NANTUCKET TAKES: Model Remains Strong as A&F/Hollister Growth Should Continue

研报英文原文证据摘录

NANTUCKET TAKES: Model Remains Strong as A&F/Hollister Growth Should Continue

USA | Dept. Stores & Specialty Softlines

Abercrombie & Fitch EquityJuneResearch17, 2026

FLASH NOTENANTUCKET TAKES: Model Remains Strong as

RATING BUYA&F/Hollister Growth Should Continue

PRICE $89.06^

We hosted ANF mgmt, Robert Ball, CFO, and Mo Gupta, VP of IR, at our

Nantucket conference, and we expect continued traffic and AUR growth PRICE TARGET | % TO PT $110.00 | +24%

ahead, despite macro and regional volatility. The key debates center on comp 52W HIGH-LOW $133.11 - $65.45

momentum at A&F and Hollister and EMEA recovery, as Americas strength FLOAT (%) | ADV MM (USD) 97.7% | 133.37

and disciplined execution underpin the model. We continue to see significant MARKET CAP $4.0B

opportunity ahead. TICKER ANF ^Prior trading day's closing price unless otherwise

noted.

MET WITH MGMT. We met with CFO, Robert Ball, and, VP of IR, Mo Gupta, to discuss ANF's current

strategy and outlook. The tone was constructive, with mgmt emphasizing continued discipline

across inventory, pricing, and marketing, while maintaining confidence in the FY outlook.

Growth Framework Remains Balanced. Mgmt noted performance is being driven by a balanced

contribution from traffic, AUR, and units.

Our Take: We view this as important, as ANF’s consistent revenue remains a key pillar of the LT story,

particularly as macro volatility exists.

Americas Strength Offsets EMEA Softness. Growth remains driven by the Americas. APAC

remains under strategic review, with mgmt assessing the optimal model to drive returns.

Our Take: We see international as a clear LT growth opportunity, but execution risk remains elevated. A

more capital-light approach (franchise/licensing) could improve returns and reduce volatility over time,

we think.