8-K - ANF - Equibles

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): March 01, 2023

Abercrombie & Fitch Co.
(Exact name of registrant as specified in its charter)		Delaware						1-12107	31-1469076
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(State or other jurisdiction of incorporation or organization)						(Commission File Number)	(I.R.S. Employer Identification No.)
6301 Fitch Path	,	New Albany	,	Ohio			43054
(Address of principal executive offices)							(Zip Code)
Registrant’s telephone number, including area code:					(614)	283-6500			Not Applicable
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(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 March 1, 2023, Abercrombie & Fitch Co. (the “Company”) issued a news release (the “Release”) reporting the Company’s unaudited financial results for the fourth quarter and fiscal year ended January 28, 2023. 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 each of the quarters in the fiscal years ended January 28, 2023 and January 29, 2022, along with additional financial information for the fiscal years ended January 30, 2021, February 1, 2020 and February 2, 2019. 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 fourth quarter and fiscal year ended January 28, 2023. 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 March 1, 2023 to review the Company’s financial results for the fourth quarter and fiscal year ended January 28, 2023. A copy of the transcript of the conference call is included as Exhibit 99.4 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(a) through (c) Not applicable

(d) Exhibits:

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

Exhibit No.	Description
99.1	News release issued by Abercrombie & Fitch Co. on March 1, 2023
99.2	Additional unaudited financial information made available by Abercrombie & Fitch Co. on March 1, 2023
99.3	Investor presentation of results for the fourth quarter and fiscal year ended January 28, 2023 made available by Abercrombie & Fitch Co. on March 1, 2023
99.4	Transcript of conference call held by management of Abercrombie & Fitch Co. on March 1, 2023
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.
March 02, 2023	By:	/s/ Scott D. Lipesky
		Scott D. Lipesky
		Executive Vice President and Chief Financial Officer

Document

ABERCROMBIE & FITCH CO. REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

Delivers fourth quarter net sales growth of 3%, led by 14% growth in Abercrombie brands

New Albany, Ohio, March 1, 2023: Abercrombie & Fitch Co. (NYSE: ANF) today announced results for the fourth quarter and fiscal year ended January 28, 2023. These compare to results for the fourth quarter and fiscal year ended January 29, 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, “We had a solid finish to the quarter delivering year-over-year, fourth quarter net sales growth of 3% on a reported basis and 5% on a constant currency basis. Results were driven by continued, strong momentum in the Abercrombie & Fitch brand and sequential improvement in Hollister as we continue to stabilize the brand’s performance.

In a year with significant inflation and global macroeconomic disruption, our teams leveraged our agile operating model to redirect expense and inventory investments. These efforts helped drive sequential sales improvement in the last two quarters, while progressing on key growth initiatives across digital, technology and stores. For the year, we achieved net sales of $3.7 billion, approximately flat to last year on a reported basis and up 2% on a constant currency basis. We ended the year with 44% digital penetration, growth in AUR, net store count growth, inventory down 4% to 2021, and reported and adjusted operating margins consistent with 2019 pre-pandemic levels despite approximately $300 million of product cost inflation since that time.

As we look to 2023, we remain cautiously optimistic on consumer demand. Our Abercrombie & Fitch brand continues to be a leader in the industry, and multiple actions we have taken in the Hollister brand are resulting in sequential net sales trend improvement. We are pleased with our inventory levels and each of our brands is in a position to chase. While we expect to see net product cost benefits in 2023, we will continue to tightly manage our expenses, inventory and cash flow to properly balance investing for the long-term while improving profitability as we execute to deliver our 2025 Always Forward Plan.”

Details related to net income per diluted share for the fourth quarter and full year are as follows:

	Fourth Quarter				Full Year
	2022		2021		2022		2021
GAAP	$	0.75	$	1.12	$	0.05	$	4.20
Excluded items, net of tax effect (1)	(0.07)		(0.03)		(0.20)		(0.15)
Adjusted non-GAAP	$	0.81	$	1.14	$	0.25	$	4.35
Impact from changes in foreign currency exchange rates (2)	—		(0.23)		—		(0.36)
Adjusted non-GAAP constant currency	$	0.81	$	0.91	$	0.25	$	3.99

(1)Excluded items consist of pre-tax store and other 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 fourth quarter ended January 28, 2023:

•Net sales of $1.2 billion up 3% as compared to last year on a reported basis and 5% on a constant currency basis.

•Gross profit rate of 55.7%, down 260 basis points as compared to last year. The year-over-year decrease was primarily driven by 160 basis points of higher product costs with higher cotton costs and inventory reserves more than offsetting lower freight costs and 100 basis points from the adverse impact of exchange rates.

•Operating expense, excluding other operating income, net, was down slightly as compared to last year, with decreases in marketing and incentive-based compensation, offset by higher inflation and digital and technology investments. Operating expense as a percentage of sales decreased to 48.3% from 50.2% last year.

•Operating income of $87 million and $92 million on a reported and adjusted non-GAAP basis, respectively, as compared to $98 million and $100 million last year, on a reported and adjusted non-GAAP basis, respectively.

•Net income per diluted share of $0.75 and $0.81 on a reported and adjusted non-GAAP basis, respectively, as compared to net income per diluted share last year of $1.12 and $1.14 on a reported and adjusted non-GAAP basis, respectively.

A summary of results for the full year ended January 28, 2023:

•Net sales of $3.7 billion which was approximately flat as compared to last year on a reported basis and up 2% on a constant currency basis.

•Gross profit rate of 56.9%, down approximately 540 basis points as compared to last year. The year-over-year decrease was primarily driven by 520 basis points of higher freight and raw material costs and 40 basis points from the adverse impact of exchange rates partially offset by higher average unit retail.

•Operating expense, excluding other operating income, net, was up 2% as compared to last year with increases in inflation, digital investments and higher digital fulfillment expenses, partially offset by decreases in marketing and incentive-based compensation. Operating expense as a percentage of sales increased to 54.5% from 53.3% last year.

•Operating income of $93 million and $107 million on a reported and adjusted non-GAAP basis, respectively. This compares to operating income last year of $343 million and $355 million on a reported and adjusted non-GAAP basis, respectively.

•Net income per diluted share of $0.05 and $0.25 on a reported and adjusted non-GAAP basis, respectively, as compared to net income per diluted share last year of $4.20 and $4.35 on a reported and adjusted non-GAAP basis, respectively.

Net Sales

Net sales by brand and region for the fourth quarter and full year are as follows:

	Fourth Quarter
(in thousands)	2022		2021		1 YR % Change
Net sales by brand:
Hollister (1)	$	639,376	$	668,777	(4)%
Abercrombie (2)	560,438		492,576		14%
Total company	$	1,199,814	$	1,161,353	3%
Net sales by region: (3)	2022		2021		1 YR % Change
United States	$	920,533	$	841,687	9%
EMEA	195,253		226,074		(14)%
APAC	36,400		46,212		(21)%
Other (4)	47,628		47,380		1%
International	279,281		319,666		(13)%
Total company	$	1,199,814	$	1,161,353	3%	Full Year
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(in thousands)	2022		2021		1 YR % Change
Net sales by brand:
Hollister (1)	$	1,962,885	$	2,147,979	(9)%
Abercrombie (2)	1,734,866		1,564,789		11%
Total company	$	3,697,751	$	3,712,768	0%
Net sales by region: (3)	2022		2021		1 YR % Change
United States	$	2,758,294	$	2,652,158	4%
EMEA	665,828		755,072		(12)%
APAC	122,367		171,701		(29)%
Other (4)	151,262		133,837		13%
International	939,457		1,060,610		(11)%
Total company	$	3,697,751	$	3,712,768	0%

(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, which are derived primarily in Canada.

Financial Position and Liquidity

As of January 28, 2023 the company had:

•Cash and equivalents of $518 million as compared to $823 million last year driven primarily by capital investments and share repurchases.

•Inventories of $506 million, a decrease of approximately 4% over last year as we fully lapped the late receipts experienced in 2021 due to supply chain delays and significant production delays in Vietnam.

•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 $348 million.

•Liquidity, comprised of cash and equivalents and borrowing available under the ABL Facility, of approximately $0.9 billion. This compares to liquidity of $1.1 billion as of January 29, 2022.

Cash Flow and Capital Allocation

Details related to the company's cash flows for the full year ended January 28, 2023 are as follows:

•Net cash used for operating activities of $2 million.

•Net cash used for investing activities of $141 million, reflecting $165 million in capital expenditures of which approximately half was invested in digital and technology and half primarily in stores. This was partially offset by $12 million in proceeds from the withdrawal of rabbi trust assets and $12 million from from proceeds from the sale of property and equipment.

•Net cash used for financing activities of $155 million, reflecting $126 million of share repurchases and $8 million purchase of its senior notes.

There were no share repurchases during the fourth quarter. For the full year ended January 28, 2023, the company repurchased approximately 4.8 million shares for approximately $126 million. The company has $232 million remaining on the share repurchase authorization established in November 2021.

For the full year ended January 28, 2023 the company purchased $8 million at a slight discount to par of its senior secured notes on the open market.

Depreciation and amortization was $132 million for fiscal 2022 as compared to $144 million in fiscal 2021.

Fiscal 2023 Full Year Outlook

For fiscal 2023, the company expects:

•Net sales growth in the range of 1 to 3% from $3.7 billion in 2022 with the expectation that Abercrombie will continue to outperform Hollister and the U.S. will continue to outperform International. We expect growth to be weighted to the second half of the year, driven primarily by the inclusion of a 53rd week for reporting purposes, along with net store expansion. The 53rd week is estimated to to add approximately $45 million to total net sales in 2023.

•Operating margin to be in a range of 4 to 5%, which includes a benefit of around 200 basis points from full year 2022 levels on expected net improvement in freight and raw material costs, partially offset by modest operating margin deleverage from the combination of inflation and increased operating expense investment for the 2025 Always Forward Plan initiatives, including an upgrade of our retail merchandising ERP system.

•Effective tax rate to be in the mid-40s with continued inability to realize benefits on certain, expected tax losses incurred outside of the U.S.

•Capital expenditures of approximately $160 million.

Fiscal 2023 First Quarter Outlook

For the first quarter of fiscal 2023, the company expects:

•Net sales to be around flat to fiscal first quarter 2022 level of $813 million.

•Operating margin to be in the range of breakeven to 2% compared to (1)% in Q1 2022 period on expected net improvement in freight and raw material costs, partially offset by modest operating margin deleverage from the combination of inflation and increased operating expense investment for the 2025 Always Forward Plan initiatives, including an upgrade of our retail merchandising ERP system.

•Effective tax rate expected to be volatile in Q1 on expected low levels of income. We expect to incur tax expense regardless of level of taxable income or loss.

Conference Call

Today at 8:30 AM, ET, the company will conduct a conference call and provide additional details around its quarterly and full year results. 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/BI6b447d172a9a4b7082fa7218276c42f5

A presentation of fourth quarter and full year results will be available in the “Investors” section at corporate.abercrombie.com at approximately 7:30 AM 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 forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements, including, without limitation, statements regarding our first 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 and uncertainties and are subject to change based on various important factors, many of which may be beyond the company’s control. The inclusion of such information should not be regarded as a representation by the company, or any other person, that the 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 29, 2022, and otherwise in our reports and filings with the Securities and Exchange Commission, as well as the following 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 and uncertainty related to the COVID‐19 pandemic and any other adverse public health developments; risks related to geopolitical conflict, including the on-going hostilities in Ukraine, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience; risks related to our failure to engage our customers, anticipate customer demand and changing fashion trends, and manage our inventory commensurately; risks related to our failure to operate effectively in a highly competitive and constantly evolving industry; risks related to our ability to execute on our strategic initiatives, including 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 and losses generated from our international operations, may result in volatility in our results of operations; 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.

Other Information

This document includes certain adjusted non-GAAP financial measures where management believes it to be helpful in understanding the Company's results of operations or financial position. Additional details about non-GAAP financial measures and 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 "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.

