Abercrombie & Fitch Co. "UBS Evidence Lab inside: 1Q26 Preview: We Expect a..."

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Abercrombie & Fitch Co. "UBS Evidence Lab inside: 1Q26 Preview: We Expect a..."

Powered by Lab Global18 MayResearch2026ab Evidence UBS YES

Abercrombie & Fitch Co. Equities

AmericasUBS Evidence Lab inside: 1Q26 Preview: We

Expect a High-Volatility Event Retailers, Specialty

12-month rating Buy *

12m price target US$149.00We believe ANF's Q2 outlook and QTD commentary could impact its stock:

Our analyses indicate ANF had a decent1Q, driven by steady growth in Hollister and

stabilizing trends in Abercrombie. We thus forecast a 2c Q1 EPS beat. We also expect Price (15 May 2026) US$70.57

ANF to maintain a conservative approach given elevated macro uncertainty and reaffirm RIC: ANF.N BBG: ANF US

its FY26 guidance. Importantly, we believe the stock's move will be dictated by ANF's Q2

outlook and QTD commentary. Our base case is ANF delivers in-line Q2 sales and Trading data and key metrics

EPS outlooks. Regarding 2QTD, we don't have a strong view on what ANF will say. While 52-wk range US$129.85-65.61

sentiment leans bearish, we believe positive or negative commentary could drive Market cap. US$3.31b

meaningful P/E expansion or cause further de-rating. This is why we expect a high- Shares o/s 46.8m (COM)

volatility event. The options market is pricing in a +/-13.1% move over earnings vs. a Free float 99%

13.5% historical avg. move. We agree the event has high volatility potential. Avg. daily volume ('000) 349

Avg. daily value (m) US$31

Sentiment around ANF leans bearish, in our view: Common s/h equity (01/27E) US$1.43b

UBS Quant team's data shows ANF crowding score of 11.5 well above Softlines peer P/BV (01/27E) 2.0x

average of 4.9. At the same time, its crowding score has deteriorated over the last 3m. Net debt to EBITDA (01/27E) NM