0001018840-25-000013 | 10-K | XBRL Viewer

Unvested shares related to restricted stock units with performance-based and market-based vesting conditions are reflected at 100% of their target vesting amount in the table above. Unvested shares related to restricted stock units with performance-based and market-based vesting conditions can be achieved at up to 200% of their target vesting amount.

Document - USD ($)	12 Months Ended
Document - USD ($)	Feb. 01, 2025	Mar. 28, 2025	Aug. 03, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Feb. 01, 2025
Document Transition Report	false
Entity File Number	001-12107
Entity Registrant Name	Abercrombie & Fitch Co.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1469076
Entity Address, Address Line One	6301 Fitch Path
Entity Address, City or Town	New Albany
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43054
City Area Code	614
Local Phone Number	283-6500
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value
Trading Symbol	ANF
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 6,635,249,010
Entity Common Stock, Shares Outstanding		48,869,057
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2025 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K. The registrant expects to file such definitive proxy statement with the Securities and Exchange Commission within 120 days of its fiscal year ended February 1, 2025.
Entity Central Index Key	0001018840
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--02-01
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false

FAIR VALUE

12 Months Ended

Feb. 01, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs to measure fair value are as follows:

•Level 1—inputs are unadjusted quoted prices for identical assets or liabilities that are available in active markets that the Company can access at the measurement date.

•Level 2—inputs are other than quoted market prices included within Level 1 that are observable for assets or liabilities, directly or indirectly.

•Level 3—inputs to the valuation methodology are unobservable.

The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The three levels of the hierarchy and the distribution of the Company’s assets and liabilities that are measured at fair value on a recurring basis, were as follows:


	Assets and Liabilities at Fair Value as of February 1, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	304,072	$	1,013	$	—	$	305,085
Derivative instruments (2)	—		4,315		—		4,315
Rabbi Trust assets (3)	1,164		53,921		—		55,085
Restricted cash equivalents (1)	3,070		1,496		—		4,566
Total assets	$	308,306	$	60,745	$	—	$	369,051


	Assets and Liabilities at Fair Value as of February 3, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	349,174	$	26,975	$	—	$	376,149
Derivative instruments (2)	—		1,092		—		1,092
Rabbi Trust assets (3)	1,164		52,521		—		53,685
Restricted cash equivalents (1)	4,282		1,420		—		5,702
Total assets	$	354,620	$	82,008	$	—	$	436,628
Liabilities:
Derivative instruments (2)	$	—	$	539	$	—	$	539
Total liabilities	$	—	$	539	$	—	$	539

(1) Level 1 assets consisted of investments in money market funds and U.S. treasury bills. Level 2 assets consisted of time deposits with original maturities of less than three months.

(2) Level 2 assets and liabilities consisted primarily of foreign currency exchange forward contracts.

(3) Level 1 assets consisted of investments in money market funds. Level 2 assets consisted of trust-owned life insurance policies.

The Company’s Level 2 assets and liabilities consisted of:

•Trust-owned life insurance policies, which were valued using the cash surrender value of the life insurance policies;

•Time deposits with original maturities of three months or less, which were valued at cost, approximating fair value, due to the short-term nature of these investments and;

•Derivative instruments, primarily foreign currency exchange forward contracts, which were valued using quoted market prices of the same or similar instruments, adjusted for counterparty risk.

The Company also holds certain investments that are not measured at fair value on a recurring basis on the Consolidated Balance Sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of time deposits with maturities less than one year, which are valued at amortized cost, approximating fair value.

Fair Value of Long-term Borrowings

The Company’s borrowings were carried at historical cost in the accompanying Condensed Consolidated Balance Sheet as of February 3, 2024. On July 15, 2024 (the “Redemption Date”), Abercrombie & Fitch Management Co. (“A&F Management”) redeemed all of its outstanding senior secured notes at par value, which had a fixed 8.75% interest rate and were scheduled to mature on July 15, 2025 (the “Senior Secured Notes”). As of the Redemption Date, the Senior Secured Notes were no longer deemed outstanding.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Feb. 01, 2025

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

Plans

As of February 1, 2025, the Company had two primary share-based compensation plans: (i) the 2016 Directors LTIP, with 900,000 shares of Common Stock authorized for issuance, under which the Company is authorized to grant restricted stock, restricted stock units, stock appreciation rights, stock options and deferred stock awards to non-associate members of the Board of Directors; and (ii) the 2016 Associates LTIP, with 10,965,000 shares of Common Stock authorized for issuance, under which the Company is authorized to grant restricted stock, restricted stock units, performance share awards, stock appreciation rights and stock options to associates of the Company. The Company also has outstanding shares from two other share-based compensation plans under which the Company granted restricted stock units, performance share awards, stock appreciation rights and stock options to associates of the Company and restricted stock units, stock options and deferred stock awards to non-associate members of the Board of Directors in prior years. No new shares may be granted under these previously-authorized plans and any outstanding awards continue in effect in accordance with their respective terms.

The 2016 Directors LTIP, a stockholder-approved plan, permits the Company to annually grant awards to non-associate directors, subject to the following limits:

•For non-associate directors: awards with an aggregate fair market value on the date of the grant of no more than $300,000;

•For the non-associate director occupying the role of Non-Executive Chairperson of the Board (if any): additional awards with an aggregate fair market value on the date of grant of no more than $500,000; and

•For the non-associate director occupying the role of Executive Chairperson of the Board (if any): additional awards with an aggregate fair market value on the date of grant of no more than $2,500,000.

Under the 2016 Directors LTIP, restricted stock units are subject to a minimum vesting period ending no sooner than the earlier of (i) the first anniversary of the grant date or (ii) the date of the next regularly scheduled annual meeting of stockholders held after the grant date. Any stock appreciation rights or stock options granted under this plan have the same minimum vesting period requirements as restricted stock units and, in addition, must have a term that does not exceed a period of ten years from the grant date, subject to forfeiture under the terms of the 2016 Directors LTIP.

The 2016 Associates LTIP, a stockholder-approved plan, permits the Company to annually grant one or more types of awards covering up to an aggregate for all awards of 1.0 million underlying shares of the Common Stock to any associate of the Company. Under the 2016 Associates LTIP, for restricted stock units that have performance-based vesting, performance must be measured over a period of at least one year and for restricted stock units that do not have performance-based vesting, vesting in full may not occur more quickly than in pro-rata installments over a period of three years from the date of the grant, with the first installment vesting no sooner than the first anniversary of the date of the grant. In addition, any stock options or stock appreciation rights granted under this plan must have a minimum vesting period of one year and a term that does not exceed a period of ten years from the grant date, subject to forfeiture under the terms of the 2016 Associates LTIP.

Each of the 2016 Directors LTIP and the 2016 Associates LTIP provides for accelerated vesting of awards if there is a change of control and certain other conditions specified in each plan are met.

Financial Statement Impact

The following table details share-based compensation expense and the related income tax benefit for Fiscal 2024, Fiscal 2023 and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Share-based compensation expense	$	38,667	$	40,122	$	28,995
Income tax benefit associated with share-based compensation expense recognized during the period	5,117		4,350		3,515

The following table details discrete income tax benefits and charges related to share-based compensation awards during Fiscal 2024, Fiscal 2023 and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Income tax discrete benefits realized for tax deductions related to the issuance of shares during the period	$	19,474	$	2,709	$	1,956
Income tax discrete charges realized upon cancellation of stock appreciation rights during the period	—		(101)		(226)
Total income tax discrete benefits related to share-based compensation awards	$	19,474	$	2,608	$	1,730

The following table details the amount of employee tax withheld by the Company upon the issuance of shares associated with restricted stock units vesting and the exercise of stock appreciation rights for the Fiscal 2024, Fiscal 2023 and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Employee tax withheld upon issuance of shares (1)	$	70,208	$	29,485	$	14,464

(1) Classified within other financing activities on the Consolidated Statements of Cash Flows.

Restricted Stock Units

The following table summarizes activity for restricted stock units for Fiscal 2024:


	Service-based Restricted Stock Units			Performance-based Restricted Stock Units			Market-based Restricted Stock Units
	Number of Underlying Shares	Weighted- Average Grant Date Fair Value		Number of Underlying Shares (1)	Weighted- Average Grant Date Fair Value		Number of Underlying Shares (1)	Weighted- Average Grant Date Fair Value
Unvested at February 3, 2024	1,886,085	$	27.12	521,212	$	30.03	260,619	$	43.90
Granted	241,183	123.15		53,775	120.56		26,895	180.71
Change due to performance criteria achievement	—	—		150,446	32.10		75,227	50.34
Vested	(876,699)	25.02		(300,892)	32.10		(150,454)	50.34
Forfeited	(77,384)	35.95		—	—		—	—
Unvested at February 1, 2025 (1)	1,173,185	$	47.95	424,541	$	40.76	212,287	$	58.95

(1) Unvested shares related to restricted stock units with performance-based and market-based vesting conditions are reflected at 100% of their target vesting amount in the table above. Unvested shares related to restricted stock units with performance-based and market-based vesting conditions can be achieved at up to 200% of their target vesting amount.

The following table details unrecognized compensation cost and the remaining weighted-average period over which these costs are expected to be recognized for restricted stock units as of February 1, 2025:


(in thousands)	Service-based Restricted Stock Units		Performance-based Restricted Stock Units		Market-based Restricted Stock Units
Unrecognized compensation cost	$	36,477	$	13,983	$	5,211
Remaining weighted-average period cost is expected to be recognized (years)	0.9		0.9		0.9

Additional information pertaining to restricted stock units for Fiscal 2024, Fiscal 2023 and Fiscal 2022 follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Service-based restricted stock units:
Total grant date fair value of awards granted	$	29,702	$	26,237	$	28,878
Total grant date fair value of awards vested	21,935		23,326		16,794
Total intrinsic value of awards vested	115,768		44,110		28,037

Performance-based restricted stock units:
Total grant date fair value of awards granted	6,483		6,300		5,600
Total grant date fair value of awards vested	9,659		—		4,482
Total intrinsic value of awards vested	39,670		—		6,468

Market-based restricted stock units:
Total grant date fair value of awards granted	4,860		4,576		3,852
Total grant date fair value of awards vested	7,574		16,040		4,105
Total intrinsic value of awards vested	19,836		24,890		3,768

The weighted-average assumptions used for market-based restricted stock units in the Monte Carlo simulation during Fiscal 2024, Fiscal 2023 and Fiscal 2022 were as follows:


	Fiscal 2024			Fiscal 2023			Fiscal 2022
Grant date market price	$	120.56		$	28.36		$	30.24
Fair value	180.71			41.20			41.60
Assumptions:
Price volatility	59		%	63		%	66		%
Expected term (years)	2.9			2.9			2.8
Risk-free interest rate	4.3		%	4.6		%	2.5		%
Dividend yield	—			—			—
Average volatility of peer companies	51.8		%	66.0		%	72.3		%
Average correlation coefficient of peer companies	0.4866			0.5295			0.515

Stock Appreciation Rights

The following table summarizes stock appreciation rights activity for Fiscal 2024:


	Number of Underlying Shares	Weighted-Average Exercise Price		Aggregate Intrinsic Value		Weighted-Average Remaining Contractual Life (years)
Outstanding at February 3, 2024	25,600	$	29.29
Granted	—	—
Exercised	(25,600)	29.29
Forfeited or expired	—	—
Outstanding at February 1, 2025	—	$	—	$	—	0.0
Stock appreciation rights exercisable at February 1, 2025	—	$	—	$	—	0.0

The following table provides additional information pertaining to grant date fair value of awards exercised during Fiscal 2024, Fiscal 2023 and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Total grant date fair value of awards exercised	$	267	$	1,409	$	—

No stock appreciation rights were exercised during Fiscal 2022.