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 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 around the world to express their own individuality and style. Abercrombie & Fitch Co. operates approximately 770 stores under these 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:
Mohit Gupta	Kate Wagner
Abercrombie & Fitch Co.	Abercrombie & Fitch Co.
(614) 283-6751	(614) 283-6192
Investor_Relations@anfcorp.com	Public_Relations@anfcorp.com
Abercrombie & Fitch Co.
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Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
	Thirteen Weeks Ended				Thirteen Weeks Ended
	January 28, 2023		% of Net Sales		January 29, 2022		% of Net Sales
Net sales	$	1,199,814	100.0	%	$	1,161,353	100.0	%
Cost of sales, exclusive of depreciation and amortization	531,529		44.3	%	484,221		41.7	%
Gross profit	668,285		55.7	%	677,132		58.3	%
Stores and distribution expense	437,264		36.4	%	435,153		37.5	%
Marketing, general and administrative expense	138,084		11.5	%	145,686		12.5	%
Asset impairment	4,695		0.4	%	1,901		0.2	%
Other operating expense (income), net	1,220		0.1	%	(3,741)		(0.3)	%
Operating income	87,022		7.3	%	98,133		8.4	%
Interest expense, net	4,113		0.3	%	6,959		0.6	%
Income before income taxes	82,909		6.9	%	91,174		7.9	%
Income tax expense	42,218		3.5	%	23,348		2.0	%
Net income	40,691		3.4	%	67,826		5.8	%
Less: Net income attributable to noncontrolling interests	2,358		0.2	%	2,317		0.2	%
Net income attributable to A&F	$	38,333	3.2	%	$	65,509	5.6	%
Net income per share attributable to A&F
Basic	$	0.78			$	1.18
Diluted	$	0.75			$	1.12
Weighted-average shares outstanding:
Basic	49,216				55,740
Diluted	51,217				58,700
Abercrombie & Fitch Co.
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Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
	Fifty-Two Weeks Ended				Fifty-Two Weeks Ended
	January 28, 2023		% of Net Sales		January 29, 2022		% of Net Sales
Net sales	$	3,697,751	100.0	%	$	3,712,768	100.0	%
Cost of sales, exclusive of depreciation and amortization	1,593,213		43.1	%	1,400,773		37.7	%
Gross profit	2,104,538		56.9	%	2,311,995		62.3	%
Stores and distribution expense	1,482,931		40.1	%	1,428,323		38.5	%
Marketing, general and administrative expense	517,602		14.0	%	536,815		14.5	%
Asset impairment	14,031		0.4	%	12,100		0.3	%
Other operating income, net	(2,674)		(0.1)	%	(8,327)		(0.2)	%
Operating income	92,648		2.5	%	343,084		9.2	%
Interest expense, net	25,632		0.7	%	34,110		0.9	%
Income before income taxes	67,016		1.8	%	308,974		8.3	%
Income tax expense	56,631		1.5	%	38,908		1.0	%
Net income	10,385		0.3	%	270,066		7.3	%
Less: Net income attributable to noncontrolling interests	7,569		0.2	%	7,056		0.2	%
Net income attributable to A&F	$	2,816	0.1	%	$	263,010	7.1	%
Net income per share attributable to A&F
Basic	$	0.06			$	4.41
Diluted	$	0.05			$	4.20
Weighted-average shares outstanding:
Basic	50,307				59,597
Diluted	52,327				62,636

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, 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 2022.

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 January 28, 2023
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded items		Adjusted <br>non-GAAP
Asset impairment (2)	$	4,695	$	4,695	$	—
Operating income	87,022		(4,695)		91,717
Income before income taxes	82,909		(4,695)		87,604
Income tax expense (3)	42,218		(1,297)		43,515
Net income attributable to A&F	$	38,333	$	(3,398)	$	41,731
Net income per diluted share attributable to A&F	$	0.75	$	(0.07)	$	0.81
Diluted weighted-average shares outstanding:	51,217				51,217

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

(2)Excluded items consist of pre-tax store and other asset impairment charges of $4.7 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.

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended January 29, 2022
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded items		Adjusted <br>non-GAAP
Asset impairment (2)	$	1,901	$	1,901	$	—
Operating income	98,133		(1,901)		100,034
Income before income taxes (2)	91,174		(1,901)		93,075
Income tax expense (3)	23,348		(373)		23,721
Net income attributable to A&F	$	65,509	$	(1,528)	$	67,037
Net income per diluted share attributable to A&F	$	1.12	$	(0.03)	$	1.14
Diluted weighted-average shares outstanding:	58,700				58,700

(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 $1.9 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.

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Fifty-Two Weeks Ended January 28, 2023
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded items		Adjusted <br>non-GAAP
Asset impairment (2)	$	14,031	$	14,031	$	—
Operating income	92,648		(14,031)		106,679
Income before income taxes	67,016		(14,031)		81,047
Income tax expense (3)	56,631		(3,802)		60,433
Net income attributable to A&F	$	2,816	$	(10,229)	$	13,045
Net income per diluted share attributable to A&F	$	0.05	$	(0.20)	$	0.25
Diluted weighted-average shares outstanding:	52,327				52,327

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

(2)Excluded items consist of pre-tax store and other asset impairment charges of $14.0 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.

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Fifty-Two Weeks Ended January 29, 2022
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded <br>Items		Adjusted<br>Non-GAAP
Asset impairment (2)	$	12,100	$	12,100	$	—
Operating income	343,084		(12,100)		355,184
Income before income taxes	308,974		(12,100)		321,074
Income tax expense (3)	38,908		(2,421)		41,329
Net income attributable to A&F	$	263,010	$	(9,679)	$	272,689
Net income per diluted share attributable to A&F	$	4.20	$	(0.15)	$	4.35
Diluted weighted-average shares outstanding:	62,636				62,636

(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 $12.1 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.

Abercrombie & Fitch Co.
Reconciliation of Constant Currency Financial Measures
Thirteen Weeks Ended January 28, 2023 and January 29, 2022
(in thousands, except percentage and basis point changes and per share data)
(Unaudited)
Net sales	2022		2021		% Change
GAAP (1)	$	1,199,814	$	1,161,353	3%
Impact from changes in foreign currency exchange rates (2)	—		(23,290)		2%
Net sales on a constant currency basis	$	1,199,814	$	1,138,063	5%
Gross profit	2022		2021		BPS Change (3)
GAAP (1)	$	668,285	$	677,132	(260)
Impact from changes in foreign currency exchange rates (2)	—		(25,027)		100
Gross profit on a constant currency basis	$	668,285	$	652,105	(160)
Operating income	2022		2021		BPS Change (3)
GAAP (1)	$	87,022	$	98,133	(110)
Excluded items (4)	(4,695)		(1,901)		10
Adjusted non-GAAP	$	91,717	$	100,034	(100)
Impact from changes in foreign currency exchange rates (2)	—		(18,145)		140
Adjusted non-GAAP constant currency basis	$	91,717	$	81,889	40
Net income per share attributable to A&F	2022		2021		$ Change
GAAP (1)	$	0.75	$	1.12	$(0.37)
Excluded items, net of tax (4)	(0.07)		(0.03)		0.04
Adjusted non-GAAP	$	0.81	$	1.14	$(0.33)
Impact from changes in foreign currency exchange rates (2)	—		(0.23)		0.23
Adjusted non-GAAP on a constant currency basis	$	0.81	$	0.91	$(0.10)

(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 asset store impairment charges of $4.7 million and $1.9 million for the current year and prior year, respectively.

Abercrombie & Fitch Co.
Reconciliation of Constant Currency Financial Measures
Fifty-Two Weeks Ended January 28, 2023 and January 29, 2022
(in thousands, except percentage and basis point changes and per share data)
(Unaudited)
Net sales	2022		2021		% Change
GAAP (1)	$	3,697,751	$	3,712,768	0%
Impact from changes in foreign currency exchange rates (2)	—		(81,803)		2%
Net sales on a constant currency basis	$	3,697,751	$	3,630,965	2%
Gross profit	2022		2021		BPS Change (3)
GAAP (1)	$	2,104,538	$	2,311,995	(540)
Impact from changes in foreign currency exchange rates (2)	—		(66,846)		50
Gross profit on a constant currency basis	$	2,104,538	$	2,245,149	(490)
Operating income	2022		2021		BPS Change (3)
GAAP (1)	$	92,648	$	343,084	(670)
Excluded items (4)	(14,031)		(12,100)		0
Adjusted non-GAAP	$	106,679	$	355,184	(670)
Impact from changes in foreign currency exchange rates (2)	—		(30,130)		60
Adjusted non-GAAP on a constant currency basis	$	106,679	$	325,054	(610)
Net income per share attributable to A&F	2022		2021		$ Change
GAAP (1)	$	0.05	$	4.20	$(4.15)
Excluded items, net of tax (4)	(0.20)		(0.15)		(0.05)
Adjusted non-GAAP	$	0.25	$	4.35	$(4.10)
Impact from changes in foreign currency exchange rates (2)	—		(0.36)		0.36
Adjusted non-GAAP on a constant currency basis	$	0.25	$	3.99	$(3.74)

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

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

(4) Excluded items consist of pre-tax asset store impairment charges of $14.0 million and $12.1 million for the current year and prior year, respectively.

Abercrombie & Fitch Co.
Reconciliation of Constant Currency Net Sales by Brand and Geography
Thirteen Weeks Ended January 28, 2023 and January 29, 2022
(in thousands, except percentage changes)
(Unaudited)
	2022			2021						GAAP<br><br>% Change	Non-GAAP Constant Currency Basis<br><br>% Change
	GAAP		GAAP		Impact From Changes In<br><br>Foreign Currency Exchanges Rates (1)		Non-GAAP Constant<br><br>Currency Basis
Net sales by brand:
Hollister (2)	$	639,376		$	668,777	$	(15,575)	$	653,202	(4)%	(2)%
Abercrombie (3)	560,438			492,576		(7,715)		484,861		14%	16%
Total company	$	1,199,814		$	1,161,353	$	(23,290)	$	1,138,063	3%	5%
	2022			2021						GAAP<br><br>% Change	Non-GAAP Constant Currency Basis<br><br>% Change
	GAAP		GAAP		Impact From Changes In<br><br>Foreign Currency Exchanges Rates (1)		Non-GAAP Constant<br><br>Currency Basis
Net sales by region: (4)
United States	$	920,533		$	841,687	$	—	$	841,687	9%	9%
EMEA	195,253			226,074		(15,839)		210,235		(14)%	(7)%
APAC	36,400			46,212		(4,600)		41,612		(21)%	(13)%
Other (5)	47,628			47,380		(2,851)		44,529		1%	7%
International	$	279,281		$	319,666	$	(23,290)	$	296,376	(13)%	(6)%
Total company	$	1,199,814		$	1,161,353	$	(23,290)	$	1,138,063	3%	5%

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

(3)Abercrombie includes the Abercrombie & Fitch and abercrombie kids 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 was sold 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.

