ABERCROMBIE & FITCH CO. REPORTS FIRST QUARTER RESULTS
•
•
•

•

Company delivered decade-high first quarter net sales led by 14% growth from Abercrombie brands
Gross profit rate up 570 basis points over Q1 2022, driving operating margin above expectations
Inventory levels down 20% year-over-year from supply chain recovery and return of chase capability
Company increases full year outlook ranges on sales and operating margin

New Albany, Ohio, May 24, 2023: Abercrombie & Fitch Co. (NYSE: ANF) today announced results for the first quarter endedApril 29, 2023. These compare to results for the first quarter ended April 30, 2022. 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, “Fiscal 2023 is off to a strong start with first quarter net sales and operating margin
above our expectations. Net sales grew 3% to last year, led by Abercrombie brands where we grew 14%, achieving the highest
first quarter sales in more than a decade. Abercrombie’s offering is resonating meaningfully with our target customer, setting
several other sales records this quarter across genders, categories and geographies. Work continues in Hollister brands, where
we managed a healthy business from a gross profit rate and inventory perspective and continued to improve the assortment as
we prepare for the summer and back-to-school seasons. Both brands were able to deliver year-over-year AUR growth and lower
freight costs, driving 570 basis points of gross profit rate improvement and a first quarter operating profit above our expectation.
Looking ahead, we remain cautiously optimistic on consumer demand and our ability to react to a dynamic macro environment,
further supported by our strong balance sheet. We are managing inventory tightly and each brand is in a position to chasedemand. Importantly, we are progressing on key, strategic investments across stores, digital and technology to deliver growth on
both the top and bottom lines from 2022 levels consistent with our Always Forward Plan.”
Details related to reported net income (loss) per diluted share and adjusted net income per diluted share for the first quarter are
as follows:
2023
GAAP

$

Excluded items, net of tax effect (1)

2022

0.32

$

(0.06)

Adjusted non-GAAP$

Impact from changes in foreign currency exchange rates (2)0.39(0.05)$—

Adjusted non-GAAP constant currency

$

0.39

(0.32)(0.27)(0.12)$(1)

Excluded items consist of pre-tax store asset impairment charges.

(2)

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

(0.39)A summary of results for the first quarter ended April 29, 2023 as compared to the first quarter ended April 30, 2022:• Net sales of $836 million, up 3% as compared to last year on a reported basis and up 4% on a constant currency basis.
• Positive total company comparable sales of 3%.
• Gross profit rate of 61.0%, up approximately 570 basis points as compared to last year. The year-over-year improvement
was primarily driven by a benefit of 760 basis points from lower freight costs and 230 basis points from year-over-year AUR
growth partially offset by 320 basis points from higher cotton and raw material costs and 100 basis points from the adverse
impact from foreign currency.
• Operating expense, excluding other operating income, net, up $16 million or 3% compared to last year, with increases intechnology expenses and incentive-based compensation, partially offset by lower digital marketing and fulfillment expenses.
Operating expense as a percentage of sales increased to 57.3% from 57.0% last year.
• Operating income of $34 million and $38 million on a reported and adjusted non-GAAP basis, respectively, as compared tooperating loss of $10 million and $6 million last year, on a reported and adjusted non-GAAP basis, respectively.
• Net income per diluted share of $0.32 on a reported basis and net income per diluted share $0.39 on an adjusted nonGAAP basis, as compared to net loss per diluted share last year of $0.32 and $0.27 on a reported and adjusted non-GAAP
basis, respectively.

1

Net Sales
Net sales by brand and region for the first quarter are as follows:2023(in thousands)

2022

1 YR % Change

Comparable
sales (1)Net sales by brand:
Abercrombie (2)383,928

14%

14%

Hollister (3)$436,044399,950$

428,834

(7)%

(6)%

Total company$

835,994$

812,762

3%

3%

1 YR % Change

Comparable
sales (1)Net sales by region: (4)United States

2023
$

2022
585,106

9%

4%

EMEA

636,117
139,258$

163,969

(15)%

(4)%

APAC

33,33329,897

11%

22%

Other (5)27,286

33,790

(19)%

(2)%

International$

199,877$

227,656(12)%0%

Total company$

835,994$

812,762

3%

3%

(1)

Comparable sales are calculated on a constant currency basis. Refer to "REPORTING AND USE OF GAAP AND NON-GAAP MEASURES," forfurther discussion.