Refer to Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation,” for discussion regarding significant accounting policies related to share-based compensation.

INCOME TAXES (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Components of Income Taxes

Income before income taxes consisted of:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Domestic (1)	$	757,835	$	526,967	$	152,608
Foreign	10,842		(42,668)		(85,592)
Income before income taxes	$	768,677	$	484,299	$	67,016

(1) Includes intercompany charges to foreign affiliates for management fees, cost-sharing, royalties and interest and excludes a portion of foreign income that is currently includable on the U.S. federal income tax return.

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consisted of:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Current:
Federal	$	150,061	$	113,765	$	25,577
State	40,942		32,299		10,371
Foreign	15,936		7,565		9,183
Total current	$	206,939	$	153,629	$	45,131

Deferred:
Federal	$	(11,664)	$	(9,160)	$	4,586
State	(834)		(1,196)		122
Foreign	220		5,613		6,792
Total deferred	(12,278)		(4,743)		11,500
Income tax expense	$	194,661	$	148,886	$	56,631

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the statutory federal income tax rate and the effective tax rate is as follows:


	Fiscal 2024		Fiscal 2023		Fiscal 2022
U.S. Federal income tax rate	21.0	%	21.0	%	21.0	%
State income tax, net of U.S. federal income tax effect	4.5		4.9		12.4
Foreign taxation of non-U.S. operations	1.4		1.4		16.2
Internal Revenue Code Section 162(m)	0.7		1.4		4.6
Net change in valuation allowances	0.6		3.4		30.7
Additional U.S. taxation of non-U.S. operations	0.1		0.1		1.3
Credit for increasing research activities	(0.1)		(0.5)		(2.5)
Audit and other adjustments to prior years' accruals, net	(0.2)		(0.2)		5.9
Net income attributable to noncontrolling interests	(0.2)		(0.3)		(2.4)
Tax benefit recognized on share-based compensation expense (2)	(2.5)		(0.5)		(2.6)
Other items, net	—		—		(0.1)








Total	25.3	%	30.7	%	84.5	%

(1)U.S. branch operations in Puerto Rico were subject to tax at the full U.S. tax rates. As a result, income from these operations do not create reconciling items.

(2)Refer to Note 13, “SHARE-BASED COMPENSATION,” for details on discrete income tax benefits and charges related to share-based compensation awards during Fiscal 2024, Fiscal 2023, and Fiscal 2022.

Schedule of Deferred Tax Assets and Liabilities

The effect of temporary differences that gives rise to deferred income tax assets (liabilities) were as follows:


(in thousands)	February 1, 2025		February 3, 2024
Deferred income tax assets:
Operating lease liabilities	$	241,873	$	211,863
Intangibles, foreign step-up in basis	58,755		62,464
Net operating losses (NOL), tax credit and other carryforwards	91,995		84,872
Accrued expenses and reserves	35,402		35,866

Deferred compensation	18,275		15,717
Inventory	9,996		5,518
Property and equipment and intangibles	1,129		—
Rent	509		1,874


Other	4,971		1,683
Valuation allowances	(151,810)		(146,973)
Total deferred income tax assets	$	311,095	$	272,884

Deferred income tax liabilities:
Operating lease right-of-use assets	$	(223,384)	$	(192,020)
Prepaid expenses	(2,809)		(1,832)
Store supplies	(1,835)		(2,100)
Undistributed profits of non-U.S. subsidiaries	(1,400)		(1,271)



U.S. offset to foreign deferred tax assets, excluding intangibles, foreign step-up in basis (1)	(125)		(187)

Property and equipment and intangibles	—		(7,472)
Other	(2,215)		(781)
Total deferred income tax liabilities	$	(231,768)	$	(205,663)
Net deferred income tax assets (1)	$	79,327	$	67,221

Schedule of Unrecognized Tax Benefits Roll Forward

The amount of uncertain tax positions as of February 1, 2025, February 3, 2024 and January 28, 2023, which would impact the Company’s effective tax rate if recognized and a reconciliation of the beginning and ending amounts of uncertain tax positions, excluding accrued interest and penalties, are as follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Uncertain tax positions, beginning of the year	$	2,751	$	2,293	$	1,114
Gross addition for tax positions of the current year	611		572		339
Gross addition for tax positions of prior years	1,725		75		907
Reductions of tax positions of prior years for:
Lapses of applicable statutes of limitations	(155)		(70)		(66)
Settlements during the period	(350)		(119)		(1)

Uncertain tax positions, end of year	$	4,582	$	2,751	$	2,293

INCOME TAXES

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Impact of valuation allowances and other tax benefits during Fiscal 2024

During Fiscal 2024, the Company did not recognize income tax benefits on $53.8 million of pre-tax losses, primarily in Switzerland, resulting in adverse tax impacts of $8.2 million.

As of February 1, 2025, the Company had foreign net deferred tax assets of approximately $35.7 million, including $8.2 million, $5.4 million, and $13.4 million in China, Japan, and the United Kingdom, respectively. While the Company believes that these net deferred tax assets are more-likely-than-not to be realized, it is not a certainty, as the Company continues to evaluate and respond to situations as they emerge. Should circumstances change, the net deferred tax assets may become subject to additional valuation allowances in the future. Additional valuation allowances would result in additional tax expense.

Impact of valuation allowances and other tax benefits during Fiscal 2023

During Fiscal 2023, the Company did not recognize income tax benefits on $103.0 million of pre-tax losses, primarily in Switzerland, resulting in adverse tax impacts of $15.6 million.

As of February 3, 2024, the Company had foreign net deferred tax assets of approximately $36.7 million, including $7.6 million, $7.5 million, and $12.6 million in China, Japan, and the United Kingdom, respectively.

Impact of valuation allowances and other tax charges during Fiscal 2022

During Fiscal 2022, the Company did not recognize income tax benefits on $136.5 million of pre-tax losses, primarily in Switzerland, resulting in adverse tax impacts of $20.0 million.

As of January 28, 2023, the Company had foreign net deferred tax assets of approximately $43.8 million, including $8.0 million, $9.1 million, and $15.6 million in China, Japan, and the United Kingdom, respectively.

Components of Income Taxes

Income before income taxes consisted of:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Domestic (1)	$	757,835	$	526,967	$	152,608
Foreign	10,842		(42,668)		(85,592)
Income before income taxes	$	768,677	$	484,299	$	67,016

Income tax expense consisted of:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Current:
Federal	$	150,061	$	113,765	$	25,577
State	40,942		32,299		10,371
Foreign	15,936		7,565		9,183
Total current	$	206,939	$	153,629	$	45,131

Deferred:
Federal	$	(11,664)	$	(9,160)	$	4,586
State	(834)		(1,196)		122
Foreign	220		5,613		6,792
Total deferred	(12,278)		(4,743)		11,500
Income tax expense	$	194,661	$	148,886	$	56,631

The Company’s earnings and profits from its foreign subsidiaries could be repatriated to the U.S., without incurring additional federal income tax. The Company determined that the balance of the Company’s undistributed earnings and profits from its foreign subsidiaries as of February 2, 2019, are considered indefinitely reinvested outside of the U.S., and if these funds were to be repatriated to the U.S., the Company would expect to incur an insignificant amount of state income taxes and foreign withholding taxes. The Company accrues for both state income taxes and foreign withholding taxes with respect to earnings and profits earned after February 2, 2019, in such a manner that these funds may be repatriated without incurring additional tax expense.

Reconciliation between the statutory federal income tax rate and the effective tax rate is as follows:


	Fiscal 2024		Fiscal 2023		Fiscal 2022
U.S. Federal income tax rate	21.0	%	21.0	%	21.0	%
State income tax, net of U.S. federal income tax effect	4.5		4.9		12.4
Foreign taxation of non-U.S. operations	1.4		1.4		16.2
Internal Revenue Code Section 162(m)	0.7		1.4		4.6
Net change in valuation allowances	0.6		3.4		30.7
Additional U.S. taxation of non-U.S. operations	0.1		0.1		1.3
Credit for increasing research activities	(0.1)		(0.5)		(2.5)
Audit and other adjustments to prior years' accruals, net	(0.2)		(0.2)		5.9
Net income attributable to noncontrolling interests	(0.2)		(0.3)		(2.4)
Tax benefit recognized on share-based compensation expense (2)	(2.5)		(0.5)		(2.6)
Other items, net	—		—		(0.1)








Total	25.3	%	30.7	%	84.5	%

(1)U.S. branch operations in Puerto Rico were subject to tax at the full U.S. tax rates. As a result, income from these operations do not create reconciling items.

For certain years, the impact of various tax items on the Company's effective tax rate were amplified on a percentage basis at lower levels of consolidated pre-tax income (loss) in absolute dollars. The effective tax rate remains sensitive to jurisdictional mix. The taxation of non-U.S. operations line items in the table above excludes items related to the Company's non-U.S. operations reported separately in the appropriate corresponding line items.

For Fiscal 2024, Fiscal 2023, and Fiscal 2022, the impact of taxation of non-U.S. operations on the Company's effective income tax rate was related to the Company's jurisdictional mix driven primarily by the Company’s operations within Switzerland.