Abercrombie & Fitch Co.
Reconciliation of Constant Currency Net Sales by Brand and Geography
Fifty-Two Weeks Ended January 28, 2023 and January 29, 2022
(in thousands, except percentage changes)
(Unaudited)
	2022			2021						GAAP<br><br>% Change	Non-GAAP Constant Currency Basis<br><br>% Change
	GAAP		GAAP		Impact From Changes In<br><br>Foreign Currency Exchanges Rates (1)		Non-GAAP Constant<br><br>Currency Basis
Net sales by brand:
Hollister (2)	$	1,962,885		$	2,147,979	$	(56,855)	$	2,091,124	(9)%	(6)%
Abercrombie (3)	1,734,866			1,564,789		(24,948)		1,539,841		11%	13%
Total company	$	3,697,751		$	3,712,768	$	(81,803)	$	3,630,965	—%	2%
	2022			2021						GAAP<br><br>% Change	Non-GAAP Constant Currency Basis<br><br>% Change
	GAAP		GAAP		Impact From Changes In<br><br>Foreign Currency Exchanges Rates (1)		Non-GAAP Constant<br><br>Currency Basis
Net sales by region: (4)
United States	$	2,758,294		$	2,652,158	$	—	$	2,652,158	4%	4%
EMEA	665,828			755,072		(61,083)		693,989		(12)%	(4)%
APAC	122,367			171,701		(14,119)		157,582		(29)%	(22)%
Other (5)	151,262			133,837		(6,601)		127,236		13%	19%
International	$	939,457		$	1,060,610	$	(81,803)	$	978,807	(11)%	(4)%
Total company	$	3,697,751		$	3,712,768	$	(81,803)	$	3,630,965	—%	2%

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

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

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

Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
	January 28, 2023		January 29, 2022
Assets
Current assets:
Cash and equivalents	$	517,602	$	823,139
Receivables	104,506		69,102
Inventories	505,621		525,864
Other current assets	100,289		89,654
Total current assets	1,228,018		1,507,759
Property and equipment, net	551,585		508,336
Operating lease right-of-use assets	723,550		698,231
Other assets	209,947		225,165
Total assets	$	2,713,100	$	2,939,491
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	258,895	$	374,829
Accrued expenses	413,303		395,815
Short-term portion of operating lease liabilities	213,979		222,823
Income taxes payable	16,023		21,773
Total current liabilities	902,200		1,015,240
Long-term liabilities:
Long-term portion of operating lease liabilities	$	713,361	$	697,264
Long-term borrowings, net	296,852		303,574
Other liabilities	94,118		86,089
Total long-term liabilities	1,104,331		1,086,927
Total Abercrombie & Fitch Co. stockholders’ equity	694,841		826,090
Noncontrolling interests	11,728		11,234
Total stockholders’ equity	706,569		837,324
Total liabilities and stockholders’ equity	$	2,713,100	$	2,939,491
Abercrombie & Fitch Co.
---	---	---	---	---
Condensed Consolidated Statements of Cash Flows
(in thousands, except per share data)
(Unaudited)
	Fifty-Two Weeks Ended
	January 28, 2023		January 29, 2022
Operating activities
Net cash (used for) provided by operating activities	$	(2,343)	$	277,782
Investing activities
Purchases of property and equipment	$	(164,566)	$	(96,979)
Proceeds from the sale of property and equipment	11,891		—
Withdrawal of Rabbi Trust assets	12,000		—
Net cash used for investing activities	$	(140,675)	$	(96,979)
Financing activities
Purchase of senior secured notes	(7,862)		(46,969)
Payment of debt issuance costs and fees	(181)		(2,016)
Purchases of common stock	(125,775)		(377,290)
Other financing activities	(21,511)		(20,623)
Net cash used for financing activities	$	(155,329)	$	(446,898)
Effect of foreign currency exchange rates on cash	$	(8,452)	$	(23,694)
Net decrease in cash and equivalents, and restricted cash and equivalents	$	(306,799)	$	(289,789)
Cash and equivalents, and restricted cash and equivalents, beginning of period	$	834,368	$	1,124,157
Cash and equivalents, and restricted cash and equivalents, end of period	$	527,569	$	834,368

Abercrombie & Fitch Co.

Store Count Activity

	Thirteen Weeks Ended January 28, 2023
	Hollister (1)		Abercrombie (2)		Total Company (3)
	United States	International	United States	International	United States	International	Total
October 29, 2022	367	156	174	54	541	210	751
New	17	—	8	3	25	3	28
Permanently closed	(4)	(7)	(2)	(4)	(6)	(11)	(17)
January 28, 2023	380	149	180	53	560	202	762
	Fifty-Two Weeks Ended January 28, 2023
	Hollister (1)		Abercrombie (2)		Total Company (3)
	United States	International	United States	International	United States	International	Total
January 29, 2022	351	154	173	51	524	205	729
New	33	5	13	8	46	13	59
Permanently closed	(4)	(10)	(6)	(6)	(10)	(16)	(26)
January 28, 2023	380	149	180	53	560	202	762

(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 12 international franchise stores as of January 28, 2023, 10 international franchise stores as of October 29, 2022, and 9 international franchise stores as of January 29, 2022. Excludes 16 Company-operated temporary stores as of January 28, 2023 and 14 Company-operated temporary stores as of October 29, 2022 and January 29, 2022.

(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 23 international franchise stores as of January 28, 2023, 19 international franchise stores as of October 29, 2022, and 14 international franchise stores as of January 29, 2022. Excludes three Company-operated temporary stores as of January 28, 2023 , four temporary stores as of October 29, 2022, and five Company-operated temporary stores as of January 29, 2022.

(3)This store count excludes one international third-party operated multi-brand outlet store as of each of January 28, 2023, October 29, 2022, and January 29, 2022

Document

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data, store data, and comparable sales data)
							Fiscal 2021										Fiscal 2022
	2018		2019		2020		Q1		Q2		Q3		Q4		2021		Q1		Q2		Q3		Q4		2022
Net sales	$	3,590,109	$	3,623,073	$	3,125,384	$	781,405	$	864,850	$	905,160	$	1,161,353	$	3,712,768	$	812,762	$	805,091	$	880,084	$	1,199,814	$	3,697,751
Cost of sales, exclusive of depreciation and amortization	1,430,193		1,472,155		1,234,179		286,271		301,365		328,916		484,221		1,400,773		363,216		339,200		359,268		531,529		1,593,213
Gross profit	2,159,916		2,150,918		1,891,205		495,134		563,485		576,244		677,132		2,311,995		449,546		465,891		520,816		668,285		2,104,538
Stores and distribution expense	1,542,022		1,598,500		1,379,948		315,508		325,847		351,815		435,153		1,428,323		337,543		340,791		367,333		437,264		1,482,931
Marketing, general and administrative expense	484,863		464,615		463,843		120,947		123,913		146,269		145,686		536,815		122,149		124,168		133,201		138,084		517,602
Asset impairment	11,580		19,135		72,937		2,664		786		6,749		1,901		12,100		3,422		2,170		3,744		4,695		14,031
Other operating (income) loss, net	(5,915)		(1,400)		(5,054)		(1,418)		(1,848)		(1,320)		(3,741)		(8,327)		(3,842)		953		(1,005)		1,220		(2,674)
Operating income (loss)	127,366		70,068		(20,469)		57,433		114,787		72,731		98,133		343,084		(9,726)		(2,191)		17,543		87,022		92,648
Interest expense, net	10,999		7,737		28,274		8,606		11,275		7,270		6,959		34,110		7,307		6,917		7,295		4,113		25,632
Income (loss) before income taxes	116,367		62,331		(48,743)		48,827		103,512		65,461		91,174		308,974		(17,033)		(9,108)		10,248		82,909		67,016
Income tax expense (benefit)	37,559		17,371		60,211		6,121		(6,944)		16,383		23,348		38,908		(2,187)		5,634		10,966		42,218		56,631
Net income (loss)	78,808		44,960		(108,654)		42,706		110,456		49,078		67,826		270,066		(14,846)		(14,742)		(718)		40,691		10,385
Less: Net income attributable to noncontrolling interests	4,267		5,602		5,067		938		1,956		1,845		2,317		7,056		1,623		2,092		1,496		2,358		7,569
Net income (loss) attributable to Abercrombie & Fitch Co.	$	74,541	$	39,358	$	(114,021)	$	41,768	$	108,500	$	47,233	$	65,509	$	263,010	$	(16,469)	$	(16,834)	$	(2,214)	$	38,333	$	2,816
									Fiscal 2021										Fiscal 2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2018			2019			2020		Q1		Q2		Q3		Q4		2021		Q1		Q2		Q3		Q4		2022
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	1.11		$	0.61		$	(1.82)	$	0.67	$	1.77	$	0.80	$	1.18	$	4.41	$	(0.32)	$	(0.33)	$	(0.04)	$	0.78	$	0.06
Diluted	$	1.08		$	0.60		$	(1.82)	$	0.64	$	1.69	$	0.77	$	1.12	$	4.20	$	(0.32)	$	(0.33)	$	(0.04)	$	0.75	$	0.05
Weighted-average shares outstanding:
Basic	67,350			64,428			62,551		62,380		61,428		58,796		55,740		59,597		52,077		50,441		49,486		49,216		50,307
Diluted	69,137			65,778			62,551		65,305		64,136		61,465		58,700		62,636		52,077		50,441		49,486		51,217		52,327
Hollister comparable sales (2) (3)	5		%	(1)		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Abercrombie comparable sales (2) (4)	1		%	3		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Comparable sales (2)	3		%	1		%	Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided		Not provided
Shares outstanding	66,227			62,786			62,399		61,935		59,692		57,037		52,985		52,985		50,442		49,471		49,000		49,002		49,002
Number of stores - end of period	861			857			735		731		733		735		729		729		728		734		751		762		762
Gross square feet - end of period	6,566			6,314			5,232		5,189		5,150		5,159		5,052		5,052		5,029		5,059		5,100		5,068		5,068
(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.

q42022investorpresentati

INVESTOR PRESENTATION: FOURTH QUARTER 2022

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation and related statements by management or spokespeople of A&F contain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements, including, without limitation, statements regarding our first 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 and uncertainties and are subject to change based on various important factors, many of which may be beyond the company’s control. The inclusion of such information should not be regarded as a representation by the company, or any other person, that the 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 29, 2022, and otherwise in our reports and filings with the Securities and Exchange Commission, as well as the following 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 and uncertainty related to the COVID-19 pandemic and any other adverse public health developments; risks related to geopolitical conflict, including the on-going hostilities in Ukraine, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience; risks related to our failure to engage our customers, anticipate customer demand and changing fashion trends, and manage our inventory commensurately; risks related to our failure to operate effectively in a highly competitive and constantly evolving industry; risks related to our ability to execute on our strategic initiatives, including 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 and losses generated from our international operations, may result in volatility in our results of operations; 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. 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 Appendix to this presentation. As used in the presentation, "GAAP" refers to accounting principles generally accepted in the United States of America. 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 presentation, unless otherwise defined, references to "Hollister" include the company's Hollister, Gilly Hicks, and Social Tourist brands and references to "Abercrombie" includes the company's Abercrombie & Fitch and abercrombie kids brands. 2

Safe Harbor and Other Information 2 Company Overview 4 Q4 2022 and Full Year Results 9 Appendix 22 TABLE OF CONTENTS 3

COMPANY OVERVIEW 4

Abercrombie & Fitch Co. is a global, digitally-led, omni-channel apparel and accessories retailer catering to kids through millennials with assortments curated for their specific lifestyle needs Our corporate purpose of 'Being here for you on the journey to being and becoming who you are' fuels our purpose-led brands and our global associates 5

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. At Gilly Hicks, we know that 10 minutes of activity a day can lead to a happier life. That's why we offer active lifestyle products to help Gen Z customers create happiness through movement. 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. 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. 6 Social Tourist is the creative vision of Hollister and social media personalities Dixie and Charli D’Amelio. The lifestyle brand creates trend forward apparel that allows brand lovers to experiment with their style, while exploring the duality of who they are both on social media and in real life.

25% 44% GLOBAL, DIGITALLY-LED OMNICHANNEL RETAILER DIGITAL PENETRATION COUNTRIES SERVED VIA DIGITAL FULFILLMENT COUNTRIES WITH COMPANY OPERATED STORES WHOLESALE PARTNERSHIPS, PRIMARILY INTERNATIONAL COMPANY-OPERATED RETAIL STORES OF FISCAL 2022 NET SALES WERE DERIVED INTERNATIONALLY FISCAL 2022 DIGITAL SALES WERE ROUGHLY $1.6 BILLION Information provided on this slide is as of January 28, 2023 unless otherwise specified. OF GLOBAL STORE FLEET WITH SHIP- FROM-STORE AND PURCHASE- ONLINE-PICK-UP-IN-STORE CAPABILITIES 7 $1.6B ~90% 110+ 16 10 THE COMPANY'S PRODUCTS ARE SOLD GLOBALLY, PRIMARILY THROUGH ITS COMPANY-OWNED DIGITAL AND STORE CHANNELS, AS WELL AS THROUGH VARIOUS THIRD-PARTY ARRANGEMENTS 762

ALWAYS FORWARD PLAN EXECUTE FOCUSED BRAND GROWTH PLANS •data driven approach to store expansion •grow brand lovers through digital marketing and social selling ACCELERATE AN ENTERPRISE-WIDE DIGITAL REVOLUTION • "Know Them Better" - continued expansion and acceleration of investments in customer analytics to improve customer engagement • "Wow Them Everywhere" - continued investments in people, systems, and processes to improve the end-to-end customer experience OPERATE WITH FINANCIAL DISCIPLINE •operate with a more agile cost structure • seek expense efficiencies while protecting investments in digital, technology and store growth 2025 TARGETS: $4.1B - $4.3B REVENUES 8%+ OPERATING MARGIN $600M MINIMUM FREE CASH FLOW GENERATION OVER 3 YEARS LONGER-TERM GOAL OF $5B IN REVENUES AND A 10%+ OPERATING MARGIN 1 2 3 8 INTRODUCED 2025 FINANCIAL TARGETS AT JUNE 2022 INVESTOR DAY EMBODY OUR AUTHENTIC PURPOSE