(2)

Abercrombie includes the Abercrombie & Fitch and abercrombie kids brands.

(3)

Hollister includes the Hollister, Gilly Hicks and Social Tourist brands.

(4)

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

(5)

Other includes all sales that do not fall within the United States, EMEA, or APAC regions, which are derived primarily in Canada.

Financial Position and Liquidity
As of April 29, 2023 the company had:
• Cash and equivalents of $447 million. This compares to cash and equivalents of $518 million and $468 million as ofJanuary 28, 2023 and April 30, 2022, respectively.
• Inventories of $448 million, a decrease of 20% compared to April 30, 2022.
• Long-term gross borrowings under the company’s senior secured notes of $300 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 $311 million.
• Liquidity, comprised of cash and equivalents and borrowing available under the ABL Facility, of approximately $758 million.
This compares to liquidity of $866 million and $783 million as of January 28, 2023 and April 30, 2022, respectively.

Cash Flow and Capital Allocation
Details related to the company’s cash flows for the year-to-date period ended April 29, 2023 are as follows:• Net cash used for operating activities of $1 million.
• Net cash used for investing activities of $46 million.
• Net cash used for financing activities of $22 million.
Depreciation and amortization was $36 million for the year-to-date period ended April 29, 2023.

Fiscal 2023 Full Year Outlook
The following outlook replaces all previous full year guidance. For fiscal 2023, the company now expects:•

Net sales growth in the range of 2 to 4% from $3.7 billion in 2022. This is an increase to the previous outlook of up 1 to
3%. The current outlook assumes that Abercrombie will continue to outperform Hollister and the U.S. will continue tooutperform International. Also, fiscal 2023 includes a 53rd week for reporting purposes, along with net store expansion.
The 53rd week is estimated to add approximately $45 million to total net sales in the fourth quarter and full year of 2023.

•

Operating margin to be in a range of 5 to 6%. This range improves from the previous outlook of 4 to 5%. The current
outlook includes a benefit of around 250 basis points from full year 2022 levels on expected net improvement in freightand raw material costs, partially offset by modest operating margin deleverage from the combination of inflation and2increased operating expense investment for the 2025 Always Forward Plan initiatives, including an upgrade of our retailmerchandising ERP system.
•

Effective tax rate to be in the high-30s. This replaces the previous outlook of mid-40s. The current outlook assumes thecontinued inability to realize benefits on certain expected tax losses incurred outside of the U.S., although to a lesser
extent than the prior outlook provided.

•

Capital expenditures of approximately $160 million.

Fiscal 2023 Second Quarter Outlook
For the second quarter of fiscal 2023, the company expects:•

Net sales growth to be in the range of 4 to 6% compared to fiscal second quarter 2022 level of $805 million.

•

Operating margin to be in the range of 2 to 3% compared to breakeven in Q2 2022 period on expected net improvementin freight and raw material costs, partially offset by modest operating margin deleverage from the combination of inflationand increased operating expense investment for the 2025 Always Forward Plan initiatives, including an upgrade of ourretail merchandising ERP system.
Effective tax rate around 50% with the rate being sensitive to the jurisdictional mix and level of income.

