Abercrombie & Fitch — Nov 26, 2024 release

For fiscal 2024, the company now expects: Current Full Year Outlook Previous Full Year Outlook (1) Net sales in the range of 14% to 15% (2) in the range of 12% to 13% Operating margin around 15% (3) in the range of 14% to 15% Effective tax rate mid-20s (4) mid-20s Capital expenditures ~$170 million ~$170 million Real estate activity (all approximate) ~20 net store openings ~20 net store openings 60 openings, 40 closures 60 openings, 40 closures 60 remodels and right-sizes 60 remodels and right-sizes Fourth Quarter Outlook Net sales in the range of 5% to 7% (5) Operating margin around 16% Effective tax rate high-20s (4) (1) Released August 28, 2024 (2) The current outlook includes a 120 basis point adverse impact from the loss of the extra week in 2023. Additionally, the Americas will continue to lead the regional performance and we expect that Abercrombie brands will continue to outperform Hollister brands as well as a slight adverse impact from foreign currency. (3) The current outlook expects the year-over-year improvement to be driven by a higher gross profit rate and operating expense leverage. (4) The current outlook assumes the rate being sensitive to the jurisdictional mix and level of income. (5) This outlook includes a 550 basis point adverse impact from the loss of the extra week in 2023 as well as an estimated 100 basis point adverse impact from foreign currency. The following table illustrates the expected quarterly