Components of Deferred Income Tax Assets and Deferred Income Tax Liabilities

The effect of temporary differences that gives rise to deferred income tax assets (liabilities) were as follows:


(in thousands)	February 1, 2025		February 3, 2024
Deferred income tax assets:
Operating lease liabilities	$	241,873	$	211,863
Intangibles, foreign step-up in basis	58,755		62,464
Net operating losses (NOL), tax credit and other carryforwards	91,995		84,872
Accrued expenses and reserves	35,402		35,866

Deferred compensation	18,275		15,717
Inventory	9,996		5,518
Property and equipment and intangibles	1,129		—
Rent	509		1,874


Other	4,971		1,683
Valuation allowances	(151,810)		(146,973)
Total deferred income tax assets	$	311,095	$	272,884

Deferred income tax liabilities:
Operating lease right-of-use assets	$	(223,384)	$	(192,020)
Prepaid expenses	(2,809)		(1,832)
Store supplies	(1,835)		(2,100)
Undistributed profits of non-U.S. subsidiaries	(1,400)		(1,271)



U.S. offset to foreign deferred tax assets, excluding intangibles, foreign step-up in basis (1)	(125)		(187)

Property and equipment and intangibles	—		(7,472)
Other	(2,215)		(781)
Total deferred income tax liabilities	$	(231,768)	$	(205,663)
Net deferred income tax assets (1)	$	79,327	$	67,221

(1)This table does not reflect deferred taxes classified within AOCL. As of February 1, 2025 and February 3, 2024, AOCL included deferred tax liabilities of $1.0 million and deferred tax liabilities of $0.1 million, respectively.

As of February 1, 2025, the Company had deferred tax assets related to foreign and state NOL and credit carryforwards of $91.9 million and $0.1 million, respectively, that could be utilized to reduce future years’ tax liabilities. If not utilized, a portion of the foreign NOL carryforwards will begin to expire in Fiscal 2026 and a portion of state NOL carryforwards will begin to expire in Fiscal 2029. Some foreign NOLs have an indefinite carryforward period. As of February 1, 2025, the Company did not have any deferred tax assets related to federal NOL and credit carryforwards that could be utilized to reduce future years’ tax liabilities.

The valuation allowances for Fiscal 2024 and 2023 were $151.8 million and $147.0 million, respectively. The valuation allowances as of Fiscal 2024 have been established against deferred tax assets, primarily in Switzerland. All valuation allowances have been reflected through the Consolidated Statements of Operations and Comprehensive Income (Loss). The valuation allowances will remain until there is sufficient positive evidence to release them, such positive evidence would include having positive income within the jurisdiction. In such case, the Company will record an adjustment in the period in which a determination is made. The Company continues to review the need for valuation allowances on a quarterly basis.

Share-based Compensation

Refer to Note 13, “SHARE-BASED COMPENSATION,” for details on income tax benefits and charges related to share-based compensation awards during Fiscal 2024, Fiscal 2023 and Fiscal 2022.

Other


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Uncertain tax positions, beginning of the year	$	2,751	$	2,293	$	1,114
Gross addition for tax positions of the current year	611		572		339
Gross addition for tax positions of prior years	1,725		75		907
Reductions of tax positions of prior years for:
Lapses of applicable statutes of limitations	(155)		(70)		(66)
Settlements during the period	(350)		(119)		(1)

Uncertain tax positions, end of year	$	4,582	$	2,751	$	2,293

The IRS is currently conducting an examination of the Company’s U.S. federal income tax returns for Fiscal 2024 and 2023 as part of the IRS’ Compliance Assurance Process program. The IRS examinations for Fiscal 2022 and prior years have been completed. State and foreign returns are generally subject to examination for a period of three to five years after the filing of the respective return. The Company typically has various state and foreign income tax returns in the process of examination, administrative appeals or litigation. The outcome of the examinations is not expected to have a material impact on the Company’s financial statements. The Company believes that some of these audits and negotiations will conclude within the next 12 months and that it is reasonably possible the amount of uncertain income tax positions, including interest, may change by an immaterial amount due to settlement of audits and expiration of statues of limitations.

The Company does not expect material adjustments to the total amount of uncertain tax positions within the next 12 months, but the outcome of tax matters is uncertain and unforeseen results can occur.

Refer to Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes,” for discussion regarding significant accounting policies related to the Company’s income taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ASSET IMPAIRMENT (Tables)

12 Months Ended

Feb. 01, 2025

Asset Impairment [Abstract]

Asset Impairment Charges [Table Text Block]

The following table provides additional details related to long-lived asset impairment charges:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Operating lease right-of-use asset impairment	$	5,470	$	1,441	$	6,248
Property and equipment asset impairment (1)	6,126		6,848		7,783
Total asset impairment (2)	$	11,596	$	8,289	$	14,031

(1)Amounts for Fiscal 2024 and Fiscal 2023 only include store asset impairment. Amounts for Fiscal 2022 include store asset impairment of $4.8 million and other asset impairment of $3.0 million.

(2)Included in Selling expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).

Revenue Recognition (Tables)

12 Months Ended

Feb. 01, 2025

Disaggregation of Revenue [Abstract]

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

The following table details certain contract liabilities representing unearned revenue as of February 1, 2025, February 3, 2024 and January 28, 2023:


(in thousands)	February 1, 2025		February 3, 2024		January 28, 2023
Gift card liability (1)	$	45,364	$	41,144	$	39,235
Loyalty programs liability	32,199		27,937		25,640

(1)Includes $19.8 million and $20.0 million of revenue recognized during Fiscal 2024 and Fiscal 2023, respectively, that was included in the gift card liability at the beginning of February 3, 2024 and January 28, 2023, respectively.

The following table details recognized revenue associated with the Company’s gift card program and loyalty programs for Fiscal 2024, Fiscal 2023, and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Revenue associated with gift card redemptions and gift card breakage	$	141,380	$	112,749	$	98,488
Revenue associated with reward redemptions and breakage related to the Company’s loyalty programs	65,776		56,406		48,624

INVENTORIES (Tables)

12 Months Ended

Feb. 01, 2025

Inventories, Net [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories consisted of:


(in thousands)	February 1, 2025		February 3, 2024
Inventories at original cost	$	603,602	$	500,020
Less: Lower of cost and net realizable value adjustment	(28,597)		(30,554)

Inventories (1)	$	575,005	$	469,466

(1) Included $115.0 million and $103.5 million of inventory in transit, merchandise owned by the Company that has not yet been received at a Company DC, as of February 1, 2025 and February 3, 2024, respectively.

Schedules of Concentration of Risk, by Risk Factor

A summary of the Company’s vendors based on location and the percentage of cost of merchandise receipts during Fiscal 2024, Fiscal 2023 and Fiscal 2022 follows:


	% of Total Company Merchandise Receipts (1)
Location	Fiscal 2024		Fiscal 2023		Fiscal 2022
Vietnam	35	%	34	%	33	%
Cambodia	22		19		17
India	12		12		9
China (2)	7		9		13
Other (3)	24		26		28
Total	100	%	100	%	100	%

(1) Calculated as the cost of merchandise receipts from all vendors within a country during the respective fiscal year divided by cost of total merchandise receipts during the respective fiscal year.

(2) Only a portion of the Company’s total merchandise sourced from China is subject to the additional U.S. tariffs on imported consumer goods that were effective beginning in Fiscal 2019. The Company estimates approximately 5%, 7%, and 9% of total merchandise receipts were directly imported to the United States from China in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

(3) No country included within this category sourced more than 10% of total merchandise receipts during any fiscal year presented above.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to A&F	$ 566,223	$ 328,123	$ 2,816

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

INVESTMENTS (Tables)

12 Months Ended

Feb. 01, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Investments consisted of:


	February 1, 2025		February 3, 2024
(in thousands)
Investments
Marketable securities
Time deposits	$	116,221	$	—

Total Marketable securities	$	116,221	$	—

Rabbi Trust assets (1)
Trust-owned life insurance policies (at cash surrender value)	$	53,921	$	52,521
Money market funds	1,164		1,164
Total Rabbi Trust assets	$	55,085	$	53,685

(1)Rabbi Trust assets are included in Other assets on the Consolidated Balance Sheets and are restricted as to their use.

Realized gains resulting from the change in cash surrender value and benefits paid pursuant to the trust-owned life insurance policies of the Rabbi Trust assets for Fiscal 2024, Fiscal 2023 and Fiscal 2022 were as follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Realized gains related to Rabbi Trust assets	$	1,400	$	1,978	$	1,409

INVESTMENTS (Schedule of Investments - Marketable Securities) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Marketable Securities [Abstract]
Marketable Securities	$ 116,221	$ 0
Certificates of Deposit [Member]
Marketable Securities [Abstract]
Marketable Securities	$ 116,221	$ 0

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Property and equipment, net
Land	$ 28,599	$ 28,599
Buildings	238,131	238,185
Furniture, fixtures and equipment	657,849	632,056
Information technology	796,163	718,693
Leasehold improvements	842,824	846,097
Construction in progress	41,166	44,359
Other	1,139	1,195
Total	2,605,871	2,509,184
Less: Accumulated depreciation and amortization	(2,030,098)	(1,971,151)
Property and equipment, net	575,773	538,033
Depreciation	150,800	138,500	$ 129,700
Depreciation, Depletion and Amortization, Nonproduction	$ 153,773	$ 141,104	$ 132,243

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Feb. 01, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SAVINGS AND RETIREMENT PLANS	12 Months Ended
SAVINGS AND RETIREMENT PLANS	Feb. 01, 2025
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	SAVINGS AND RETIREMENT PLANS The Company maintains the Abercrombie & Fitch Co. Savings and Retirement Plan, a qualified plan. All U.S. associates are eligible to participate in this plan if they are at least 21 years of age. In addition, the Company maintains the Abercrombie & Fitch Nonqualified Savings and Supplemental Retirement Plan, comprised of two sub-plans (Plan I and Plan II). Plan I contains contributions made through December 31, 2004, while Plan II contains contributions made on and after January 1, 2005. Participation in these plans is based on service and compensation. The Company’s contributions to these plans are based on a percentage of associates’ eligible annual compensation. The cost of the Company’s contributions to these plans was $18.0 million, $16.9 million and $14.7 million for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. In addition, the Company maintains the Supplemental Executive Retirement Plan, which provides retirement income to its former Chief Executive Officer for life, based on averaged compensation before retirement, including base salary and cash incentive compensation. As of February 1, 2025 and February 3, 2024, the Company had recorded $6.1 million and $6.7 million, respectively, in other liabilities on the Consolidated Balance Sheets related to Supplemental Executive Retirement Plan distributions.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

INCOME TAXES (Deferred Tax Assets, Net operating losses (NOL) and credit carryforwards) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Tax Credit Carryforward [Line Items]
Deferred Tax Liabilities, Undistributed Foreign Earnings	$ 1,400	$ 1,271
Deferred Tax Assets, Valuation Allowance	151,810	$ 146,973
Foreign Tax Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards	91,900
State and Local Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards	$ 100