•

Conference Call
Today at 8:30 a.m. ET, the company will conduct a conference call and provide additional details around its quarterly results andits outlook for the second quarter. To access the call by phone, participants will need to register at the following URL address to
obtain a dial-in number and passcode.
https://register.vevent.com/register/BI65574737b0ef4784b2b4d305c8c1a298
A presentation of first quarter results will be available in the “Investors” section at corporate.abercrombie.com at approximately
7:30 a.m. ET, today. Important information may be disseminated initially or exclusively via the website; investors should consult
the site to access this information.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This Press Release and related statements by management or spokespeople of Abercrombie & Fitch Co. (A&F) contain forwardlooking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements, including,
without limitation, statements regarding our second quarter and annual fiscal 2023 results, relate to our current assumptions,projections and expectations about our business and future events. Any such forward-looking statements involve risks anduncertainties and are subject to change based on various important factors, many of which may be beyond the company’scontrol. The inclusion of such information should not be regarded as a representation by the company, or any other person, thatthe objectives of the company will be achieved. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,”“intend,” “should,” “are confident,” “will,” “could,” “outlook,” 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 any forward-looking
statements, including any financial targets or estimates, whether as a result of new information, future events, or otherwise.
Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited to,the factors disclosed in Part I, Item 1A. “Risk Factors” of the company’s Annual Report on Form 10-K for the fiscal year ended
January 28, 2023, and otherwise in our reports and filings with the Securities and Exchange Commission, as well as thefollowing factors: risks related to 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; risks related to recent
inflationary pressures with respect to labor and raw materials and global supply chain constraints that have, and could continue,
to affect freight, transit, and other costs; risks related to geopolitical conflict, including the on-going hostilities in Ukraine, acts ofterrorism, mass casualty events, social unrest, civil disturbance or disobedience; risks related to our failure to engage ourcustomers, anticipate customer demand and changing fashion trends, and manage our inventory; risks related to our failure tooperate effectively in a highly competitive and constantly evolving industry; risks related to our ability to execute on our strategic
and growth initiatives, including those outlined in our Always Forward Plan; risks related to fluctuations in foreign currency
exchange rates; risks related to fluctuations in our tax obligations and effective tax rate, including as a result of earnings andlosses generated from our international operations, may result in volatility in our results of operations; risks and uncertainty
related to the COVID-19 pandemic and any other adverse public health developments; risks associated with corporate
responsibility issues; risks related to cybersecurity threats and privacy or data security breaches; and the potential loss or
disruption to our information systems.

3Other Information
This document includes certain adjusted non-GAAP financial measures where management believes it to be helpful inunderstanding the company's results of operations or financial position. Additional details about non-GAAP financial measuresand a reconciliation of GAAP financial measures to non-GAAP financial measures can be found in the "Reporting and Use of
GAAP and Non-GAAP Measures" section. 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.
As used in this document, unless otherwise defined "Abercrombie brands" refers to the company's Abercrombie & Fitch andabercrombie kids brands and "Hollister brands" refers to the company's Hollister, Gilly Hicks, and Social Tourist brands.

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 andevery day is an opportunity to be anything and better anything. The Hollister brand believes in liberating the spirit of an endlesssummer inside everyone and making teens feel celebrated and comfortable in their own skin. Gilly Hicks, offering active lifestyle
products, is designed to create happiness through movement. 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 aroundthe world to express their own individuality and style. Abercrombie & Fitch Co. operates approximately 760 stores under thesebrands 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:

Mo Gupta
Abercrombie & Fitch Co.
(614) 283-6751
Investor_Relations@anfcorp.com

Kate Wagner
Abercrombie & Fitch Co.
(614) 283-6192
Public_Relations@anfcorp.com

4Abercrombie & Fitch Co.
Condensed Consolidated Statements of Operations(in thousands, except per share data)(Unaudited)Thirteen Weeks Ended
April 29, 2023
Net sales

April 30, 2022

% of
Net Sales

835,994

100.0 % $812,762100.0 %

Cost of sales, exclusive of depreciation and amortization

326,200

39.0 %

363,21644.7 %

Gross profit

509,794

61.0 %

449,546

55.3 %Stores and distribution expense

331,61339.7 %

337,543

41.5 %

Marketing, general and administrative expense

142,63117.1 %

122,149

15.0 %

Asset impairment

4,436

0.5 %

3,422

0.4 %

Other operating income, net(2,894)(0.3)%(3,842)(0.5)%

Operating income (loss)

34,0084.1 %(9,726)(1.2)%

Interest expense, net

3,443

0.4 %

7,307

0.9 %

Income (loss) before income taxes

30,565

3.7 %(17,033)(2.1)%

Income tax expense (benefit)

12,718

1.5 %(2,187)(0.3)%Net income (loss)

17,847

2.1 %(14,846)(1.8)%

Less: Net income attributable to noncontrolling interests

1,276

0.2 %

1,623

0.2 %

$

16,571

2.0 % $

(16,469)(2.0)%

Basic

$

0.33

$

(0.32)