Q4 2022 AND FULL YEAR RESULTS 9

CEO COMMENTARY “We had a solid finish to the quarter delivering year-over-year, fourth quarter net sales growth of 3% on a reported basis and 5% on a constant currency basis. Results were driven by continued, strong momentum in the Abercrombie & Fitch brand and sequential improvement in Hollister as we continue to stabilize the brand’s performance. In a year with significant inflation and global macroeconomic disruption, our teams leveraged our agile operating model to redirect expense and inventory investments. These efforts helped drive sequential sales improvement in the last two quarters, while progressing on key growth initiatives across digital, technology and stores. For the year, we achieved net sales of $3.7 billion, approximately flat to last year on a reported basis and up 2% on a constant currency basis. We ended the year with 44% digital penetration, growth in AUR, net store count growth, inventory down 4% to 2021, and reported and adjusted operating margins consistent with 2019 pre-pandemic levels despite approximately $300 million of product cost inflation since that time. As we look to 2023, we remain cautiously optimistic on consumer demand. Our Abercrombie & Fitch brand continues to be a leader in the industry, and multiple actions we have taken in the Hollister brand are resulting in sequential net sales trend improvement. We are pleased with our inventory levels and each of our brands is in a position to chase. While we expect to see net product cost benefits in 2023, we will continue to tightly manage our expenses, inventory and cash flow to properly balance investing for the long- term while improving profitability as we execute to deliver our 2025 Always Forward Plan.” 10 Fran Horowitz Chief Executive Officer

NET INCOME PER SHARE (1) Adjusted non-GAAP results exclude the effect of certain items set out in the Appendix. (2) The estimated impact from foreign currency is calculated by applying current period exchange rates to prior year results using a 26% tax rate. Refer to the Appendix for further details. 11 SIGNIFICANT ITEMS IMPACTING RESULTS • Net sales for the fourth quarter grew 3% and for the full year were approximately flat, as compared to last year. • Gross profit rate for the fourth quarter declined 260 basis points as compared to last year to 55.7%, driven by the adverse impact of exchange rates and higher product costs with higher cotton costs and inventory reserves more than offsetting lower freight costs. Full year gross margin decreased 540 basis points to 56.9% driven by higher freight and raw material costs and the adverse impact of exchange rates partially offset by higher average unit retail. • Fulfillment expense for the fourth quarter was flat and for the full year increased by $40M, respectively, reflecting higher shipping and handling and other fulfillment expenses, including the opening of a new third-party fulfillment facility in the United States. • Asset impairment charges for the fourth quarter and full year of $5M and $14M, respectively. • Operating income for the fourth quarter and full year decreased by $11M and $250M, respectively, with the adverse impact of exchange rates negatively impacting operating income by $18M and $30M, respectively. Q4 2022 Q4 2021 FY 2022 FY 2021 GAAP $ 0.75 $ 1.12 $ 0.05 $ 4.20 EXCLUDED ITEMS, NET OF TAX EFFECT (1) (0.07) (0.03) (0.20) (0.15) ADJUSTED NON-GAAP $0.81 $1.14 $0.25 $4.35 IMPACT FROM FOREIGN CURRENCY EXCHANGE RATES (2) — (0.23) — (0.36) ADJUSTED NON-GAAP ON A CONSTANT CURRENCY BASIS $0.81 $0.91 $0.25 $3.99

TOTAL COMPANY NET SALES GROWTH OF 3% TO $1.2B AND 5% ON A CONSTANT CURRENCY BASIS COMPARED TO Q4 2021 ABERCROMBIE $560M UP 14% TO LAST YEAR UP 16% ON A CONSTANT CURRENCY BASIS (1) 46.7% OF TOTAL NET SALES HOLLISTER $639M DOWN 4% TO LAST YEAR DOWN 2% ON A CONSTANT CURRENCY BASIS (1) 53.3% OF TOTAL NET SALES EMEA $195M DOWN 14% TO LAST YEAR DOWN 7% ON A CONSTANT CURRENCY BASIS (1) 16.3% OF TOTAL NET SALES UNITED STATES (2) $921M UP 9% TO LAST YEAR UP 9% ON A CONSTANT CURRENCY BASIS (1) 76.7% OF TOTAL NET SALES APAC $36M DOWN 21% TO LAST YEAR DOWN 13% ON A CONSTANT CURRENCY BASIS (1) 3.0% OF TOTAL NET SALES OTHER (3) $48M UP 1% TO LAST YEAR UP 7% ON A CONSTANT CURRENCY BASIS (1) 4.0% OF TOTAL NET SALES (1) The estimated impact from foreign currency is calculated by applying current period exchange rates to prior year results using a 26% tax rate. Refer to the Appendix for further details. (2) 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. (3) Other includes all sales that do not fall within the United States, EMEA, or APAC regions, which are derived primarily in Canada. Q4 NET SALES 12

TOTAL COMPANY NET SALES APPROXIMATELY FLAT TO $3.7B AND GROWTH OF 2% ON A CONSTANT CURRENCY BASIS COMPARED TO 2021 ABERCROMBIE $1,735M UP 11% TO LAST YEAR UP 13% ON A CONSTANT CURRENCY BASIS (1) 46.9% OF TOTAL NET SALES HOLLISTER $1,963M DOWN 9% TO LAST YEAR DOWN 6% ON A CONSTANT CURRENCY BASIS (1) 53.1% OF TOTAL NET SALES EMEA $666M DOWN 12% TO LAST YEAR DOWN 4% ON A CONSTANT CURRENCY BASIS (1) 18.0% OF TOTAL NET SALES UNITED STATES (2) $2,758M UP 4% TO LAST YEAR UP 4% ON A CONSTANT CURRENCY BASIS (1) 74.6% OF TOTAL NET SALES APAC $122M DOWN 29% TO LAST YEAR DOWN 22% ON A CONSTANT CURRENCY BASIS (1) 3.3% OF TOTAL NET SALES OTHER (3) $151M UP 13% TO LAST YEAR UP 19% ON A CONSTANT CURRENCY BASIS (1) 4.1% OF TOTAL NET SALES (1) The estimated impact from foreign currency is calculated by applying current period exchange rates to prior year results using a 26% tax rate. Refer to the Appendix for further details. (2) 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. (3) Other includes all sales that do not fall within the United States, EMEA, or APAC regions, which are derived primarily in Canada. FULL YEAR NET SALES 13

(in thousands) Q4 2022 % OF NET SALES Q4 2021 % OF NET SALES 1 YR Δ BPS (3) STORE OCCUPANCY (1) $115,030 9.6% $112,591 9.7% (10) ALL OTHER (2) 322,234 26.9% 322,562 27.8% (90) STORES AND DISTRIBUTION 437,264 36.4% 435,153 37.5% (110) MARKETING, GENERAL & ADMINISTRATIVE 138,084 11.5% 145,686 12.5% (100) ASSET IMPAIRMENT 4,695 0.4% 1,901 0.2% 20 TOTAL OPERATING EXPENSE - GAAP $580,043 48.3% $582,740 50.2% (190) RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSE TOTAL OPERATING EXPENSE - GAAP $580,043 48.3% $582,740 50.2% (190) EXCLUDED ITEMS (4) 4,695 0.4% 1,901 0.2% (20) TOTAL ADJUSTED OPERATING EXPENSE - NON-GAAP $575,348 48.0% $580,839 50.0% (200) (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. (4) Excluded items consist of pre-tax store and other asset impairment charges for the current year and pre-tax store asset impairment charges for the prior year, respectively. Refer to the Appendix for further details. Q4 OPERATING EXPENSE 14

(1) Gross profit is derived from cost of sales, exclusive of depreciation and amortization. 15 FULL YEAR OPERATING EXPENSE (in thousands) 2022 % OF NET SALES 2021 % OF NET SALES 1 YR Δ BPS (3) STORE OCCUPANCY (1) $433,758 11.7% $427,409 11.5% 20 ALL OTHER (2) 1,049,173 28.4% 1,000,914 27.0% 140 STORES AND DISTRIBUTION 1,482,931 40.1% 1,428,323 38.5% 160 MARKETING, GENERAL & ADMINISTRATIVE 517,602 14.0% 536,815 14.5% (50) ASSET IMPAIRMENT 14,031 0.4% 12,100 0.3% 10 TOTAL OPERATING EXPENSE - GAAP $2,014,564 54.5% $1,977,238 53.3% 120 RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSE TOTAL OPERATING EXPENSE - GAAP $2,014,564 54.5% $1,977,238 53.3% 120 EXCLUDED ITEMS (4) 14,031 0.4% 12,100 0.3% (10) TOTAL ADJUSTED OPERATING EXPENSE - NON-GAAP $2,000,533 54.1% $1,965,138 52.9% 120 (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. (4) Excluded items consist of pre-tax store and other asset impairment charges for the current year and pre-tax store asset impairment charges for the prior year, respectively. Refer to the Appendix for further details.

INCOME STATEMENT (1) Gross profit is derived from cost of sales, exclusive of depreciation and amortization. 16 Q4 GAAP FULL YEAR GAAP (in thousands) Q4 2022 % OF NET SALES Q4 2021 % OF NET SALES 2022 % OF NET SALES 2021 % OF NET SALES NET SALES $1,199,814 100.0% $1,161,353 100.0% $3,697,751 100.0% $3,712,768 100.0% GROSS PROFIT (1) 668,285 55.7% 677,132 58.3% 2,104,538 56.9% 2,311,995 62.3% OPERATING EXPENSE 580,043 48.3% 582,740 50.2% 2,014,564 54.5% 1,977,238 53.3% OTHER OPERATING EXPENSE (INCOME), NET 1,220 0.1% (3,741) (0.3)% (2,674) (0.1)% (8,327) (0.2)% OPERATING INCOME 87,022 7.3% 98,133 8.4% 92,648 2.5% 343,084 9.2% INTEREST EXPENSE, NET 4,113 0.3% 6,959 0.6% 25,632 0.7% 34,110 0.9% INCOME BEFORE INCOME TAXES 82,909 6.9% 91,174 7.9% 67,016 1.8% 308,974 8.3% INCOME TAX EXPENSE 42,218 3.5% 23,348 2.0% 56,631 1.5% 38,908 1.0% NET INCOME $38,333 3.2% $65,509 5.6% $2,816 0.1% $263,010 7.1% NET INCOME PER SHARE BASIC $0.78 $1.18 $0.06 $4.41 DILUTED $0.75 $1.12 $0.05 $4.20 WEIGHTED-AVERAGE SHARES BASIC 49,216 55,740 50,307 59,597 DILUTED 51,217 58,700 52,327 62,636

BALANCE SHEET 17 (in thousands) JANUARY 28, 2023 JANUARY 29, 2022 CASH AND EQUIVALENTS $517,602 $823,139 RECEIVABLES 104,506 69,102 INVENTORIES 505,621 525,864 OTHER CURRENT ASSETS 100,289 89,654 TOTAL CURRENT ASSETS $1,228,018 $1,507,759 PROPERTY AND EQUIPMENT, NET 551,585 508,336 OPERATING LEASE RIGHT-OF-USE ASSETS 723,550 698,231 OTHER ASSETS 209,947 225,165 TOTAL ASSETS $2,713,100 $2,939,491 ACCOUNTS PAYABLE $258,895 $374,829 ACCRUED EXPENSES 413,303 395,815 SHORT-TERM PORTION OF OPERATING LEASE LIABILITIES 213,979 222,823 INCOME TAXES PAYABLE 16,023 21,773 TOTAL CURRENT LIABILITIES $902,200 $1,015,240 LONG-TERM PORTION OF OPERATING LEASE LIABILITIES 713,361 697,264 LONG-TERM BORROWINGS, NET 296,852 303,574 OTHER LIABILITIES 94,118 86,089 TOTAL LONG-TERM LIABILITIES $1,104,331 $1,086,927 TOTAL ABERCROMBIE & FITCH CO. STOCKHOLDERS EQUITY 694,841 826,090 NONCONTROLLING INTEREST 11,728 11,234 TOTAL STOCKHOLDERS' EQUITY $706,569 $837,324 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,713,100 $2,939,491

