阿贝克隆比&费奇（ANF）：第一季度表现好于预期，因关税影响财年利润展望减弱

Cons.Guidancevs. LY$1,060M+4%-6%8% YoY$486M-22% YoY$585M--4% YoY62.6%-(438) bps8.4%8-9%(296) bps$1.36$1.25-$1.45-23% YoYSales8% YoY$1182MCons.4.3%14.0%27%$2.44$5106MCons.Prior FY Guide3.2%+3%-5%13.6%14%-15%$10.44$10.40-$11.40$202M~$200M26%Around 26% Corey Tarlowe * | Equity Analyst(212) 323-7541 | ctarlowe@jefferies.comRandal J. Konik * | Equity Analyst(212) 708-2719 | rkonik@jefferies.comMantero Moreno-Cheek * | Equity Associate(212) 778-8407 | mmorenocheek@jefferies.comKylie Cohu * | Equity Analyst(212) 778-8701 | kcohu@jefferies.comCarlos Gallagher * | Equity Associate+1 (786) 535-2025 | cgallagher1@jefferies.comTy-Lynn Johnson * | Equity Associate+1 (212) 778-8339 | tjohnson2@jefferies.com Share Buybacks: REIT at ~$400MCapex: REIT at ~$200MSee chart for more details.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionAbercrombie & FitchAbercrombie & Fitch Inc. is a leading specialty retailer with Abercrombie & Fitch, abercrombie, Hollister, and Gilly Hicks brands.Company Valuation/RisksAbercrombie & FitchOur $135 price target is based on FY'27E ~14x P/E and ~7x EV/EBITDA. Risks include a stall in ongoing margin expansion and macro headwinds.Analyst Certification:I, Corey Tarlowe, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Randal J. Konik, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Mantero Moreno-Cheek, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Kylie Cohu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Carlos Gallagher, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Ty-Lynn Johnson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. F