Diluted

$

0.32

$

(0.32)Net income (loss) attributable to A&F$

Thirteen Weeks Ended% of
Net Sales

Net income (loss) per share attributable to A&F

Weighted-average shares outstanding:Basic49,57452,077

Diluted

51,46752,0775

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 ameasure 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, therefore supplementing investors’ understanding ofcomparability 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 becalculated 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 aggregateof: (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.
The company also provides certain financial information on a constant currency basis to enhance investors’ understanding ofunderlying 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 averageexchange rates to prior year results and is net of the year-over-year impact from hedging. The per diluted share effect fromforeign currency is calculated using a 26% tax rate.
Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended April 29, 2023
(in thousands, except per share data)(Unaudited)

GAAP (1)Asset impairment (2)$Adjusted
non-GAAP

Excluded items

4,436

$

4,436

$

—

Operating income

34,008(4,436)38,444

Income before income taxes

30,565(4,436)35,001

Income tax expense (3)12,718(1,187)

13,905

Net income attributable to A&F

16,571(3,249)19,820Net income per diluted share attributable to A&F$

Diluted weighted-average shares outstanding:

0.32

$

(0.06) $51,467(1)“GAAP” refers to accounting principles generally accepted in the United States of America.

(2)

Excluded items consist of pre-tax store impairment charges of $4.4 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.

6

0.39
51,467

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended April 30, 2022
(in thousands, except per share data)(Unaudited)

GAAP (1)Asset impairment (2)$Operating loss
Loss before income taxes
Income tax benefit

(3)

3,422

Adjusted
non-GAAP

Excluded items
$

3,422

$

—

(9,726)(3,422)(6,304)(17,033)(3,422)(13,611)(2,187)(918)(1,269)Net loss attributable to A&F$(16,469) $(2,504) $(13,965)

Net loss per diluted share attributable to A&F$(0.32) $(0.05) $(0.27)

Diluted weighted-average shares outstanding:

52,077(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 $3.4 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.

7

52,077

Abercrombie & Fitch Co.
Reconciliation of Constant Currency Financial Measures
Thirteen Weeks Ended April 29, 2023 and April 30, 2022
(in thousands, except percentage and basis point changes and per share data)(Unaudited)
2023

2022

% Change

Net sales
GAAP (1)Impact from changes in foreign currency exchange rates$

835,994$

835,994(2)

Gross profit

3%(8,597)1%$

804,1654%2023

GAAP (1)$$—Gross profit on a constant currency basis$

Operating income (loss)

509,794$2023

GAAP (1)$Excluded items (4)34,008$Impact from changes in foreign currency exchange rates

38,444

(2)

$

$

—

Adjusted non-GAAP constant currency basis$

Net income (loss) attributable to A&F

38,444

$

2023

(1)

$
(4)

$

Impact from changes in foreign currency exchange rates (2)

0.32

$

0.39

$

—

Adjusted non-GAAP constant currency basis$

570(12,601)100

436,945670
BPS Change (3)(9,726)530(3,422)(10)(6,304)540(8,639)110(14,943)

650

2022

(0.06)

Adjusted non-GAAP

449,546

2022(4,436)

Adjusted non-GAAPBPS Change (3)2022

509,794

Impact from changes in foreign currency exchange rates (2)Excluded items, net of tax

812,762—

Net sales on a constant currency basis

GAAP

$

0.39

$

$ Change(0.32)$0.64(0.05)(0.01)(0.27)$0.66(0.12)

0.12(0.39)$0.78(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-overyear 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 $4.4 million pre-tax store asset impairment charges for the current year and $3.4 million pre-tax store asset impairment
charges for the prior year, respectively.

8Abercrombie & Fitch Co.
Reconciliation of Constant Currency Net Sales by Brand and Geography
Thirteen Weeks Ended April 29, 2023 and April 30, 2022
(in thousands, except percentage changes)(Unaudited)

2023

GAAP

2022
Impact From
Changes In
Foreign Currency
Exchanges Rates (1)GAAP

Non-GAAP
Constant
Currency Basis

GAAP% Change

Non-GAAP
Constant
Currency
Basis% Change

Net sales by brand:
436,044

Abercrombie (2)(3)

Hollister

Total company

383,928(3,414)

380,514

14%

15%

$

399,950$

428,834 $(5,183) $423,651

(7)%

(6)%

$

835,994$

812,762 $(8,597) $804,165

3%

4%

GAAP
% Change

Non-GAAP
Constant
Currency
Basis% Change585,106

9%

9%

2023

GAAP

2022
Impact From
Changes In
Foreign Currency
Exchanges Rates (1)GAAP

Non-GAAP
Constant
Currency Basis

Net sales by region: (4)United States$

636,117$585,106 $

— $

EMEA

139,258

163,969(5,046)

158,923

(15)%

(12)%

APAC

33,33329,897(1,395)28,50211%

17%

33,790(2,156)

31,634

(19)%

(14)%

International$

199,877$

227,656 $(8,597) $219,059

(12)%

(9)%

Total company$

835,994$

812,762 $(8,597) $804,165

3%

4%

Other

27,286(5)(1)

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

(2)

Abercrombie includes the Abercrombie & Fitch and abercrombie kids brands.