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Income Statement [Abstract]
Revenues	$ 4,948,587	$ 4,280,677	$ 3,697,751
Cost of sales, exclusive of depreciation and amortization	1,773,926	1,587,265	1,593,213
Selling Expense	1,689,988	1,533,438	1,462,011
General and Administrative Expense	750,485	681,176	552,553
Other operating income, net	(6,632)	(5,873)	(2,674)
Operating Income (Loss)	740,820	484,671	92,648
Interest Expense, Operating	12,077	30,352	30,236
Income tax expense	194,661	148,886	56,631
Interest and Other Income	39,934	29,980	4,604
Income (Loss) before income taxes	768,677	484,299	67,016
Net income	574,016	335,413	10,385
Less: Net income attributable to noncontrolling interests	7,793	7,290	7,569
Net Income (Loss) Attributable to Parent, Total	$ 566,223	$ 328,123	$ 2,816
Net income per share attributable to A&F
Basic	$ 11.14	$ 6.53	$ 0.06
Diluted	$ 10.69	$ 6.22	$ 0.05
Weighted-average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	50,839	50,250	50,307
Diluted	52,971	52,726	52,327
Other comprehensive (loss) income
Foreign currency translation, net of tax	$ (7,351)	$ (3,879)	$ (11,964)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	4,168	5,438	(10,857)
Other Comprehensive Income (Loss), Net of Tax, Total	(3,183)	1,559	(22,821)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	570,833	336,972	(12,436)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	7,793	7,290	7,569
Comprehensive income (loss) attributable to A&F	563,040	329,682	(20,005)
Interest Income (Expense), Operating	$ (27,857)	$ 372	$ 25,632

INVENTORIES

12 Months Ended

Feb. 01, 2025

Inventories, Net [Abstract]

Inventory Disclosure [Text Block]

INVENTORIES

Inventories consisted of:


(in thousands)	February 1, 2025		February 3, 2024
Inventories at original cost	$	603,602	$	500,020
Less: Lower of cost and net realizable value adjustment	(28,597)		(30,554)

Inventories (1)	$	575,005	$	469,466

A summary of the Company’s vendors based on location and the percentage of cost of merchandise receipts during Fiscal 2024, Fiscal 2023 and Fiscal 2022 follows:


	% of Total Company Merchandise Receipts (1)
Location	Fiscal 2024		Fiscal 2023		Fiscal 2022
Vietnam	35	%	34	%	33	%
Cambodia	22		19		17
India	12		12		9
China (2)	7		9		13
Other (3)	24		26		28
Total	100	%	100	%	100	%

(1) Calculated as the cost of merchandise receipts from all vendors within a country during the respective fiscal year divided by cost of total merchandise receipts during the respective fiscal year.

(3) No country included within this category sourced more than 10% of total merchandise receipts during any fiscal year presented above.

Refer to Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories,” for discussion regarding significant accounting policies related to the Company’s inventories.

SHARE-BASED COMPENSATION (RSUs Assumptions) (Details) - Market-based Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value (in dollars per share)	$ 180.71
Market Vesting Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date market price (in dollars per share)	120.56	$ 28.36	$ 30.24
Fair value (in dollars per share)	$ 180.71	$ 41.20	$ 41.60
Price volatility	59.00%	63.00%	66.00%
Expected term (years)	2 years 10 months 24 days	2 years 10 months 24 days	2 years 9 months 18 days
Risk-free interest rate	4.30%	4.60%	2.50%
Dividend yield	0.00%	0.00%	0.00%
Average volatility of peer companies	51.80%	66.00%	72.30%
Average correlation coefficient of peer companies	0.4866	0.5295	0.515

SEGMENT REPORTING

12 Months Ended

Feb. 01, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company’s reportable segments are based on the financial information the chief operating decision maker (“CODM”) uses to allocate resources and assess performance of its business.

During the second quarter of Fiscal 2023, to leverage the knowledge and experience of our regional teams to better drive brand growth, the Company reorganized its structure and now manages its business on a geographic basis, consisting of three reportable segments: Americas; Europe, the Middle East and Africa (EMEA); and Asia-Pacific (APAC). Corporate functions and other income and expenses are evaluated on a consolidated basis and are not allocated to the Company’s segments, and therefore are included as a reconciling item between segment and total operating income (loss). The Americas reportable segment includes the results of operations in North America and South America. The EMEA reportable segment includes the results of operations in Europe, the Middle East and Africa. The APAC reportable segment includes the results of operations in the Asia-Pacific region, including Asia and Oceania. Intersegment sales and transfers are recorded at cost and are treated as a transfer of inventory. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. All prior periods presented are recast to conform to the new segment presentation.

The group comprised of the Company’s (i) Chief Executive Officer, (ii) Chief Operating Officer, and (iii) Chief Financial Officer functions as the Company’s CODM. The Company’s CODM manages business operations and evaluates the performance of each segment based on the net sales and operating income (loss) of the segment. The CODM considers actual performance relative to expectations, and growth potential to determine the appropriate allocation of resources to each segment.

Net sales by segment are presented by attributing revenues on the basis of the segment that fulfills the order. Operating income (loss) for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributed to the segment. Corporate/other expenses include expenses incurred that are not directly attributed to a reportable segment and primarily relate to corporate or global functions such as design, sourcing, brand management, corporate strategy, information technology, finance, treasury, legal, human resources, and other corporate support services, as well as certain globally managed components of the planning, merchandising, and marketing functions.

The Company reports inventories by segment as that information is used by the CODM in determining allocation of resources to the segments. The Company does not report its other assets by segment as that information is not used by the CODM in assessing segment performance or allocating resources.

The following tables provide the Company’s segment information as of February 1, 2025 and February 3, 2024, and for Fiscal 2024, Fiscal 2023 and Fiscal 2022.


	Fiscal 2024
	Americas (1)		EMEA		APAC		Total
Net Sales	$	4,027,514	$	770,519	$	150,554	$	4,948,587
Cost of sales, exclusive of depreciation and amortization	1,436,161		285,734		52,031		1,773,926

Store occupancy (2)	327,458		114,664		33,545		475,667
Fulfillment (2)	403,114		83,832		19,306		506,252

Other expense (3)	650,288		176,468		57,683		884,439
Segment income (loss)	$	1,210,493	$	109,821	$	(12,011)	$	1,308,303
Operating loss not attributed to segments:



Corporate and other unallocated expenses (4)							(567,483)
Operating income							$	740,820
Interest expense (income), Net							(27,857)
Income before taxes							$	768,677



Depreciation and amortization	$	85,207	$	25,070	$	7,975	$	118,252
Depreciation and amortization not attributed to segments							35,521
Total depreciation and amortization							$	153,773

Capital expenditures	$	99,571	$	17,764	$	15,240	$	132,575
Capital expenditures not attributed to segments							50,328
Total capital expenditures							$	182,903


	Fiscal 2023
	Americas (1)		EMEA		APAC		Total
Net Sales	$	3,455,674	$	687,095	$	137,908	$	4,280,677
Cost of sales, exclusive of depreciation and amortization	1,279,050		259,347		48,868		1,587,265

Store occupancy (2)	312,340		120,118		30,982		463,440
Fulfillment (2)	353,538		72,610		17,505		443,653

Other expense (3)	570,454		153,804		51,111		775,369
Segment income (loss)	$	940,292	$	81,216	$	(10,558)	$	1,010,950
Operating loss not attributed to segments:



Corporate and other unallocated expenses (4)							(526,279)
Operating income							$	484,671
Interest expense (income), Net							372
Income before taxes							$	484,299



Depreciation and amortization	$	73,779	$	26,782	$	5,921	$	106,482
Depreciation and amortization not attributed to segments							34,622
Total depreciation and amortization							$	141,104

Capital expenditures	$	78,062	$	26,019	$	4,331	$	108,412
Capital expenditures not attributed to segments							49,385
Total capital expenditures							$	157,797


	Fiscal 2022
	Americas (1)		EMEA		APAC		Total
Net Sales	$	2,920,157	$	658,794	$	118,800	$	3,697,751
Cost of sales, exclusive of depreciation and amortization	1,262,429		287,618		43,166		1,593,213

Store occupancy (2)	299,678		105,868		39,831		445,377
Fulfillment (2)	356,506		69,466		18,563		444,535

Other expense (3)	518,099		150,657		46,347		715,103
Segment income (loss)	$	483,445	$	45,185	$	(29,107)	$	499,523
Operating loss not attributed to segments:



Corporate and other unallocated expenses (4)							(406,875)
Operating income							$	92,648
Interest expense (income), Net							25,632
Income before taxes							$	67,016



Depreciation and amortization	75,231		21,497		8,123		$	104,851
Depreciation and amortization not attributed to segments							27,392
Total depreciation and amortization							$	132,243

Capital expenditures	102,030		32,206		1,249		$	135,485
Capital expenditures not attributed to segments							29,081
Total capital expenditures							$	164,566

(1)Includes the U.S., Canada, and Latin America. Net sales in the U.S. were $3.8 billion, $3.3 billion, and $2.8 billion in Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively.

(2)Included in selling expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).

(3)Other expense includes store payroll, other direct store controllable and marketing expenses included in selling expense, as well as allocated and support related expenses included in general and administrative expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).

(4)Corporate and other unallocated expenses represent corporate overhead expenses that have not been allocated to any segment.



(in thousands)	February 1, 2025		February 3, 2024		January 28, 2023
Assets
Inventories
Americas	$	463,148	$	372,371	$	404,040
EMEA	88,728		77,125		80,447
APAC	23,129		19,970		21,134
Total inventories	$	575,005	$	469,466	$	505,621
Assets not attributed to Segments	2,724,882		2,504,767		2,207,479
Total assets	$	3,299,887	$	2,974,233	$	2,713,100

The Company’s long-lived assets and intellectual property, which primarily relates to trademark assets associated with the Company’s global operations, by geographic area as of February 1, 2025, February 3, 2024, and January 28, 2023 were as follows:


(in thousands)	February 1, 2025		February 3, 2024		January 28, 2023


Americas (1) (2)	$	991,673	$	897,315	$	929,381
EMEA (3)	292,285		288,967		317,712
APAC	114,388		50,324		49,771
Total	$	1,398,346	$	1,236,606	$	1,296,864

(1)Includes the U.S., Canada, and Latin America. Long-lived assets and intellectual property located in the U.S. were $965 million, $880 million, and $911 million as of February 1, 2025, February 3, 2024, and January 28, 2023 respectively.

(2)Includes intellectual property of $2.9 million, $2.9 million, and $3.4 million at February 1, 2025, February 3, 2024, and January 28, 2023, respectively.

(3)Includes intellectual property of $16.6 million, $17.4 million, and $18.3 million at February 1, 2025, February 3, 2024, and January 28, 2023, respectively.