STATEMENT OF CASH FLOWS 18 YEAR TO DATE PERIOD ENDED (in thousands) JANUARY 28, 2023 January 29, 2022 NET CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES $(2,343) $277,782 PURCHASES OF PROPERTY AND EQUIPMENT (164,566) (96,979) PROCEEDS FROM THE SALE OF PROPERTY AND EQUIPMENT 11,891 — WITHDRAWAL OF RABBI TRUST ASSETS 12,000 — NET CASH USED FOR INVESTING ACTIVITIES $(140,675) $(96,979) PURCHASE OF SENIOR SECURED NOTES (7,862) (46,969) PAYMENT OF DEBT ISSUANCE COSTS AND FEES (181) (2,016) PURCHASES OF COMMON STOCK (125,775) (377,290) OTHER FINANCING ACTIVITIES (21,511) (20,623) NET CASH USED FOR FINANCING ACTIVITIES $(155,329) $(446,898) EFFECT OF FOREIGN CURRENCY EXCHANGE RATES ON CASH (8,452) (23,694) NET DECREASE IN CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS $(306,799) $(289,789) CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS, BEGINNING OF PERIOD $834,368 $1,124,157 CASH AND EQUIVALENTS, AND RESTRICTED CASH AND EQUIVALENTS, END OF PERIOD $527,569 $834,368

NET STORE OPENINGS IN 2022 WHILE MAINTAINING ROUGHLY FLAT SQUARE FOOTAGE Total stores FY18 FY19 FY20 FY21 FY 22 GROSS SQUARE FOOTAGE (in thousands) FY 18 FY 19 FY 20 FY 21 FY 22 6,566 6,314 5,232 5,052 5,068 19

FINANCIAL POSITION AND LIQUIDITY $1,071M $783M $729M $617M $866M Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $0M $250M $500M $750M $1,000M $1,250M CASH & EQUIVALENTS $518M AS COMPARED TO $823M LAST YEAR SHORT-TERM BORROWINGS NO BORROWINGS OUTSTANDING UNDER ABL FACILITY $348M OF BORROWING AVAILABLE UNDER ABL FACILITY GROSS LONG-TERM BORROWINGS $300M OUTSTANDING AS COMPARED TO $308M LAST YEAR, AS COMPANY PURCHASED $8 MILLION OF ITS OUTSTANDING SENIOR SECURED NOTES DURING THIRD QUARTER 2022 INVENTORIES $506M DOWN 4% FROM LAST YEAR * Liquidity is comprised of cash and equivalents and borrowing available under the ABL Facility. 20

SHARE REPURCHASES AND DIVIDENDS 21 THE COMPANY REPURCHASED APPROXIMATELY 4.8 MILLION SHARES AND HAS RETURNED $126 MILLION TO SHAREHOLDERS DURING FISCAL YEAR 2022 SHARE REPURCHASES (in thousands, except for average cost) NUMBER OF SHARES COST AVERAGE COST DIVIDENDS TOTAL 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 FY 2021 10,200 $377,290 $36.99 $— $377,290 FY 2022 4,770 $125,775 $26.37 $— $125,775 (in thousands) FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 ENDING SHARES OUTSTANDING 68,195 66,227 62,786 62,399 52,985 49,002

APPENDIX 22

23 EXCLUDED ITEMS (in thousands) Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 ASSET IMPAIRMENT $3,422 $2,170 $3,744 $4,695 14,031 TAX EFFECT (1) (918) (611) (976) (1,297) (3,802) TOTAL EXCLUDED ITEMS $2,504 $1,559 $2,768 $3,398 $10,229 (in thousands) Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 ASSET IMPAIRMENT $2,664 $786 $6,749 $1,901 12,100 TAX EFFECT (1) (449) (224) (1,375) (373) (2,421) TOTAL EXCLUDED ITEMS $2,215 $562 $5,374 $1,528 $9,679 (1) The tax effect of excluded items is the difference between the tax provision calculation on a GAAP basis and an adjusted non-GAAP basis.

24 (1) The tax effect of excluded items is the difference between the tax provision calculation on a GAAP basis and an adjusted non-GAAP basis. Q4 RECONCILIATION OF GAAP TO NON-GAAP RESULTS STATEMENT OF OPERATIONS Q4 2022 GAAP EXCLUDED ITEMS Q4 2022 NON-GAAP ASSET IMPAIRMENT $4,695 $4,695 $— OPERATING INCOME 87,022 (4,695) 91,717 INCOME BEFORE INCOME TAXES 82,909 (4,695) 87,604 INCOME TAX EXPENSE (1) 42,218 (1,297) 43,515 NET INCOME $38,333 $(3,398) $41,731 NET INCOME PER DILUTED SHARE $0.75 $(0.07) $0.81 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 51,217 51,217 Q4 2021 GAAP EXCLUDED ITEMS Q4 2021 NON-GAAP ASSET IMPAIRMENT $1,901 $1,901 $— OPERATING INCOME 98,133 (1,901) 100,034 INCOME BEFORE INCOME TAXES 91,174 (1,901) 93,075 INCOME TAX EXPENSE (1) 23,348 (373) 23,721 NET INCOME $65,509 $(1,528) $67,037 NET INCOME PER DILUTED SHARE $1.12 $(0.03) $1.14 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 58,700 58,700

(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. FULL YEAR RECONCILIATION OF GAAP TO NON-GAAP RESULTS STATEMENT OF OPERATIONS FY 2022 GAAP EXCLUDED ITEMS FY 2022 NON-GAAP ASSET IMPAIRMENT $14,031 $14,031 $— OPERATING INCOME 92,648 (14,031) 106,679 INCOME BEFORE INCOME TAXES 67,016 (14,031) 81,047 INCOME TAX EXPENSE (1) 56,631 (3,802) 60,433 NET INCOME $2,816 $(10,229) $13,045 NET INCOME PER DILUTED SHARE $0.05 $(0.20) $0.25 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 52,327 52,327 FY 2021 GAAP EXCLUDED ITEMS FY 2021 NON-GAAP ASSET IMPAIRMENT $12,100 $12,100 $— OPERATING INCOME 343,084 (12,100) 355,184 INCOME BEFORE INCOME TAXES 308,974 (12,100) 321,074 INCOME TAX EXPENSE (1) 38,908 (2,421) 41,329 NET INCOME $263,010 $(9,679) $272,689 NET INCOME PER DILUTED SHARE $4.20 $(0.15) $4.35 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 62,636 62,636 25

Q4 RECONCILIATION OF CONSTANT CURRENCY RESULTS NET SALES Q4 2022 Q4 2021 Δ % GAAP $1,199,814 $1,161,353 3% IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (23,290) 2% NON-GAAP CONSTANT CURRENCY BASIS $1,199,814 $1,138,063 5% GROSS PROFIT Q4 2022 Q4 2021 Δ BPS (2) GAAP $668,285 $677,132 (260) IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (25,027) 100 NON-GAAP CONSTANT CURRENCY BASIS $668,285 $652,105 (160) OPERATING INCOME Q4 2022 Q4 2021 Δ BPS (2) GAAP $87,022 $98,133 (110) EXCLUDED ITEMS (3) (4,695) (1,901) (10) ADJUSTED NON-GAAP $91,717 $100,034 (100) IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (18,145) 140 ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $91,717 $81,889 40 NET INCOME PER DILUTED SHARE Q4 2022 Q4 2021 Δ $ GAAP $0.75 $1.12 $(0.37) EXCLUDED ITEMS, NET OF TAX (3) (0.07) (0.03) (0.04) ADJUSTED NON-GAAP $0.81 $1.14 $(0.33) IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (0.23) 0.23 ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $0.81 $0.91 $(0.10) (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) Excluded items consist of pre-tax store and other asset impairment charges for the current year and pre-tax store asset impairment charges for the prior year, respectively. 26

FULL YEAR RECONCILIATION OF CONSTANT CURRENCY RESULTS NET SALES FY 2022 FY 2021 Δ % GAAP $3,697,751 $3,712,768 0% IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (81,803) 2% NON-GAAP CONSTANT CURRENCY BASIS $3,697,751 $3,630,965 2% GROSS PROFIT FY 2022 FY 2021 Δ BPS (2) GAAP $2,104,538 $2,311,995 (540) IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (66,846) 50 NON-GAAP CONSTANT CURRENCY BASIS $2,104,538 $2,245,149 (490) OPERATING (LOSS) INCOME FY 2022 FY 2021 Δ BPS (2) GAAP $92,648 $343,084 (670) EXCLUDED ITEMS (3) (14,031) (12,100) — ADJUSTED NON-GAAP $106,679 $355,184 (670) IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (30,130) 60 ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $106,679 $325,054 (610) NET (LOSS) INCOME PER DILUTED SHARE FY 2022 FY 2021 Δ $ GAAP $0.05 $4.20 $(4.15) EXCLUDED ITEMS, NET OF TAX (3) (0.20) (0.15) (0.05) ADJUSTED NON-GAAP $0.25 $4.35 $(4.10) IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) — (0.36) 0.36 ADJUSTED NON-GAAP CONSTANT CURRENCY BASIS $0.25 $3.99 $(3.74) (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) Excluded items consist of pre-tax store and other asset impairment charges for the current year and pre-tax store asset impairment charges for the prior year, respectively. 27

(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-over-year impact from hedging. The per diluted share estimated impact from foreign currency is calculated using a 26% tax rate. (2) Hollister includes the Hollister and Gilly Hicks brands. (3) Abercrombie includes the Abercrombie & Fitch and abercrombie kids 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 was sold 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. (in thousands) Q4 2022 Q4 2021 GAAP Δ % NON-GAAP CONSTANT CURRENCY BASIS Δ % GAAP IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) NON-GAAP CONSTANT CURRENCY BASIS NET SALES BY BRAND: HOLLISTER (2) $ 639,376 $ 668,777 $ (15,575) $ 653,202 (4)% (2)% ABERCROMBIE (3) 560,438 492,576 (7,715) 484,861 14% 16% TOTAL COMPANY $ 1,199,814 $ 1,161,353 $ (23,290) $ 1,138,063 3% 5% (in thousands) Q4 2022 Q4 2021 GAAP Δ % NON-GAAP CONSTANT CURRENCY BASIS Δ %GAAP IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) NON-GAAP CONSTANT CURRENCY BASIS NET SALES BY REGION: (4) UNITED STATES $ 920,533 $ 841,687 $ — $ 841,687 9% 9% EMEA 195,253 226,074 (15,839) 210,235 (14)% (7)% APAC 36,400 46,212 (4,600) 41,612 (21)% (13)% OTHER (5) 47,628 47,380 (2,851) 44,529 1% 7% INTERNATIONAL $ 279,281 $ 319,666 $ (23,290) $ 296,376 (13)% (6)% TOTAL COMPANY $ 1,199,814 $ 1,161,353 $ (23,290) $ 1,138,063 3% 5% Q4 RECONCILIATION OF GAAP TO NON-GAAP RESULTS NET SALES BY BRAND AND GEOGRAPHY 28

(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-over-year impact from hedging. The per diluted share estimated impact from foreign currency is calculated using a 26% tax rate. (2) Hollister includes the Hollister and Gilly Hicks brands. (3) Abercrombie includes the Abercrombie & Fitch and abercrombie kids 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 was sold 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. (in thousands) FY 2022 FY 2021 GAAP Δ % NON-GAAP CONSTANT CURRENCY BASIS Δ % GAAP IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) NON-GAAP CONSTANT CURRENCY BASIS NET SALES BY BRAND: HOLLISTER (2) $ 1,962,885 $ 2,147,979 $ (56,855) $ 2,091,124 (9)% (6)% ABERCROMBIE (3) 1,734,866 1,564,789 (24,948) 1,539,841 11% 13% TOTAL COMPANY $ 3,697,751 $ 3,712,768 $ (81,803) $ 3,630,965 0% 2% (in thousands) FY 2022 FY 2021 GAAP Δ % NON-GAAP CONSTANT CURRENCY BASIS Δ %GAAP IMPACT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES (1) NON-GAAP CONSTANT CURRENCY BASIS NET SALES BY REGION: (4) UNITED STATES $ 2,758,294 $ 2,652,158 $ — $ 2,652,158 4% 4% EMEA 665,828 755,072 (61,083) 693,989 (12)% (4)% APAC 122,367 171,701 (14,119) 157,582 (29)% (22)% OTHER (5) 151,262 133,837 (6,601) 127,236 13% 19% INTERNATIONAL $ 939,457 $ 1,060,610 $ (81,803) $ 978,807 (11)% (4)% TOTAL COMPANY $ 3,697,751 $ 3,712,768 $ (81,803) $ 3,630,965 0% 2% FULL YEAR RECONCILIATION OF GAAP TO NON-GAAP RESULTS NET SALES BY BRAND AND GEOGRAPHY 29

