Securities, Inc., Research Division - VP & Analyst Great. And then if I could add one follow-up. Just curious what you're expecting out of the international business for fourth quarter? Are you expecting similar trends as we saw in the third quarter? It sounds like U.K. things are resonating there as things opened up. I know parts of -- other parts of Europe, we're starting to see that shut down. And then Asia, obviously still having some issues. Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Yes. You nailed it. We do expect the trends to continue heading into fourth quarter. We expect the strong performance in the U.S. to continue. First 3 quarters of the year, we've had double-digit growth off of 2019 in the U.S., and that's with less -- 140 less stores than we had in 2019. So great progress there. And the U.K. is our strongest country, which is good, because it's our largest country outside of the U.S. And I would say the environment in the U.K. is the most similar to what's happening here in the U.S. So we're excited to see some of those other countries in Western Europe open up. You saw Austria in the news recently. We have a handful of stores in Austria. So those stores will be closed for about 20 days here. But in the meantime, as we're looking at that European and APAC business, we're going to continue to leverage that strength in the U.S. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director And we believe in the long-term growth of both the APAC and the EMEA regions. In fact, we just recently opened up a new store on Regent Street for Abercrombie, which we're already seeing nice response to, and that store is very much the prototype of our go-forward. It's a smaller location, much less expensive build out and yet the customer experience is really resonating. So we're excited about the opportunities in both EMEA and APAC. Operator Next question comes from Dana Telsey with Telsey Advisory Group. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Dana Lauren Telsey - Telsey Advisory Group LLC - CEO & Chief Research Officer As you think about the occupancy expense leverage from the reset, where are you in that? How do you see that progressing through 2022? And are there any stores that you thought you would close that maybe whether sales pick up or more favorable lease negotiations is helping you keep that? Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Dana, we made great progress last year. We got through a significant amount of those oversized Abercrombies within the mall as well as a big chunk of those flagships. Looking at this year, we're going to be around flat on store counts. A lot of that progress was made last year. We'll be around flat this year. And we do expect, as we go into next year and beyond, we'll likely be net store openers. But the good thing is we're going to continue to reposition our fleet globally, whether it's the U.S. or international and make sure that we're getting rid of some of those larger-sized stores and replacing those with smaller stores -- more of those omnichannel stores that we've been talking about. So as we do that, even as net openers of stores, our goal is to keep our square footage relatively flat or just increasing slightly in the years to come to keep that occupancy where it is today. Dana Lauren Telsey - Telsey Advisory Group LLC - CEO & Chief Research Officer And just one quick follow-up, on price. Where are you in terms of raising prices? Is it across categories? How much is it? And how do you see the promotional environment? How you're planning it for 2022? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director So I'm very proud, Dana, to tell you that we actually have not raised our prices this year nor do we plan to for the fourth quarter. What we've been able to do is really reduce our promotions. And what we referenced as discount to ticket has made considerable progress in that. We have been working on that for a long time. To see 6 consecutive quarters of AUR growth is really a testament to all that work and how it's coming together. I think the second part of your question was Q4 2022? Dana Lauren Telsey - Telsey Advisory Group LLC - CEO & Chief Research Officer How do you see 2022? Yes. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director 2022, we'll discuss in our fourth quarter call. Obviously, we're looking at things like inflation and the opportunities that are out there. We haven't made any commitments to that yet. So we will get back to you on the fourth quarter call for that one. Operator (Operator Instructions) We'll next go to Janet Kloppenburg with JJK Research Associates. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Janet Joseph Kloppenburg - JJK Research Associates, Inc. - President Congrats on a good quarter. Scott, I got on a little late. I think you said that there was $75 million in freight pressure in the fourth quarter. Did you say what that's compared to versus the third quarter? And I was wondering if you -- I know you're guiding to a flat gross margin on a 2-year basis. I was wondering if you expected AUR trends to continue to improve a 3Q's rate? Or if you thought that maybe that would moderate because of us being in holiday and promotions perhaps picking up? And as you look into next year, I was wondering how you felt in -- for the first quarter and the second quarter about freight headwinds? Some of the companies that I'm talking to think that they'll be higher -- that they'll be higher than the fourth quarter sequentially. Others like Urban last night felt that there'd be some relief. If you could help there, it would be great. Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Okay. Nice to hear from you Janet. All right. Let's start with the first question. The freight pressure in Q3 was around 300 basis points. So if you do the math there, call it, $25 million, $30 million. $75 million, you did catch that, in Q4. So as you said, we expect to be flat on gross margin for the Q4 period. So yes, we assume that the AUR trends that we've seen throughout the first few quarters of the year here will continue into Q4 so that we can absorb that margin pressure here in Q4. Not a lot to say about 2022. There's still a lot to figure out here in Q4 as we finalize some of the air as we get the inventory in from Vietnam. So we'll see how much flows through here in Q4, and then we'll talk about the spring period. I do see -- I forget which companies you've mentioned, but I do think that freight will moderate at some point. I think we've seen some of the ocean rates coming down more recently in some of the indices that we look at. So more to come, a lot of variables and a lot of moving parts here heading into the spring. Janet Joseph Kloppenburg - JJK Research Associates, Inc. - President Okay. And just one for Fran, if that's okay. It looks like this marketing investment is really paying off, Fran. And I'm wondering if you feel like you're at a level now that's appropriate? Or if you think continued investments would be -- give you a nice return like we've been seeing? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director You're absolutely spot on. We are just thrilled with the results of our marketing. I think you remember when I first got here, we barely had a marketing department. And now we are industry-leading in both Abercrombie and Hollister. And the results and the innovation that we continue to see is just incredibly exciting. As we continue to see returns, we will continue to invest. Stay tuned for today. We are going to have a TikTok takeover. It's the most important social media platform that's out there, and we're going to own it for the most important week of the year. So we are thrilled with what the teams have been doing, and we will continue to monitor the investment relative to the return. Operator Next, we'll go to Mark Altschwager with Baird. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Sarah L. Goldberg - Robert W. Baird & Co. Incorporated, Research Division - Research Analyst This is Sarah Goldberg on for Mark. I wanted to ask further on the recently launched same-day delivery across U.S. stores. What have been the early learnings there? And then how should we think about the longer-term impact of digital sales and margins versus other digital options, such as buy online, pickup in store or ship from store? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Sure. So listen, Sarah, we are a leading omnichannel retailer. And the most important thing that we do is listen to our customer, and they told us it same-day delivery was a very important option for them, just like last year when they told us that curbside was important for them. So we're continuing to evolve all of our optionality for our consumer. We've seen week-over-week gains in same-day delivery and a really nice early response to it. Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO And the impact on margins longer term, this specific offering will not have a material impact on those margins. Really, like Fran just mentioned, it's just another option for our consumer to engage with us. If they need something quick, they have that option. So really excited about that rollout this year. Operator It looks like we have one more question. And we'll take that from Marni Shapiro with Retail Tracker. Marni Shapiro - The Retail Tracker - Co-Founder Congratulations. Two questions. First one is very important. When does the TikTok takeover start? Because you know I'm going to be on. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director It starts today for both brands. Marni Shapiro - The Retail Tracker - Co-Founder Excellent. And then could you talk a little bit about -- you've done some really interesting things on product drops very aligned to this generation, yet you've had to deal with all these product delays. Were any of the drops or new products and marketing that were supposed to hit for the fourth quarter, will they not hit in the fourth quarter? Are you able to repurpose some of this stuff into the first quarter? Were their product cancellations? Can you just talk a little bit about like, I guess, what kind of business you may have left on the table because of the product delays in Vietnam? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director What's exciting, Marni, is that the team can pivot, honestly, on a moment, and that's the beauty of having obviously a digitally-driven business. So we do not believe -- we have not had any specific delays on special product drops. I'm possibly referring to one of the most exciting ones that we did for Q3, which was Bugha. Partnering with the Fortnite World Champ and having a product that's sold out within a very, very short period of time, was super exciting. But to the point being, we've not had to delay any of the drops because of these deliveries challenges. 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

Marni Shapiro - The Retail Tracker - Co-Founder That's fantastic. And then just one follow-up. Are you seeing both, at Abercrombie specifically, lapsed shoppers and new shoppers come back to the brand? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Yes, we are. Both. It's very exciting. I'm sure I know you're on social media all the time, but hearing all the customers talk and all the social chatter about how excited Abercrombie being back and all of the positive response about the brand has been just incredibly exciting. Marni Shapiro - The Retail Tracker - Co-Founder Yes. It's been a very warm welcome. Best look for the holidays. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Thanks. Appreciate it, Marni. Operator And that's all the time we have for questions today. So I'd like to turn the call back over to Fran for any additional or closing remarks. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director I just want to thank everybody for joining us today. I hope you all have a great holiday season, and we look forward to catching up in the New Year. Operator And that does conclude today's conference. We thank everyone again for their participation. 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. 15023133-2021-11-23T21:42:03.170 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. NOVEMBER 23, 2021 / 1:30PM, ANF.N - Q3 2021 Abercrombie & Fitch Co Earnings Call

XML

Cover	Nov. 23, 2021
Cover [Abstract]
Entity Registrant Name	Abercrombie & Fitch Co.
Document Type	8-K
Document Period End Date	Nov. 23, 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