Brand Information

The following table provides additional disaggregated revenue information, which is categorized by brand, for Fiscal 2024, Fiscal 2023 and Fiscal 2022 were as follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Abercrombie	$	2,556,434	$	2,201,686	$	1,734,866
Hollister	2,392,153		2,078,991		1,962,885
Total	$	4,948,587	$	4,280,677	$	3,697,751

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Reclassification [Line Items]

Selling Expense

$ 1,689,988

$ 1,533,438

$ 1,462,011

General and Administrative Expense

750,485

681,176

552,553

Cash and Cash Equivalents [Line Items]

Cash

^[1]

467,642

524,735

Time Deposits

^[2]

1,013

26,975

Money Market Funds, at Carrying Value

^[2]

304,072

349,174

Cash and Cash Equivalents, at Carrying Value

772,727

900,884

517,602

Restricted Cash and Cash Equivalents Items [Line Items]

Cash and Cash Equivalents, at Carrying Value

772,727

900,884

517,602

Restricted Cash and Cash Equivalents, Noncurrent

^[3]

$ 7,668

$ 8,801

9,967

Class of Stock [Line Items]

Common Stock, Shares, Issued

103,300

Supplier Finance Program, Obligation [Roll Forward]

Supplier Finance Program, Payment Timing, Period

75 days

Supplier Finance Program, Obligation, Current

$ 88,400

$ 72,400

Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]

Accounts Payable, Current

Shipping & Handling [Line Items]

Shipping and handling costs

$ 410,004

$ 362,545

356,280

Accounting Policies [Line Items]

Foreign currency transaction gain (loss), before tax

2,665

1,936

(1,626)

Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, after Accumulated Amortization

73,300

49,900

Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, Accumulated Amortization

25,500

12,200

Restricted Cash and Cash Equivalents, Noncurrent

^[3]

7,668

8,801

9,967

Marketing and Advertising Expense

$ 270,598

$ 217,276

$ 189,347

Weighted Average Shares Outstanding:

Shares of Common Stock issued (in shares)

103,300

Treasury shares (in shares)

(52,461)

(53,050)

(52,993)

Weighted-Average - basic shares (in shares)

50,839

50,250

50,307

Dilutive effect of share-based compensation awards (in shares)

2,132

2,476

2,020

Weighted-Average - diluted shares (in shares)

52,971

52,726

52,327

Anti-Dilutive shares (in shares)

^[4]

220

541

2,233

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total assets

$ 3,299,887

$ 2,974,233

$ 2,713,100

Total stockholders’ equity

$ 1,351,323

1,049,987

706,569

$ 837,324

Building [Member]

Property, Plant and Equipment [Line Items]

Useful life

30 years

SupplierFinanceProgram

Supplier Finance Program, Obligation [Roll Forward]

Supplier Finance Program, Obligation, Addition

$ 440,125

Supplier Finance Program, Obligation, Settlement

(424,112)

Supplier Finance Program, Obligation, Current

$ 88,389

72,376

Minimum [Member] | Information Technology [Member]

Property, Plant and Equipment [Line Items]

Useful life

3 years

Minimum [Member] | Furniture and Fixtures [Member]

Property, Plant and Equipment [Line Items]

Useful life

3 years

Minimum [Member] | Leasehold Improvements and Furniture and Fixtures [Member]

Property, Plant and Equipment [Line Items]

Useful life

1 year

Maximum [Member] | Information Technology [Member]

Property, Plant and Equipment [Line Items]

Useful life

7 years

Maximum [Member] | Furniture and Fixtures [Member]

Property, Plant and Equipment [Line Items]

Useful life

10 years

Maximum [Member] | Leasehold Improvements and Furniture and Fixtures [Member]

Property, Plant and Equipment [Line Items]

Useful life

15 years

Maximum [Member] | Other Property and Equipment [Member]

Property, Plant and Equipment [Line Items]

Useful life

5 years

Reclassification, Other [Member]

Reclassification [Line Items]

Selling Expense

(38,300)

(35,000)

General and Administrative Expense

$ 38,300

$ 35,000

Intellectual Property | Minimum [Member]

Accounting Policies [Line Items]

Finite-Lived Intangible Asset, Useful Life

10 years

Intellectual Property | Maximum [Member]

Accounting Policies [Line Items]

Finite-Lived Intangible Asset, Useful Life

20 years

Hosting Arrangement, Service Contract, Implementation Cost, Capitalized | Minimum [Member]

Accounting Policies [Line Items]

Finite-Lived Intangible Asset, Useful Life

1 year

Hosting Arrangement, Service Contract, Implementation Cost, Capitalized | Maximum [Member]

Accounting Policies [Line Items]

Finite-Lived Intangible Asset, Useful Life

5 years

Common Class A

Class of Stock [Line Items]

Common stock, par value (in dollars per share)

$ 0.01

Common Stock, shares authorized

150,000

Common stock, shares outstanding

49,735

50,500

Common Class B [Member]

Class of Stock [Line Items]

Common stock, par value (in dollars per share)

$ 0.01

Common Stock, shares authorized

^[5]

106,400

[1]	(1) Primarily consists of amounts on deposit with financial institutions.
[2]	(2) Investments with original maturities of less than three months.
[3]	Restricted cash and equivalents primarily consist of amounts on deposit with banks that are used as collateral for customary non-debt banking commitments and deposits into trust accounts to conform to standard insurance security requirements.
[4]	Reflects the total number of shares related to outstanding share-based compensation awards that have been excluded from the computation of net income (loss) per diluted share because the impact would have been anti-dilutive. Unvested contingently issuable shares related to restricted stock units with performance-based and market-based vesting conditions can achieve up to 200% of their target vesting amount and are reflected at the maximum vesting amount less any dilutive portion.
[5]	(1) No shares were issued or outstanding as of each of February 1, 2025 and February 3, 2024

Consolidated Statement of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands

Total

Common Stock

Paid-in capital

Noncontrolling interest

Retained Earnings [Member]

Treasury stock

AOCI Including Portion Attributable to Noncontrolling Interest [Member]

Stockholders' Equity Attributable to Noncontrolling Interest

$ 11,234

Total stockholders’ equity

$ 837,324

Beginning Balance at Jan. 29, 2022

$ 1,033

$ 413,190

$ 2,386,156

$ (1,859,583)

$ (114,706)

Beginning balance, shares outstanding at Jan. 29, 2022

52,985

50,315

Net income attributable to noncontrolling interests

7,569

Net income (loss) attributable to A&F

2,816

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

10,385

Purchase of common stock(1)

(125,775)

$ (125,775)

Purchase of common stock, shares

4,770

Share-based compensation issuances and exercises

(14,464)

^[1]

(25,930)

(20,157)

$ (31,623)

Share-based compensation issuances and exercises, shares

(787)

Share-based compensation expense

28,995

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax

(10,857)

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax

(11,964)

Distribution to noncontrolling interests, net

(7,075)

Ending Balance at Jan. 28, 2023

$ 1,033

416,255

2,368,815

$ (1,953,735)

(137,527)

Ending balance, shares outstanding at Jan. 28, 2023

49,002

54,298

Stockholders' Equity Attributable to Noncontrolling Interest

11,728

Total stockholders’ equity

706,569

Net income attributable to noncontrolling interests

7,290

Net income (loss) attributable to A&F

328,123

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

335,413

Share-based compensation issuances and exercises

(29,485)

^[1]

(34,768)

(53,309)

$ (58,592)

Share-based compensation issuances and exercises, shares

(1,498)

Share-based compensation expense

40,122

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax

5,438

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax

(3,879)

Distribution to noncontrolling interests, net

(4,191)

Ending Balance at Feb. 03, 2024

1,035,160

$ 1,033

421,609

2,643,629

$ (1,895,143)

(135,968)

Ending balance, shares outstanding at Feb. 03, 2024

50,500

52,800

Stockholders' Equity Attributable to Noncontrolling Interest

14,827

Total stockholders’ equity

1,049,987

Net income attributable to noncontrolling interests

7,793

Net income (loss) attributable to A&F

566,223

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

574,016

Purchase of common stock(1)

(231,031)

$ (231,031)

^[2]

Purchase of common stock, shares

1,615

Share-based compensation issuances and exercises

(70,208)

^[1]

(37,364)

(13,128)

$ 19,716

Share-based compensation issuances and exercises, shares

(850)

Share-based compensation expense

38,667

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax

4,168

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax

(7,351)

Distribution to noncontrolling interests, net

(6,925)

Ending Balance at Feb. 01, 2025

1,335,628

$ 1,033

$ 422,912

$ 3,196,724

$ (2,145,890)

$ (139,151)

Ending balance, shares outstanding at Feb. 01, 2025

49,735

53,565

Stockholders' Equity Attributable to Noncontrolling Interest

15,695

$ 15,695

Total stockholders’ equity

$ 1,351,323

[1]	(1) Classified within other financing activities on the Consolidated Statements of Cash Flows.
[2]	(1)Includes excise tax on share repurchases

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Feb. 01, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of:


(in thousands)	February 1, 2025		February 3, 2024
Land	$	28,599	$	28,599
Buildings	238,131		238,185
Furniture, fixtures and equipment	657,849		632,056
Information technology	796,163		718,693
Leasehold improvements	842,824		846,097
Construction in progress	41,166		44,359
Other	1,139		1,195
Total	2,605,871		2,509,184
Less: Accumulated depreciation	(2,030,098)		(1,971,151)
Property and equipment, net	$	575,773	$	538,033

Depreciation expense for Fiscal 2024, Fiscal 2023 and Fiscal 2022 was $150.8 million, $138.5 million and $129.7 million, respectively.

Refer to Note 9, “ASSET IMPAIRMENT,” for details related to property and equipment impairment charges incurred during Fiscal 2024, Fiscal 2023 and Fiscal 2022.

Refer to Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment, net,” for discussion regarding significant accounting policies related to the Company’s property and equipment, net.