(1) Free cash flow is a non-GAAP measure and is computed by subtracting capital expenditures from net cash (used for) provided by operating activities, both of which are disclosed in the table above, preceding the measure of free cash flow. CASH FLOW SUMMARY 30 FULL YEAR ENDED (in thousands) JANUARY 28, 2023 JANUARY 29, 2022 NET CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES $(2,343) $277,782 NET CASH USED FOR INVESTING ACTIVITIES $(140,675) $(96,979) NET CASH USED FOR FINANCING ACTIVITIES $(155,329) $(446,898) (in thousands) NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES CAPITAL EXPENDITURES FREE CASH FLOW (2) 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 FY 2021 $277,782 $96,979 $180,803 FY 2022 $(2,343) $164,566 $(166,909)

Q4 2022 GLOBAL FLEET POSITION 91% OF U.S. STORES LOCATED IN A/B MALLS (2) Mall rating based on Green Street Advisors as of January 2023. (3) Other includes street and outlet locations. YTD STORE ACTIVITY Q4 2022 STORE FLEET DETAIL Q4 2022 U.S. STORE FLEET (2) 31 (1) Hollister store openings include 14 Gilly Hicks stores opened YTD A MALL B MALL C MALL FLAGSHIPS OTHER (3) TOTAL # OF STORES 258 253 45 1 3 560 % OF U.S. FLEET 46% 45% 8% —% 1% 100% HOLLISTER ABERCROMBIE TOTAL # OF STORES % OF FLEET # OF STORES % OF FLEET # OF STORES % OF FLEET LEGACY STORES 173 33% 88 38% 261 34% UPDATED FORMATS 334 63% 106 45% 440 58% OUTLETS 22 4% 37 16% 59 8% FLAGSHIPS — —% 2 1% 2 —% TOTAL 529 100% 233 100% 762 100% HOLLISTER ABERCROMBIE TOTAL NEW STORES 38⁽¹⁾ 21 59 REMODELS 1 — 1 RIGHT-SIZES 4 4 8 NEW EXPERIENCES 43 25 68 PERMANENT CLOSURES (14) (12) (26)

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REFINITIV STREETEVENTS EDITED TRANSCRIPT ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call EVENT DATE/TIME: MARCH 01, 2023 / 1:30PM GMT REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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 Scott D. Lipesky Abercrombie & Fitch Co. - Executive VP & CFO Mohit Gupta Abercrombie & Fitch Co. 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 Alexandra Ann Straton Morgan Stanley, Research Division - Research Associate Corey Tarlowe Jefferies LLC, Research Division - Equity Analyst Dana Lauren Telsey Telsey Advisory Group LLC - CEO & Chief Research Officer Janet Joseph Kloppenburg JJK Research Associates, Inc. - President Kelly Crago Citigroup Inc., Research Division - VP Marni Shapiro The Retail Tracker - Co-Founder Mauricio Serna Vega UBS Investment Bank, Research Division - Analyst P R E S E N T A T I O N Operator Good day, and welcome to the Abercrombie & Fitch's Fourth Quarter Year-End Fiscal Year 2022 Earnings Call. Today's conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Mo Gupta. Please go ahead. Mohit Gupta - Abercrombie & Fitch Co. Thank you. Good morning, and welcome to our fourth quarter 2022 earnings call. Joining me today on the call are Fran Horowitz, Chief Executive Officer; and Scott Lipesky, Chief Financial Officer. Earlier this morning, we issued our fourth 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 reports and filings with the Securities and Exchange Commission. In addition, we will be referring to certain non-GAAP financial measures during the call. Additional details and reconciliations of GAAP to adjusted non-GAAP financial measures are included in the release and investor presentation issued earlier this morning. With that, I will turn the call over to Fran. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Good morning, and thank you for joining us today, and a warm welcome to Mo on his return to A&F, leading our Investor Relations efforts. I'm excited to share our fourth quarter and full year results. We finished the quarter with sales surpassing the outlook range we provided in our early January business update for a strong close to the year. 2022 was another year of twists and turns, and I'd like to thank our global associates as well as our partners for once again stepping up to deliver solid financial results while making progress against our long-term strategic priorities. As geopolitical disruption and inflationary impacts accelerated early in the year, we laid out plans to pivot our investments to optimize sales growth, operating margin and inventory. Our teams rally to deliver on each of those dimensions, leveraging the agility we have gained from our transformation efforts these past few years. At the start of every year, my goal is to make this organization stronger, and we have done that once again in 2022, allowing us to start 2023 from a position of strength with so much opportunity in front of us. Today, I'll cover our fourth quarter and our full year 2022 results, reflecting our progress in the past year. Then I'll conclude with our objectives and priorities for 2023. 2 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

For the fourth quarter, we grew sales 3% year-over-year on a reported basis and 5% on a constant currency basis. This growth was enabled by having inventory on hand to meet demand during the peak holiday period. We purposefully built inventory in the second and third quarters with the target to be around flat to last year by year-end. We delivered on that goal with inventory finishing down 4% to year-end 2021. While sales trends improved sequentially across brands, performance was once again led by continued strength in the Abercrombie & Fitch brand. I'm incredibly proud to report that Abercrombie brands, which includes Abercrombie & Fitch and Abercrombie Kids grew 14% from Q4 2021 or 16% on a constant currency basis. All the work we have done to bring this brand back it was incredibly special to see the Abercrombie & Fitch women's business achieve its highest quarterly sales in brand history, an impressive follow-up to a similar record in the third quarter. I was also thrilled to see growth in the men's business accelerate sequentially from Q3. At Hollister, we saw sequential trend improvement delivering sales down 4% to 2021 on a reported basis and down 2% on a constant currency basis. While we still have progress to make, we are beginning to see trend improvement on product and organizational actions taken in late summer something we will carry forward into 2023, which I'll talk more about in a moment. Taking a step back from the quarter and reflecting on the full year, one word comes to mind, complex. With the conflict in Ukraine, rising inflation and continued COVID-related measures impacting the consumer, a back to normal did not happen in retail. With all this uncertainty, our focus was simple, control what we could control. While that meant making short-term strategic decisions, we also kept an eye on the long term. In June, we held our first Investor Day since 2018 and presented our 2025 Always Forward Plan, transitioning our mindset from transformation to growth. The Always Forward Plan is underpinned by three key pillars: delivering focused brand growth, executing an enterprise-wide digital revolution and operating with financial discipline. Starting with the first pillar, focused brand growth. In June, we discussed the Abercrombie & Fitch brand as our #1 growth opportunity for the company. Having completed one of the most impressive brand turnarounds you will see in this industry, our team has continued to build momentum with this brand. Abercrombie brands finished 2022 at $1.7 billion in total sales at a growth rate of 11% year-over-year or 13% on a constant currency basis. For the Abercrombie Fitch brand, our assortment, marketing and values continue to align with our customer as we look to output them from their in-office workdays to their long weekend adventures. A few other highlights for the year in Abercrombie. Our women's bottoms business had the highest full year sales in the history of the brand. The Best Dressed Guest franchise helped us deliver the best year ever for women's dresses and we launched our newest franchise, YPB, Your Personal Best in Q1 to an amazing customer response. YPB leggings and Square Neck tank were both named to the best leggings and best tops lists in the Self magazine Activewear awards, along with multiple A&F brand items featured in Men's Health, Esquire, Refinery 29, People Magazine and more. As we set new records across key product categories, we continued to leverage our marketing efforts to drive customer engagement and conversion. Our authentic and innovative initiatives across platforms resulted in two amazing awards this year. We received the Performance Marketing Strategy of the Year award by LTK, the world's largest influencer and creator commerce platform, and the brand was named to the brands that matter list by FAST Companyith the brand firing on all cylinders, we opened 21 stores and rightsized another 4 across Abercrombie & Fitch and Abercrombie Kids brands. We continue to focus on smaller, more productive stores, which is a key enabler of improved 4-wall operating margin. We believe store expansion and marketing execution nicely positions Abercrombie brands for growth -- for the growth expectations in the Always Forward Plan. Turning to [Hollister]. 2022 was certainly a challenge. Hollister, including Gilly Hicks and Social Tourists finished the year with $1.96 billion in sales, down 9% to 2021 or down 6% on a constant currency basis. The teen apparel space took a step back early this summer as global inflationary pressures mounted. While macro factors certainly impacted the business, we had opportunities within our own operations to realign product, voice and experience to better match the changing customer mindset. We quickly addressed these opportunities making multiple changes this summer, spanning people, process and inventory investments to get back on track and allow us to more quickly respond to changes in the marketplace. Our teams have made shifts across the assortment to provide better balance. As an example, we're leaning into more cargos and dresses. On top of these product shifts, we are reviewing every aspect of the Hollister brand voice and customer journey. Our teen customer continues to favor the in-store experience with more than 2/3 of Hollister sales happening in store in 2022. During the year, we opened 38 stores [finishing] 2022 with 529 stores globally. Towards the end of the year, we introduced our evolved store design in a few locations, which continues to open up and brighten the shopping experience while offering improved product placement flexibility. You will continue to see the store play an integral 3 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