(3)

Hollister includes the Hollister, Gilly Hicks and Social Tourist brands.

(4)

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

(5)

Other includes all sales that do not fall within the United States, EMEA, or APAC regions, which are derived primarily in Canada.

9Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets(in thousands)(Unaudited)

April 29, 2023

January 28, 2023

April 30, 2022

AssetsCurrent assets:
Cash and equivalents$

446,952$

517,602$468,378

Receivables

106,149

104,506

88,807

Inventories

447,806

505,621562,510

Other current assets

107,684

100,289

93,1791,108,591

1,228,018

1,212,874

Property and equipment, net

550,810551,585

497,976

Operating lease right-of-use assets

692,699

723,550

671,991

Other assets

205,978

209,947

224,462

Total current assets

Total assets$

2,558,078$

2,713,100$

2,607,303$

221,587$

258,895$

311,352

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
Accrued expenses

340,331413,303

320,681

Short-term portion of operating lease liabilities

188,520

213,979

195,599

Income taxes payable

19,02316,02325,400769,461

902,200

853,032

Total current liabilities
Long-term liabilities:
Long-term portion of operating lease liabilities$

682,996$

713,361$

662,322Long-term borrowings, net

297,172

296,852

303,901

Other liabilities

97,476

94,11883,243

Total long-term liabilities

1,077,644

1,104,331

1,049,466

701,857

694,841

695,361

9,116

11,7289,444

710,973

706,569

704,805

Total Abercrombie & Fitch Co. stockholders’ equity
Noncontrolling interests
Total stockholders’ equity
Total liabilities and stockholders’ equity$

10

2,558,078$

2,713,100$

2,607,303

Abercrombie & Fitch Co.
Condensed Consolidated Statements of Cash Flows(in thousands, except per share data)(Unaudited)Thirteen Weeks Ended
April 29, 2023

April 30, 2022

Operating activities
Net cash used for operating activities$(560) $

(217,787)$(46,391) $(26,292)—

7,751(46,391) $(18,541)—(100,000)(21,956)(16,945)

Investing activities
Purchases of property and equipment
Proceeds from sale of property and equipment
Net cash used for investing activities$

Financing activities
Purchases of common stock
Other financing activities
Net cash used for financing activities$(21,956) $(116,945)

Effect of foreign currency exchange rates on cash$

(1,998) $(2,617)

Net decrease in cash and equivalents, and restricted cash and equivalents$(70,905) $(355,890)

Cash and equivalents, and restricted cash and equivalents, beginning of period$

527,569$

834,368

Cash and equivalents, and restricted cash and equivalents, end of period$

456,664$

478,47811

Abercrombie & Fitch Co.
Store Count
Thirteen Weeks Ended April 29, 2023
Abercrombie (1)January 28, 2023

Hollister (2)Total Company (3)United States

International

United States

International

United States

International

Total

180

53

380

149

560

202

New

1

2

1

2

2

4

6

Permanently closed

(2)

(1)

(4)

(3)

(6)

(4)

(10)

179

54

377

148

556

202

758

April 29, 2023
(1)

(2)

(3)

762

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 22 international franchise stores as of April 29, 2023, and 23
international franchise stores as of January 28, 2023.
Hollister includes the company’s Hollister and Gilly Hicks brands. Locations with Gilly Hicks carveouts within Hollister stores are represented as asingle store count. Excludes 13 international franchise stores as of April 29, 2023, and 12 international franchise stores as of January 28, 2023
Excludes 20 company-operated temporary stores as of April 29, 2023 and 16 company-operated temporary stores January 28, 2023.
This store count excludes one international third-party operated multi-brand outlet store as of each of April 29, 2023 and January 28, 2023.

12