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Feb. 01, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of:


(in thousands)	February 1, 2025		February 3, 2024
Land	$	28,599	$	28,599
Buildings	238,131		238,185
Furniture, fixtures and equipment	657,849		632,056
Information technology	796,163		718,693
Leasehold improvements	842,824		846,097
Construction in progress	41,166		44,359
Other	1,139		1,195
Total	2,605,871		2,509,184
Less: Accumulated depreciation	(2,030,098)		(1,971,151)
Property and equipment, net	$	575,773	$	538,033

DERIVATIVE INSTRUMENTS (Outstanding Foreign Exchange Forward Contracts) (Details) - Foreign Exchange Forward [Member] - Designated as Hedging Instrument [Member]
$ in Thousands

Feb. 01, 2025

USD ($)

^[1]

Euro Member Countries, Euro

Derivative [Line Items]

Derivative, Notional Amount

$ 72,219

British Pound [Member]

Derivative [Line Items]

Derivative, Notional Amount

79,206

Canadian Dollar [Member]

Derivative [Line Items]

Derivative, Notional Amount

$ 26,186

[1]	Amounts reported are the U.S. Dollar notional amounts outstanding as of February 1, 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 01, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACCRUED EXPENSES (Details) - USD ($)
$ in Thousands

Feb. 01, 2025

Feb. 03, 2024

Payables and Accruals [Abstract]

Accrued payroll and related costs

^[1]

$ 92,504

$ 100,825

Accrued Marketing Costs, Current

^[1]

77,509

52,792

Other

^[2]

334,909

283,038

Accrued expenses

$ 504,922

$ 436,655

[1]	Accrued payroll and related costs include salaries, incentive compensation, benefits, withholdings and other payroll-related costs.
[2]	Other primarily includes the Company’s gift card and loyalty programs liabilities, accrued taxes, accrued rent and expenses incurred but not yet paid primarily related to outside services associated with store and home office operations, construction in progress and costs related to the Company’s DCs and digital operations. Refer to Note 3, “REVENUE RECOGNITION.”

SEGMENT REPORTING (Net Sales by Brand) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Schedule of Revenue by Brand [Line Items]
Net Sales	$ 4,948,587	$ 4,280,677	$ 3,697,751
Abercrombie [Member]
Schedule of Revenue by Brand [Line Items]
Net Sales	2,556,434	2,201,686	1,734,866
Hollister [Member]
Schedule of Revenue by Brand [Line Items]
Net Sales	$ 2,392,153	$ 2,078,991	$ 1,962,885

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

DERIVATIVE INSTRUMENTS (Textual) (Details)	12 Months Ended
DERIVATIVE INSTRUMENTS (Textual) (Details)	Feb. 01, 2025
Derivatives (Textuals) [Abstract]
Maximum Length Of Time Inventory Sales Hedged	12 months

FAIR VALUE (Schedule of Assets and Liabilities by Fair Value by Hierarchy) (Details) - USD ($)
$ in Thousands

Feb. 01, 2025

Feb. 03, 2024

ASSETS:

Time Deposits

^[1]

$ 1,013

$ 26,975

LIABILITIES:

Money Market Funds, at Carrying Value

^[1]

304,072

349,174

Fair Value, Recurring [Member]

ASSETS:

Derivative financial instruments

^[2]

4,315

1,092

Restricted Investments, Noncurrent

^[3]

55,085

53,685

Total assets measured at fair value

369,051

436,628

LIABILITIES:

Derivative instruments (3)

^[2]

539

Cash and Cash Equivalents, Fair Value Disclosure

^[4]

305,085

376,149

Derivative Asset

^[2]

4,315

1,092

Restricted Investments, Noncurrent

^[3]

55,085

53,685

Restricted Cash Equivalents, Noncurrent

^[4]

4,566

5,702

Total assets measured at fair value

369,051

436,628

Derivative instruments (3)

^[2]

539

Financial Liabilities Fair Value Disclosure

539

Fair Value, Recurring [Member] | Level 1 [Member]

ASSETS:

Derivative financial instruments

^[2]

Restricted Investments, Noncurrent

^[3]

1,164

Total assets measured at fair value

308,306

354,620

LIABILITIES:

Derivative instruments (3)

^[2]

Cash and Cash Equivalents, Fair Value Disclosure

^[4]

304,072

349,174

Derivative Asset

^[2]

Restricted Investments, Noncurrent

^[3]

1,164

Restricted Cash Equivalents, Noncurrent

^[4]

3,070

4,282

Total assets measured at fair value

308,306

354,620

Derivative instruments (3)

^[2]

Financial Liabilities Fair Value Disclosure

Fair Value, Recurring [Member] | Level 2 [Member]

ASSETS:

Derivative financial instruments

^[2]

4,315

1,092

Restricted Investments, Noncurrent

^[3]

53,921

52,521

Total assets measured at fair value

60,745

82,008

LIABILITIES:

Derivative instruments (3)

^[2]

539

Cash and Cash Equivalents, Fair Value Disclosure

^[4]

1,013

26,975

Derivative Asset

^[2]

4,315

1,092

Restricted Investments, Noncurrent

^[3]

53,921

52,521

Restricted Cash Equivalents, Noncurrent

^[4]

1,496

1,420

Total assets measured at fair value

60,745

82,008

Derivative instruments (3)

^[2]

539

Financial Liabilities Fair Value Disclosure

539

Fair Value, Recurring [Member] | Level 3 [Member]

ASSETS:

Derivative financial instruments

^[2]

Restricted Investments, Noncurrent

^[3]

Total assets measured at fair value

LIABILITIES:

Derivative instruments (3)

^[2]

Cash and Cash Equivalents, Fair Value Disclosure

^[4]

Derivative Asset

^[2]

Restricted Investments, Noncurrent

^[3]

Restricted Cash Equivalents, Noncurrent

^[4]

Total assets measured at fair value

$ 0

Derivative instruments (3)

^[2]

Financial Liabilities Fair Value Disclosure

$ 0

[1]	(2) Investments with original maturities of less than three months.
[2]	Level 2 assets and liabilities consisted primarily of foreign currency exchange forward contracts.
[3]	Level 1 assets consisted of investments in money market funds. Level 2 assets consisted of trust-owned life insurance policies.
[4]	Level 1 assets consisted of investments in money market funds and U.S. treasury bills. Level 2 assets consisted of time deposits with original maturities of less than three months.

DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Feb. 01, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Foreign Exchange Forward Contracts

As of February 1, 2025, the Company had outstanding the following foreign currency exchange forward contracts that were entered into to hedge either a portion, or all, of forecasted foreign-currency-denominated intercompany inventory transactions, the resulting settlement of the foreign-currency-denominated intercompany accounts receivable, or both:


(in thousands)	Notional Amount (1)
Euro	$	72,219
British pound	79,206
Canadian dollar	26,186

(1)Amounts reported are the U.S. Dollar notional amounts outstanding as of February 1, 2025.

Schedule of Locations and Amounts of Derivative Fair Values on the Consolidated Balance Sheets

The location and amounts of derivative fair values of foreign currency exchange forward contracts on the Consolidated Balance Sheets as of February 1, 2025, and February 3, 2024 were as follows:


(in thousands)	Location	February 1, 2025		February 3, 2024		Location	February 1, 2025		February 3, 2024
Derivatives designated as cash flow hedging instruments	Other current assets	$	4,315	$	1,090	Accrued expenses	$	—	$	539
Derivatives not designated as hedging instruments	Other current assets	—		2		Accrued expenses	—		—
Total		$	4,315	$	1,092		$	—	$	539

Schedule of Locations and Amounts of Derivative Gains (Losses) on the Consolidated Statements of Operations and Comprehensive Income

Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts designated as cash flow hedging instruments for Fiscal 2024, Fiscal 2023 and Fiscal 2022 follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Gain recognized in AOCL (1)	$	6,473	$	3,618	$	2,844
Gain(loss) reclassified from AOCL into cost of sales, exclusive of depreciation and amortization (2)	2,113		(1,846)		13,781

(1)Amount represents the change in fair value of derivative instruments.

(2)Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss) when the hedged item affected earnings, which was when merchandise was converted to cost of sales, exclusive of depreciation and amortization.

Substantially all of the unrealized gains or losses related to foreign currency exchange forward contracts designated as cash flow hedging instruments as of February 1, 2025 will be recognized within the Consolidated Statements of Operations and Comprehensive Income (Loss) over the next 12 months.

Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts not designated as hedging instruments for Fiscal 2024, Fiscal 2023 and Fiscal 2022 follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Gain(loss) recognized in other operating income, net	$	370	$	(1,206)	$	1,226

SEGMENT REPORTING (Tables)

12 Months Ended

Feb. 01, 2025

Segment Reporting [Abstract]

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

The following tables provide the Company’s segment information as of February 1, 2025 and February 3, 2024, and for Fiscal 2024, Fiscal 2023 and Fiscal 2022.


	Fiscal 2024
	Americas (1)		EMEA		APAC		Total
Net Sales	$	4,027,514	$	770,519	$	150,554	$	4,948,587
Cost of sales, exclusive of depreciation and amortization	1,436,161		285,734		52,031		1,773,926

Store occupancy (2)	327,458		114,664		33,545		475,667
Fulfillment (2)	403,114		83,832		19,306		506,252

Other expense (3)	650,288		176,468		57,683		884,439
Segment income (loss)	$	1,210,493	$	109,821	$	(12,011)	$	1,308,303
Operating loss not attributed to segments:



Corporate and other unallocated expenses (4)							(567,483)
Operating income							$	740,820
Interest expense (income), Net							(27,857)
Income before taxes							$	768,677



Depreciation and amortization	$	85,207	$	25,070	$	7,975	$	118,252
Depreciation and amortization not attributed to segments							35,521
Total depreciation and amortization							$	153,773

Capital expenditures	$	99,571	$	17,764	$	15,240	$	132,575
Capital expenditures not attributed to segments							50,328
Total capital expenditures							$	182,903


	Fiscal 2023
	Americas (1)		EMEA		APAC		Total
Net Sales	$	3,455,674	$	687,095	$	137,908	$	4,280,677
Cost of sales, exclusive of depreciation and amortization	1,279,050		259,347		48,868		1,587,265

Store occupancy (2)	312,340		120,118		30,982		463,440
Fulfillment (2)	353,538		72,610		17,505		443,653

Other expense (3)	570,454		153,804		51,111		775,369
Segment income (loss)	$	940,292	$	81,216	$	(10,558)	$	1,010,950
Operating loss not attributed to segments:



Corporate and other unallocated expenses (4)							(526,279)
Operating income							$	484,671
Interest expense (income), Net							372
Income before taxes							$	484,299



Depreciation and amortization	$	73,779	$	26,782	$	5,921	$	106,482
Depreciation and amortization not attributed to segments							34,622
Total depreciation and amortization							$	141,104

Capital expenditures	$	78,062	$	26,019	$	4,331	$	108,412
Capital expenditures not attributed to segments							49,385
Total capital expenditures							$	157,797


	Fiscal 2022
	Americas (1)		EMEA		APAC		Total
Net Sales	$	2,920,157	$	658,794	$	118,800	$	3,697,751
Cost of sales, exclusive of depreciation and amortization	1,262,429		287,618		43,166		1,593,213

Store occupancy (2)	299,678		105,868		39,831		445,377
Fulfillment (2)	356,506		69,466		18,563		444,535

Other expense (3)	518,099		150,657		46,347		715,103
Segment income (loss)	$	483,445	$	45,185	$	(29,107)	$	499,523
Operating loss not attributed to segments:



Corporate and other unallocated expenses (4)							(406,875)
Operating income							$	92,648
Interest expense (income), Net							25,632
Income before taxes							$	67,016



Depreciation and amortization	75,231		21,497		8,123		$	104,851
Depreciation and amortization not attributed to segments							27,392
Total depreciation and amortization							$	132,243

Capital expenditures	102,030		32,206		1,249		$	135,485
Capital expenditures not attributed to segments							29,081
Total capital expenditures							$	164,566

(1)Includes the U.S., Canada, and Latin America. Net sales in the U.S. were $3.8 billion, $3.3 billion, and $2.8 billion in Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively.