role with Hollister as we move forward and combined with the assortment evolution, our team will have all the pieces in place to stabilize the brand and return to growth later this year. For Gilly Hicks in 2022, we evolved the brand positioning and assortment, readying for the move into our [first] (added by company after the call) freestanding stores, a majority of which opened in the fourth quarter. In 2023, we are focused on delivering our active lifestyle assortment to the customer across physical and digital touch points. The shift into activewear is a key part of the evolution for Gilly Hicks. Up until recently, Gilly has been [weighted] to intimates and sleepwear as it started as a complement to the Hollister brand. We are now broadening categories to get to our target assortment mix between active, lounge and intimates, something we'll continue learning more about as we go through the year. Lastly, a quick update on Social Tourists. We've continued to use the brand to push fashion content in Hollister and leverage learnings around social engagement across all brands. In summary, our ambition of focused brand growth will be apparent in 2023. For Abercrombie brands, we expect to distort resources to digital marketing and store expansion to capitalize on the momentum. For Hollister, the work is underway to optimize the product and brand voice positioning us for growth in the second half of the year. And for Gilly Hicks, we'll continue to read results from the evolved assortment mix with a trigger strategy in place to allocate additional resources to drive customer acquisition later in the year. Moving on to our second pillar, executing an enterprise-wide digital revolution. For context, at $1.6 billion in sales, our digital business was approximately 44% of our total sales in 2022. Across brands, our customer journeys are different and ever evolving, necessitating a robust set of tools and technologies. Our team has been hard at work modernizing our technology foundation. A focus area in 2022 was evolving our data infrastructure to enable faster, more predictive insights, which will largely conclude in 2023. We also kicked off a multiyear upgrade of our retail merchandising ERP, touching several key systems to provide a platform with more flexibility. These modernization efforts are integral to enabling future organic growth and incremental go-to-market opportunities like wholesale, franchise and/or partnerships. These projects will take time, but we've designed our deployment schedule to realize value as quickly as possible. On the customer experience side of our digital revolution, we are improving the experience across the web, mobile apps and stores. We've set up continuous feedback and delivery loops to ensure we are finding and focusing on the highest impact opportunities. One example we've talked about is Share2Pay, a feature that enables our customers to easily share their digital shopping bag with a family member or friend to complete the purchase. Share2Pay is an example of how our new digital teams are applying customer analytics and agile development to uncover and quickly deliver against customer opportunities. For 2023, we will continue modernizing our foundation to support our digital revolution. We expect to be largely complete with our foundational data infrastructure efforts and to continue progressing on our ERP transformation while maintaining a relentless pace of digital experience improvements to win and retain customers. And for our last pillar, operating with financial discipline. It was another year where we needed to flex this muscle with over $250 million of inflation hitting us in 2022 compared to 2021. We needed to balance playing offense and defense. On offense, we opened 59 new stores and accelerated key digital and technology investments. On defense, we managed expenses and inventory tightly. For inventory, our objective was to be approximately flat to 2021 at the end of 2022, and we achieved that goal with inventory down 4% at the year-end. We are optimistic we've gotten through the worst of freight costs and supply chain disruptions. Importantly, each of our brands entered 2023 in a position to chase inventory, and we will continue demonstrating agility in managing the cost side of the business while balancing the long-term investments that enable growth. As we wrap up, just one more thought on our industry-leading team and culture. While the past 3 years have been the most challenging I've seen in my 35 years in retail, the learnings and collaboration we've achieved has made both our company and our associates stronger. I was so proud of our company to recognized yet again as a best workplace in retail by Great Place to Work and Fortune. Additionally, we received a perfect score on the Human Rights Campaign's 2022 Corporate Equality Index for the 16th year in a row, with the designation as one of the best places to work for LGBTQ Plus equality. As we say regularly, change is the only constant in retail, and our team will continue to balance being reactive to shifts in the market while staying focused on our long-term strategic priorities to drive sustainable, profitable growth in 2023 and beyond. We enter the year well prepared, focused and ready to execute across the three pillars of our always forward plan. With that, I'll hand it off to Scott to provide more color on our results and additional details for our 2023 outlook. 4 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Thanks, Fran, and good morning. I'm also proud of how our teams wrapped up 2022, delivering improved results in both the third and fourth quarters. I'll start by covering Q4 results on both year-on-year and sequential comparisons, along with the rundown of our full year 2022 performance. I'll then provide some color on our 2023 outlook. For Q4, we delivered net sales of $1.2 billion, up 3% 2021 on a reported basis and up 5% on a constant currency basis. This was above the range we provided in early January due to a better-than-expected finish to the month. As Fran mentioned, we saw trends improve sequentially at both Abercrombie and Hollister. Net sales at Abercrombie, which includes kids, rose 14% compared to 2021 on a reported basis and 16% on a constant currency basis. This compares to Abercrombie's Q3 reported and constant currency growth of 10% and 13%, respectively. Hollister, which includes Gilly Hicks and social tourist, declined 4% or 2% on a constant currency basis. This compares to Hollister's Q3 reported and constant currency declines of 12% and 9%, respectively. By region, net sales increased 9% in the U.S. Internationally, we saw a decline of 13% or 6% on a constant currency basis. By region, EMEA was down 14% on a reported basis and 7% on a constant currency basis, and APAC was down 21% on a reported basis and 13% on a constant currency basis. In EMEA, our strongest markets continued to be the Middle East and the U.K., but the region largely remained soft. In APAC, while sales were down to last year in the fourth quarter, we are excited to see the region reopen with the lifting of the Zero COVID policy in China. Gross profit rate was 55.7% versus 58.3% last year. Key drivers of the year-over-year change were the adverse impact of exchange rates of 100 basis points and higher product costs of 160 basis points with higher cotton costs and inventory reserves more than offsetting lower freight costs. On a constant currency basis, AUR was up slightly with Abercrombie higher than last year, and Hollister lower than last year as we made a strong push to sell through Hollister clearance product. On inventory, we ended the quarter down 4% to last year, which was better than our expectation of around flat that we have discussed the past couple of quarters. Across brands, we are positioned to chase inventory this spring and beyond. I'll now cover the rest of our Q4 results on an adjusted non-GAAP basis. We excluded $4.7 million and $1.9 million of pretax asset impairment charges for this year and last year, respectively. These charges adversely impacted results by $0.07 and $0.03 this year and last year, respectively. Q4 operating expense, excluding other operating income, was $575 million compared to $581 million last year, with lower marketing and incentive-based compensation, partially offset by operating cost inflation. Operating income was approximately $92 million compared to $100 million last year. Changes in foreign currency adversely impacted operating income by approximately $18 million. The tax rate for the quarter was 49.7% at the high end of our expectation primarily due to our inability to realize a benefit on certain tax losses incurred outside of the U.S. Net income per diluted share was $0.81 compared to $1.14 last year. Changes in foreign currency adversely impacted earnings per share by approximately $0.23. Turning to full year 2022 results, which I'll cover on an adjusted non-GAAP basis. Full year results exclude approximately $14 million of pretax asset impairment charges, which adversely impacted results by $0.20. In 2021, we excluded $12 million of pretax asset impairment charges, which adversely impacted results by $0.15. For the year, net sales were $3.7 billion, flat to 2021 and up 2% on a constant currency basis. For the year, digital sales penetration was 44%. By brand, Abercrombie delivered 11% growth on a reported basis and 13% growth on a constant currency basis. Hollister declined 9% or 6% on a constant currency basis. By region, the U.S. grew 4% for the year, while the international business was down 11% on a reported basis or 4% on a constant currency basis. Gross profit rate was 56.9% compared to 62.3% in 2021. For the full year, foreign currency adversely impacted gross profit rate by approximately 40 basis points. For product costs, we saw approximately $200 million or 520 basis points of higher input costs, including approximately $90 million for freight, and $110 million for cotton and other raw materials. While AUR improved over 2021 levels and remains well above 2019, the growth was not enough to offset the higher costs. Operating expense, excluding other operating income, was $2 billion or 54.1% of sales compared to 52.9% of sales in 2021. Compared to 2021, the increase was driven by inflation, digital investments and higher digital fulfillment expenses, partially offset by lower marketing and incentive-based compensation. Operating income was $107 million or 2.9% of sales compared to $355 million or 9.6% in 2021. The reduction was driven primarily by the lower gross profit rate due to higher freight and raw material costs as well as operating expense deleverage. Foreign currency further reduced operating income by $30 million compared to 2021. The effective tax rate for the year was 74.6%. Net income per diluted share was $0.25 compared to $4.35 in 2021. We exited the year in a strong financial position with cash and cash equivalents of $518 million and total liquidity of approximately $866 million. Capital expenditures were $165 million for 2022 with about half spent primarily on stores and the other half on digital and technology. For the year, we repurchased a total of 4.8 million shares for approximately $126 million and $8 million of secured notes. On the store fleet for the year, we opened 59 stores and closed 26, 5 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

ending the year with 762 stores. As we focus on brand growth, we expect to be in a net store opening position again in 2023, although we expect to open fewer new stores than in 2022. As mentioned in our June Investor Day, we expect to see only modest changes in gross square footage and occupancy dollars. I'll finish up with our thoughts on 2023. For the full year, we expect net sales growth in the range of 1% to 3% from $3.7 billion in 2022 with Abercrombie brands leading the growth. We expect the growth will be tilted toward the back half of the year, driven primarily by the 53rd reporting week in the fourth quarter and net new stores. Geographically, we expect the U.S. to continue to outperform international. For the international business, our inventory is in good place, and we are ready to chase as necessary as we see trends improve. As a reminder, our largest countries outside North America are the U.K., followed by Germany, China and France. We expect the full year operating margin to be in the range of 4% to 5% compared to reported and adjusted operating margin of 2.5% and 2.9%, respectively, in 2022. In terms of drivers, we expect around 200 basis points from a net benefit in product costs with freight savings, partially offset by higher cotton and raw material costs. For operating expense at the midpoint of our sales outlook, we expect to see modest deleverage driven by the combination of inflation and increased investment related to our always forward plan initiatives, including our retail merchandising ERP upgrade. For the tax rate, we are forecasting a rate in the mid-40s. On inventory, we will continue to manage tightly and work to keep all brands in a position to chase. We see continued opportunity to reduce inventory, especially in the first 3 quarters of the year compared to 2022 and where we front-loaded inventory due to ongoing supply chain uncertainty. Regarding capital allocation, we expect capital expenditures of approximately $160 million. Just over half the spend will cover digital and technology, and the remaining will primarily cover stores. For excess liquidity, we continue -- we expect to continue to focus on share and debt repurchases, pending cash flow, business conditions and market prices. Entering 2023, we have approximately $232 million remaining on the $500 million share repurchase authorization established in November 2021. For the first quarter, we expect net sales to be approximately flat to the Q1 2022 level of $813 million. Our sales outlook assumes an adverse impact of approximately 140 basis points from foreign currency. Operating margin to be in the range of breakeven to 2% compared to reported and adjusted operating margin of approximately negative 1% in the first quarter of 2022. Similar to the full year outlook, we expect operating margin to benefit year-over-year from the net reduction in freight and raw materials costs, partially offset by the impact of inflation as well as operating expense investments related to the 2025 Always Forward Plan. For the tax rate, we expect it to be volatile in Q1 on expected low levels of income. We expect to incur tax expense regardless of the level of taxable income or loss. As Fran mentioned, we remain cautiously optimistic on consumer demand in 2023. While broad inflation is yet to abate, we are pleased with the reductions we have seen in freight and cotton over the past 6 months. These benefits will work through the income statement on a different cadence, with freight benefits weighted to the first half and moderating in the second half, we expect cotton to be a headwind in the first half and moderate in the second half, netting to a headwind for the full year. From there, we are funding necessary investments in the customer experience and in the modernization of our systems to improve agility and speed while focusing on generating the free cash flow necessary to maintain our strong financial position. And with that, operator, we are now ready for questions. Q U E S T I O N S A N D A N S W E R S Operator (Operator Instructions) And our first question comes from Dana Telsey from Telsey Advisor Group. Dana Lauren Telsey - Telsey Advisory Group LLC - CEO & Chief Research Officer As you think about the Hollister business and the improvements that you're seeing, how do you frame it for 2023, whether stores, whether digital and how you're thinking about it. And then also, Scott, can you talk to at all the breakdown of the margin opportunity for 2023 in terms of freight and how you're balancing that given your clean inventories with pricing in the environment. 6 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Dana. So let's talk about Hollister for a few minutes. We were very pleased to see the improvement with Hollister and the sequential improvement that we saw from the third to the fourth quarter. As you know, we were on a journey with Hollister last year. Around back-to-school, the whole teen market took a little bit of a step back at that time. And what we did was, we really dove into see how much of that was driven by macro and how much of that did we own. We assessed our situation, and we made some changes, as I mentioned earlier, people, product, we made sure our receipts are back in line for our trend in the back half, and we chased into product that was working like cargos and dresses. So the inventories are clean as we now head into '23. We're pleased with the inventory levels are. And what's most exciting is that we have [Chase] back in our business, that is a very exciting word, particularly for that teen market. Because in '22, with all the constraints on the supply chain, it was much harder for us to chase and really be able to react to what's going on. So we are cautiously optimistic as we head into '23, as we've discussed and our expectation is to return to growth in the back half of the year. Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO All right. Let me pick up the margin piece. So as we look to 2023, our expectation is operating margin of 4% to 5%. That's up from 2.9% in 2022. Our path there is we do expect to see about 200 basis points from gross margin expansion, which would come from -- mainly from the net pickup in freight. We still see cotton as a headwind for next year, but do see a good amount of that freight coming back in 2023. From there, we do expect a little bit of deleverage on the expense base. Just due to inflation as well as some of the longer-term investments we're making in digital and technology. So for the year, again, 4% to 5% on the operating margin line. As we think about balancing that with inventory, Fran hit it for the Hollister brand, but in total, all of our brands are in position to chase right now. That gives us an opportunity on the AUR front as we go into 2023. We're not assuming anything big there. Obviously, the dynamics out there with the consumer and inflation are in flux every day, but we have the opportunity with lower inventories across all of our brands to hopefully raise AUR this year. Operator And our next question comes from Corey Tarlowe from Jefferies & Company. Corey Tarlowe - Jefferies LLC, Research Division - Equity Analyst Congrats on the continued strong results. So could you talk a little bit, Fran, about the success that you drove in the fourth quarter at Abercrombie & Fitch, I know that -- you've seen some really great momentum in women's and dresses as well. But maybe could you talk a little bit more about why you think that, that momentum is sustainable and should help to continue to drive results throughout the next year? And then Scott, just on stores. I know that yet again, I think you're going to be a net opener of stores, but it sounds like you're actually going to be opening fewer than you were last year. But all that said, it's only going to be, I think, a modest change you said in gross square footage and occupancy dollars. So could you talk a little bit about how you're going to be really thoughtful around opening stores and still keeping costs in control? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Corey, I'd love to talk about continuing our momentum at A&F. Coming off another strong year for the brand, which is super exciting, what we've been able to accomplish in this turnaround and there are so many exciting things happening and certainly to come. So a great example of that is women's bottoms. Our best year ever in women's bottoms and that goes way beyond just denim. So there's a whole trend happening in pants which women are now wearing back to work. They're going back to the office. They're able to use as a transitional outfits to wear them to go out because we know how social, our Abercrombie customer tends to be. We also launched a new franchise called YPB, which is our activewear. We launched that because our customers said to us, "We know you can do this well, we'd love to see some activewear from you", and they really responded nicely. So there's just lots of opportunity, our Best Dressed Guest franchise. We talked a lot about all the weddings in 2022. There's even more to come for 2023, and they're coming to us for all those special occasions. And to your point, men's is also a second quarter of positive comps for men's, and we're excited to see that starting to roll as well. So there's just lots of opportunity in heading into the year with nice momentum. 7 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Okay. On the store side, yes, net opener in 2022 first time, I think, in over 10 years or around there. We opened 59, closed 26. We will slow down the 59 as we go into 2023. As we look at 2022, there were tons of great malls that we wanted to get back into. And we were able to find the right deals with our landlord partners and they were successful. Looking at those stores, the productivity on a square footage basis, the new stores versus the old almost double as we continue to have that opportunity to close some of these bigger legacy stores and open these smaller new format stores. So we like what it does for the brand and we like what it does financially. So we're going to keep that going here in 2023 and beyond, we'll moderate a bit, but we still have great opportunities around the country and really around the world. Operator And our next question comes from Paul Lejuez from Citi. Kelly Crago - Citigroup Inc., Research Division - VP Scott, this is Kelly on for Paul. Any chance you can talk about brand performance, specifically in the U.S. And then how our trends performing core rate overall, but also by region, we've heard from others that maybe the macro is starting to take a toll in Europe in 1Q. And then just bigger picture, how are you thinking about the Europe region. Is it possible you could maybe look to close some stores in Europe, just given the difficulties you've seen there over the last couple of years? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Okay. We're going to start a little bit backwards. So you were at our Investor Day with us back in June, and we talked about the fact that we still believe that we have an opportunity -- a nice long-term opportunity in our international business. That's part of our Always Forward plan. Coming out of COVID, we've had a little bit of a starter -- starting back up in some of those countries. But we believe long term in both regions, EMEA and APAC, we're excited to see in APAC, particularly removing of the zero-COVID policy. We've got a team there in place ready to go and chase goods at this point. And in EMEA, we still have seen a strong business in the U.K. and the Middle East. We have work to do admittedly, but we still believe we have a long-term opportunity. Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO On the U.S. piece of it, Abercrombie continues to do extremely well here in the U.S. The growth is strong double digits for the Abercrombie & Fitch brand, so really excited about that. And back to the previous question, hopefully, more momentum coming in the future. As we think about Hollister, also made a really good comeback. We had a second quarter low here in the U.S. where it stepped back as that inflation started to range, and we saw that teen space come in, in Q2. And that group has really built up in Q3 and into Q4, and a lot of that has been driven here in the U.S. So nice to see a come back in Hollister. As Fran mentioned, we have some work to do in the future, and we're very focused on that brand, but happy with the progress we've made to date. Kelly Crago - Citigroup Inc., Research Division - VP Got it. And then just a follow-up on the A&F brand. You sound very excited about the opportunity in '23, but I'm just wondering if you could talk more specifically about what's driving the growth? Is it coming from AUR? Is it coming from more units? And then beyond YPB, which you've talked a lot about is just any other categories to call out for '23. 8 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director So, Kelly, just to reiterate a little bit what we talked about. So we've been focusing on franchises. So we focus on -- our curve love franchise for denim, which has been very successful, which has helped us reach our best ever year in denim for A&F women's, we launched this YPB franchise, Best Dressed Guest, lots of exciting things happening. Our Sloane pants is something that is now caught on incredibly well. We named the pants -- named and claimed it as we like to say in retail. And now everyone is referring to what is one of our best-selling items that we have out there for women. So growth is going to continue through product innovation, getting that product voice and experience on target as we've been doing. There is potential, we've grown the AUR extremely well since pre-pandemic, up over double digits. And there's a focus to continue to believe we have opportunity there as well. Operator And our next question comes from Marni Shapiro from Retail Tracker. Marni Shapiro - The Retail Tracker - Co-Founder Congratulations. The stores look beautiful. I'd love to just talk about two quick things, if I can. Can you -- on the real estate, are you finding that the market is a little tighter? And are you able to still get the deals you want to be in those models? And if not, are you are you holding back and willing to wait? And then could you just give us a quick update on your loyalty programs? I'm curious what the engagement looks like and are people signing up? And are they engaged in using the Perks? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Marni. I think you've heard me say many times, right? As far as the store matter, absolutely. Got to be the right store right location and right economics. And as we've shown over the past several years, yes. We'll hold if we are not getting the deals that we need to make this economically viable for us. That said, we opened some really terrific stores in 2022. [Thrilled to be] back in some of the best malls. We walked away from and now we have all of our new product types in them and doing nicely. So it is a -- there's no finish line to real estate for us. We're always out there exploring and understanding what the opportunities are. But yes, just a quick answer is yes, we will hold unless we have the right deals. Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO On the loyalty programs, we continue to drive these -- our identifiable customer rate has gone up dramatically over the past few years. So it's great to see customers signing up for this. We can share information back and forth and really leverage this group to kind of help us with product and also on the top line. So we are still signing people up. We refresh these programs each brand over the past 12 months, and excited about what that brings to us really from an identifiable customer perspective. Operator And our next question comes from Janet Joseph Kloppenburg from JJK Research. Janet Joseph Kloppenburg - JJK Research Associates, Inc. - President Congratulations on the progress. I got on a little bit late, but are you able to talk about Hollister U.S. trends in the fourth quarter. Did you say if they were directionally positive or negative? I think they were better in the European trends in the third quarter, but still negative, maybe mid-single digits. And another question is, you're looking for the sales rates to decelerate from the fourth quarter to the first quarter of fiscal '23. And I'm just wondering, what's involved in that, or if you're seeing some resistance from the consumer or if you're not as optimistic about Hollister, maybe you 9 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