(2)Included in selling expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).

(4)Corporate and other unallocated expenses represent corporate overhead expenses that have not been allocated to any segment.

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]


(in thousands)	February 1, 2025		February 3, 2024		January 28, 2023


Americas (1) (2)	$	991,673	$	897,315	$	929,381
EMEA (3)	292,285		288,967		317,712
APAC	114,388		50,324		49,771
Total	$	1,398,346	$	1,236,606	$	1,296,864

Reconciliation of Assets from Segment to Consolidated [Table Text Block]



(in thousands)	February 1, 2025		February 3, 2024		January 28, 2023
Assets
Inventories
Americas	$	463,148	$	372,371	$	404,040
EMEA	88,728		77,125		80,447
APAC	23,129		19,970		21,134
Total inventories	$	575,005	$	469,466	$	505,621
Assets not attributed to Segments	2,724,882		2,504,767		2,207,479
Total assets	$	3,299,887	$	2,974,233	$	2,713,100

Schedule of Net Sales by Brand [Table Text Block]

The following table provides additional disaggregated revenue information, which is categorized by brand, for Fiscal 2024, Fiscal 2023 and Fiscal 2022 were as follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Abercrombie	$	2,556,434	$	2,201,686	$	1,734,866
Hollister	2,392,153		2,078,991		1,962,885
Total	$	4,948,587	$	4,280,677	$	3,697,751

ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Feb. 01, 2025

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

For Fiscal 2024, the activity in AOCL was as follows:


	Fiscal 2024
(in thousands)	Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Derivative Financial Instruments		Total
Beginning balance at February 3, 2024	$	(136,532)	$	564	$	(135,968)
Other comprehensive (loss) income before reclassifications	(7,351)		6,473		(878)
Reclassified gain from AOCL (1)	—		(2,113)		(2,113)
Tax effect	—		(192)		(192)
Other comprehensive (loss) income after reclassifications	(7,351)		4,168		(3,183)
Ending balance at February 1, 2025	$	(143,883)	$	4,732	$	(139,151)

(1)Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).

For Fiscal 2023, the activity in AOCL was as follows:


	Fiscal 2023
(in thousands)	Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Derivative Financial Instruments		Total
Beginning balance at January 28, 2023	$	(132,653)	$	(4,874)	$	(137,527)
Other comprehensive (loss) income before reclassifications	(3,879)		3,618		(261)
Reclassified loss from AOCL (1)	—		1,846		1,846
Tax effect	—		(26)		(26)
Other comprehensive (loss) income after reclassifications	(3,879)		5,438		1,559
Ending balance at February 3, 2024	$	(136,532)	$	564	$	(135,968)

(1)Amount represents loss reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).

For Fiscal 2022, the activity in AOCL was as follows:


	Fiscal 2022
(in thousands)	Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Derivative Financial Instruments		Total
Beginning balance at January 29, 2022	$	(120,689)	$	5,983	$	(114,706)
Other comprehensive (loss) income before reclassifications	(11,964)		2,844		(9,120)
Reclassified gain from AOCL (1)	—		(13,781)		(13,781)
Tax effect	—		80		80
Other comprehensive loss after reclassifications	(11,964)		(10,857)		(22,821)
Ending balance at January 28, 2023	$	(132,653)	$	(4,874)	$	(137,527)

(1)Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).

Borrowings (Details) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
Borrowings (Details) $ in Thousands	Feb. 01, 2025 USD ($)	Nov. 02, 2024 USD ($)	Aug. 03, 2024 USD ($)	Nov. 02, 2024 USD ($)	Feb. 01, 2025 USD ($)	Feb. 03, 2024 USD ($)	Jan. 28, 2023 USD ($)	Jan. 29, 2022 USD ($)	Jul. 15, 2024 USD ($)	Apr. 29, 2021 USD ($)
Long-Term Borrowings [Line Items]
Loss (gain) on extinguishment of debt					$ 1,114	$ 1,975	$ (52)
Line of Credit Facility, Remaining Borrowing Capacity	$ 500,000				500,000
Long-term portion of borrowings, net	0				0	$ 222,119
Schedule of Future Payments of the Term Loan Facility
Letters of Credit Outstanding, Amount	(400)				(400)
sub limit
Schedule of Future Payments of the Term Loan Facility
Line of Credit, Current	62,500		$ 50,000		62,500
swing line
Schedule of Future Payments of the Term Loan Facility
Line of Credit, Current	30,000		$ 50,000		30,000
Senior Notes
Long-Term Borrowings [Line Items]
Debt Instrument, Repurchased Face Amount		$ 9,300		$ 9,300					$ 214,000
Loss (gain) on extinguishment of debt		$ 900			1,100
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate									8.75%
Maturity date				Jul. 15, 2025
Borrowings, gross at carrying amount	0				0
Schedule of Future Payments of the Term Loan Facility
Proceeds from issuance of senior secured notes								$ 150,000
ABL Facility [Member] [Domain]
Long-Term Borrowings [Line Items]
Maximum borrowing capacity	$ 500,000				$ 500,000					$ 400,000
Maturity date			Apr. 29, 2026
ABL Facility, unused capacity, commitment fee percentage	0.25%
Schedule of Future Payments of the Term Loan Facility
Line Of Credit Facility Interest Rate Spread At Period End when greater than 50% of loan cap	0.0150		0.0125		0.0150
Line Of Credit Facility Interest Rate Spread At Period End when less than 50% of loan cap	0.0175		0.0150		0.0175
Line of Credit Facility, Current Borrowing Capacity	$ 450,000				$ 450,000
Base Rate Minimum ABL Facility \| ABL Facility [Member] [Domain]
Long-Term Borrowings [Line Items]
ABL Facility, unused capacity, commitment fee percentage			0.25%
Base Rate Maximum ABL Facility \| ABL Facility [Member] [Domain]
Long-Term Borrowings [Line Items]
ABL Facility, unused capacity, commitment fee percentage			0.375%

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Feb. 01, 2025
Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	CONTINGENCIES The Company and its affiliates are defendants in lawsuits and other adversary proceedings that may range from individual actions involving a single plaintiff to class action lawsuits. The Company’s legal costs incurred in connection with the resolution of claims and lawsuits are generally expensed as incurred, and the Company establishes estimated liabilities for the outcome of litigation where losses are deemed probable and the amount of loss, or range of loss, is reasonably estimable. The Company also determines estimates of reasonably possible losses or ranges of reasonably possible losses in excess of related accrued liabilities, if any, when it has determined that a loss is reasonably possible and it is able to determine such estimates. Based on currently available information, the Company cannot estimate a range of reasonably possible losses in excess of the accrued charges for legal contingencies. In addition, the Company has not established accruals for certain claims and legal proceedings pending against the Company where it is not possible to reasonably estimate the outcome or potential liability, and the Company cannot estimate a range of reasonably possible losses for these legal matters. Actual liabilities may differ from the amounts recorded, due to uncertainties regarding final settlement agreement negotiations, court approvals and the terms of any approval by the courts, and there can be no assurance that final resolution of legal matters will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s assessment of the current exposure could change in the event of the discovery of additional facts.

INVENTORIES (Details) - USD ($)
$ in Thousands

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Inventory [Line Items]

Inventories at original cost

$ 603,602

$ 500,020

Less: Lower of cost and net realizable value adjustment

(28,597)

(30,554)

Inventories

575,005

^[1]

469,466

^[1]

$ 505,621

Inventory in Transit

$ 115,000

$ 103,500

[1]	Included $115.0 million and $103.5 million of inventory in transit, merchandise owned by the Company that has not yet been received at a Company DC, as of February 1, 2025 and February 3, 2024, respectively.

SAVINGS AND RETIREMENT PLANS (Details) $ in Millions	12 Months Ended
SAVINGS AND RETIREMENT PLANS (Details) $ in Millions	Feb. 01, 2025 USD ($) yr	Feb. 03, 2024 USD ($)	Jan. 28, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
SERP Liability	$ 6.1	$ 6.7
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Retirement benefits, participant age requirement \| yr	21
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 18.0	$ 16.9	$ 14.7

INCOME TAXES (Earnings from Continuing Operations before taxes) (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Income Tax Disclosure [Abstract]

Domestic (1)

^[1]

$ 757,835

$ 526,967

$ 152,608

Foreign

10,842

(42,668)

(85,592)

Income (Loss) before income taxes

$ 768,677

$ 484,299

$ 67,016

[1]	Includes intercompany charges to foreign affiliates for management fees, cost-sharing, royalties and interest and excludes a portion of foreign income that is currently includable on the U.S. federal income tax return.

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 834,368,000

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Feb. 01, 2025

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table details share-based compensation expense and the related income tax benefit for Fiscal 2024, Fiscal 2023 and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Share-based compensation expense	$	38,667	$	40,122	$	28,995
Income tax benefit associated with share-based compensation expense recognized during the period	5,117		4,350		3,515

The following table details discrete income tax benefits and charges related to share-based compensation awards during Fiscal 2024, Fiscal 2023 and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Income tax discrete benefits realized for tax deductions related to the issuance of shares during the period	$	19,474	$	2,709	$	1,956
Income tax discrete charges realized upon cancellation of stock appreciation rights during the period	—		(101)		(226)
Total income tax discrete benefits related to share-based compensation awards	$	19,474	$	2,608	$	1,730


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Employee tax withheld upon issuance of shares (1)	$	70,208	$	29,485	$	14,464

(1) Classified within other financing activities on the Consolidated Statements of Cash Flows.