could give us an indication of what led to that top line guidance? And just lastly, I think, Fran, you said that Hollister was really clean. But I wondered how the markdown levels were and if the seasonal product clearance was in good shape and had been cleared. Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Alright Janet, let's get it rolling. So on Hollister U.S. trends for Q4, the Hollister U.S. business was around flat for Q4, and that's a really nice improvement off of where we were kind of negative. Yes, versus where we were in Q2 and even in Q3. So really nice progress there. As we think about the Q1 outlook kind of the sales rates Q4 into Q1, as we're sitting here today, Q1 is our toughest comp on a 1-year basis and a multiyear basis. There's obviously a lot of inflation that's still happening out there, and we haven't really gone full circle on inflation whenever it really started to spike last year kind of in the early Q2 period. So we're really factoring all of that into our outlook. The volumes -- February is a low month, and the volume is really going to start to ramp up here with spring break and the Easter holidays. So getting kind of to that next question on inventory, we like where the inventory sits on a spring basis for each of the brands. So we're ready for that volume. And again, sitting here cautiously optimistic. And on the Hollister piece around how clean we are, we've made a lot of progress. It was a kind of a grind there in 2022, whenever that business fell off in Q2 through Q4, we were pressing the gas on getting through that clearance. A lot of that was from that back-to-school period in early fall. We've made great progress on that. You saw a little bit of that margin take there in Q4 to make that happen. But very happy to say that the Hollister brand is in a nice chase position now for spring and beyond just like Abercrombie & Fitch has been. Janet Joseph Kloppenburg - JJK Research Associates, Inc. - President Did you see any improvement in Europe (Scott) Hollister in the fourth quarter? Or how did that shake out? Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Yes, some. That business has been obviously lagging the U.S. That's been a multiyear trend for us coming out of COVID, something that we're very focused on as we're going through the spring season. And we do feel that all the changes that we're making that are going to help here in the U.S. will eventually help us in EMEA as well as APAC. So again, cautious optimism as we look to the global business for Hollister. Janet Joseph Kloppenburg - JJK Research Associates, Inc. - President And I think Fran said that maybe she expects Hollister to inflect this year, maybe you said second half, I'm not -- I can't remember, Fran. But I was just wondering if you thought it may inflect in the U.S. in the first half. Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Yes, we've seen some inflection here, obviously, in the fourth quarter. But I think what we're all waiting for is how we lap that Q2 period. Obviously, the whole teen space fell off Q2 of last year as we kind of ramped in the back-to-school. There were a lot of things happening from a macro perspective in the economy with inflation ranging, et cetera. So I think all of us in the teen space are excited to lap that. And we're all especially are setting up our businesses to do that in a good way. But time will tell, and we'll see what happens as we get to that point. Operator And our next question comes from Alex Straton from Morgan Stanley. 10 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

Alexandra Ann Straton - Morgan Stanley, Research Division - Research Associate Just a couple from me. I think I just wanted to zero in on your cautiously optimistic commentary on consumer demand. Can you just talk about kind of what data points are informing that? And then secondly, this ability to have Chase back in the business, that's great to hear. Is there any way you can kind of quantify where you're at now versus what's normal or what was going on in 2022, just so I had a reference point? Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Absolutely. On the consumer demand side, we're always looking at employment levels as well as wage levels. Those both -- both of those things remain very strong, and that's very helpful for our customer on the discretionary side. When you think about some of this cautious optimism [that] we don't know what the Fed is going to do here in the U.S. and how that's going to kind of ripple through the economy as we go throughout the rest of the year. And as you watch TV or read the news every day, depending on how the winds blow, it's good or bad. So we'll see. But the real point gets to your number two, is the things we can control and the best thing we can do is remain in a [chase] position in inventory. We got caught up a little bit with Hollister there as the business fell off in Q2 of last year. We've been able to get through that, get all the brands in chase and the environment out there for chase, you've heard a lot of others talk about it already, is very good. The supply chain isn't back to where it was in 2019, but it's getting closer. And we're able to do things. We're able to test in stores like we haven't been able to in a couple of years, and we're able to chase inventory in a quicker way than we have been in 2022. So the amount that we're leaving open for chase, and we're not going to give you a percentage, they're much higher than they were in '21 and '22, and that's great for our business. Operator (Operator Instructions) And our next question comes from Mauricio Serna Vega from UBS. Mauricio Serna Vega - UBS Investment Bank, Research Division - Analyst Just a couple from my end. Just -- I was wondering -- I don't know if you mentioned on your sales outlook and you -- where you talked about Abercrombie outperforming Hollister. Does that imply Hollister sales are flat, return to positive? Or just trying to understand like how much of an outperformance should we be thinking about? And then maybe if you could talk about AUR trends across each of the brands. And then lastly, on the tax rate, I know you guided for a high tax rate for this year. But any thoughts on where that could actually converge or converge (inaudible) in the long term? That would be very helpful. Scott D. Lipesky - Abercrombie & Fitch Co. - Executive VP & CFO Okay, Mauricio. Good to chat. Let me grab a couple of these. So I'll start with the tax rate. So yes, the tax rate remains elevated to where it was kind of in that 2019 before COVID period. Something we're laser-focused on. We're not getting the ability as the European and APAC business step back coming through COVID, not getting the ability to realize some of those tax losses that we're seeing there. So very focused on that and bringing back the international business, and that will obviously help the tax rate. On the sales outlook, I mean there's many paths as we all know, there's many scenarios as we go through 2023. We would just expect that Abercrombie would outperform Hollister and likely see the U.S. business outperform the international business. But again, we've been talking about this for the last couple of years. Those are the trends we've been seeing, and we're just going to assume we're going to keep seeing them until we don't. And that's really how we're setting up 2023. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Yes. And regarding AUR trends, it's interesting. If you take a step back and you think about the last several years of disruption, one of the positive outcomes that has come out of that are AUR growth. If we look at pre-pandemic levels today, we actually have double-digit AUR growth in both brands. And our goal is to hold on to those AUR growths as well as hopefully maybe even grow a little bit into the future. The opportunity really 11 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call

comes in the AUC, like we've talked about a couple of times this morning and the reduction of the freight cost as well as the cotton in the back half. Operator And I am showing no further questions. I would now like to turn the call back over to Fran for closing remarks. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Just want to say thank you all for joining us today, and we look forward to speaking to many of you soon. Operator This concludes today's conference call. Thank you for participating. You may now disconnect. D I S C L A I M E R Refinitiv reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES REFINITIV OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. ©2023, Refinitiv. All Rights Reserved. 15460627-2023-03-01T21:43:30.060 12 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2023 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. MARCH 01, 2023 / 1:30PM, ANF.N - Q4 2022 Abercrombie & Fitch Co Earnings Call