Schedule of Restricted Stock Unit Activity

The following table summarizes activity for restricted stock units for Fiscal 2024:


	Service-based Restricted Stock Units			Performance-based Restricted Stock Units			Market-based Restricted Stock Units
	Number of Underlying Shares	Weighted- Average Grant Date Fair Value		Number of Underlying Shares (1)	Weighted- Average Grant Date Fair Value		Number of Underlying Shares (1)	Weighted- Average Grant Date Fair Value
Unvested at February 3, 2024	1,886,085	$	27.12	521,212	$	30.03	260,619	$	43.90
Granted	241,183	123.15		53,775	120.56		26,895	180.71
Change due to performance criteria achievement	—	—		150,446	32.10		75,227	50.34
Vested	(876,699)	25.02		(300,892)	32.10		(150,454)	50.34
Forfeited	(77,384)	35.95		—	—		—	—
Unvested at February 1, 2025 (1)	1,173,185	$	47.95	424,541	$	40.76	212,287	$	58.95


(in thousands)	Service-based Restricted Stock Units		Performance-based Restricted Stock Units		Market-based Restricted Stock Units
Unrecognized compensation cost	$	36,477	$	13,983	$	5,211
Remaining weighted-average period cost is expected to be recognized (years)	0.9		0.9		0.9

Schedule of Stock Appreciation Rights Activity

The following table summarizes stock appreciation rights activity for Fiscal 2024:


	Number of Underlying Shares	Weighted-Average Exercise Price		Aggregate Intrinsic Value		Weighted-Average Remaining Contractual Life (years)
Outstanding at February 3, 2024	25,600	$	29.29
Granted	—	—
Exercised	(25,600)	29.29
Forfeited or expired	—	—
Outstanding at February 1, 2025	—	$	—	$	—	0.0
Stock appreciation rights exercisable at February 1, 2025	—	$	—	$	—	0.0

The following table provides additional information pertaining to grant date fair value of awards exercised during Fiscal 2024, Fiscal 2023 and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Total grant date fair value of awards exercised	$	267	$	1,409	$	—

No stock appreciation rights were exercised during Fiscal 2022.

Market-based Restricted Stock Units (RSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Weighted-Average Estimated Fair Value and Assumptions of Market-based Restricted Stock Units

The weighted-average assumptions used for market-based restricted stock units in the Monte Carlo simulation during Fiscal 2024, Fiscal 2023 and Fiscal 2022 were as follows:


	Fiscal 2024			Fiscal 2023			Fiscal 2022
Grant date market price	$	120.56		$	28.36		$	30.24
Fair value	180.71			41.20			41.60
Assumptions:
Price volatility	59		%	63		%	66		%
Expected term (years)	2.9			2.9			2.8
Risk-free interest rate	4.3		%	4.6		%	2.5		%
Dividend yield	—			—			—
Average volatility of peer companies	51.8		%	66.0		%	72.3		%
Average correlation coefficient of peer companies	0.4866			0.5295			0.515

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

INVESTMENTS (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
INVESTMENTS (Textual) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Investments, Debt and Equity Securities [Abstract]
Withdrawal of funds from Rabbi Trust assets	$ 0	$ 0	$ 12,000
Life Insurance, Corporate or Bank Owned, Change in Value	$ 1,400	$ 1,978	$ 1,409

SHARE-BASED COMPENSATION (SARS Activity) (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($)	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Number of Underlying Shares Outstanding [Roll Forward]
Number of Underlying Shares, Outstanding (in shares)	0	25,600
Number of Underlying Shares, Granted (in shares)	0
Number of Underlying Shares, Exercised (in shares)	(25,600)
Number of Underlying Shares, Forfeited or expired (in shares)	0
Weighted-Average Exercise Price [Roll Forward]
Weighted-Average Exercise Price, Outstanding (in dollars per share)	$ 0	$ 29.29
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	0
Weighted-Average Exercise Price, Exercised (in dollars per share)	29.29
Weighted-Average Exercise Price, Forfeited or exercised (in dollars per share)	$ 0
Aggregate Intrinsic Value, Outstanding	$ 0
Weighted-Average Remaining Contractual Life, Outstanding	0 years
Number of Underlying Shares, Stock appreciation rights exercisable (in shares)	0
Weighted-Average Exercise Price, Stock appreciation rights exercisable (in dollars per share)	$ 0
Aggregate Intrinsic Value, Stock appreciation rights exercisable	$ 0
Weighted- Average Remaining Contractual Life, Stock appreciation rights exercisable	0 years
Grant date fair value of award other than options vested during period	$ 267,000	$ 1,409,000	$ 0

INVESTMENTS

12 Months Ended

Feb. 01, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

Investments consisted of:


	February 1, 2025		February 3, 2024
(in thousands)
Investments
Marketable securities
Time deposits	$	116,221	$	—

Total Marketable securities	$	116,221	$	—

Rabbi Trust assets (1)
Trust-owned life insurance policies (at cash surrender value)	$	53,921	$	52,521
Money market funds	1,164		1,164
Total Rabbi Trust assets	$	55,085	$	53,685

(1)Rabbi Trust assets are included in Other assets on the Consolidated Balance Sheets and are restricted as to their use.


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Realized gains related to Rabbi Trust assets	$	1,400	$	1,978	$	1,409

Refer to Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,” for further discussion related to the Company’s Marketable securities and Rabbi Trust assets.

LEASES (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Nov. 02, 2024

Leases [Abstract]

Operating Lease, Weighted Average Remaining Lease Term

4 years 10 months 24 days

4 years 8 months 12 days

Lessee, Operating Lease, Liability, Payments, Due Year Two

$ 267,902

LesseeOperatingLeaseLeasesNotYetCommencedLiability

$ 135,000

Operating Lease, Cost

^[1]

264,794

$ 248,567

$ 246,824

Variable Lease, Cost

^[2]

186,795

168,881

150,909

Other Asset Impairment Charges

^[3]

5,470

1,440

6,248

Lease, Cost

453,131

$ 414,939

400,155

251,475

195,994

158,969

111,943

Fiscal 2030 and thereafter

143,695

Total undiscounted operating lease payments

1,129,978

Less: Imputed interest

(178,365)

Operating Lease, Liability

$ 951,613

Operating Lease, Weighted Average Discount Rate, Percent

6.80%

6.70%

Sublease Income

$ (3,928)

$ (3,949)

$ (3,826)

Operating Lease, Sublease, Weighted Average Remaining Lease Term

2 years 9 months 18 days

Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals

$ 11,100

[1]	Includes amortization and interest expense associated with operating lease right-of-use assets and the impact from remeasurement of operating lease liabilities.
[2]	Includes variable payments related to both lease and nonlease components, such as contingent rent payments made by the Company based on performance, and payments related to taxes, insurance, and maintenance costs.
[3]	Refer to Note 8, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges.

SEGMENT REPORTING (Reconciliation of Assets from Segment to Consolidated (Details) - USD ($)
$ in Thousands

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Segment Reporting, Asset Reconciling Item [Line Items]

Inventories

$ 575,005

^[1]

$ 469,466

^[1]

$ 505,621

Assets not attributed to segments

2,724,882

2,504,767

2,207,479

Total assets

3,299,887

2,974,233

2,713,100

Operating Segments | Americas

Segment Reporting, Asset Reconciling Item [Line Items]

Inventories

463,148

372,371

404,040

Operating Segments | EMEA

Segment Reporting, Asset Reconciling Item [Line Items]

Inventories

88,728

77,125

80,447

Operating Segments | Asia Pacific

Segment Reporting, Asset Reconciling Item [Line Items]

Inventories

$ 23,129

$ 19,970

$ 21,134

[1]	Included $115.0 million and $103.5 million of inventory in transit, merchandise owned by the Company that has not yet been received at a Company DC, as of February 1, 2025 and February 3, 2024, respectively.

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (a)
-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 30: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Feb. 01, 2025	Feb. 03, 2024
Class of Stock [Line Items]
Treasury Stock, Shares	53,565	52,800
Common Stock, Shares, Issued	103,300	103,300
Stockholders’ equity
Treasury Stock shares, at Average Cost	53,565	52,800
Common Stock, shares issued	103,300	103,300
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	150,000	150,000
Stockholders’ equity
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	150,000	150,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

INVESTMENTS (Schedule of Investments - Rabbi Trust) (Details) - Rabbi Trust - USD ($)
$ in Thousands

Feb. 01, 2025

Feb. 03, 2024

Defined Benefit Plan, Plan Assets, Category [Line Items]

Restricted Investments, Noncurrent

^[1]

$ 55,085

$ 53,685

Money market funds

Defined Benefit Plan, Plan Assets, Category [Line Items]

Restricted Investments, Noncurrent

^[1]

1,164

Trust-owned life insurance policies (at cash surrender value)

Defined Benefit Plan, Plan Assets, Category [Line Items]

Restricted Investments, Noncurrent

^[1]

$ 53,921

$ 52,521

[1]	Rabbi Trust assets are included in Other assets on the Consolidated Balance Sheets and are restricted as to their use.

ACCRUED EXPENSES (Tables)

12 Months Ended

Feb. 01, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of:


(in thousands)	February 1, 2025		February 3, 2024
Accrued payroll and related costs (1)	$	92,504	$	100,825

Accrued marketing	77,509		52,792
Other (2)	334,909		283,038
Accrued expenses	$	504,922	$	436,655

(1) Accrued payroll and related costs include salaries, incentive compensation, benefits, withholdings and other payroll-related costs.

(2) Other primarily includes the Company’s gift card and loyalty programs liabilities, accrued taxes, accrued rent and expenses incurred but not yet paid primarily related to outside services associated with store and home office operations, construction in progress and costs related to the Company’s DCs and digital operations. Refer to Note 3, “REVENUE RECOGNITION.”

INVENTORIES Sourcing concentration risk (Details)

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Concentration Risk [Line Items]

Percentage of Inventory Imported to U.S. from China

5.00%

7.00%

9.00%

Geographic Concentration Risk | Merchandise receipts | Vietnam [Domain]

Concentration Risk [Line Items]

Concentration Risk, Geographic

35.00%

^[1]

34.00%

^[1]

33.00%

Geographic Concentration Risk | Merchandise receipts | CAMBODIA

Concentration Risk [Line Items]

Concentration Risk, Geographic

22.00%

19.00%

17.00%

Geographic Concentration Risk | Merchandise receipts | CHINA

Concentration Risk [Line Items]

Concentration Risk, Geographic

7.00%

^[1],[2]

9.00%

^[1],[2]

13.00%

Geographic Concentration Risk | Merchandise receipts | Other Locations [Member]

Concentration Risk [Line Items]

Concentration Risk, Geographic

24.00%

^[1],[3]

26.00%

^[1],[3]

28.00%

Geographic Concentration Risk | Merchandise receipts | INDIA

Concentration Risk [Line Items]

Concentration Risk, Geographic

12.00%

9.00%

[1]	Calculated as the cost of merchandise receipts from all vendors within a country during the respective fiscal year divided by cost of total merchandise receipts during the respective fiscal year
[2]	Only a portion of the Company’s total merchandise sourced from China is subject to the additional U.S. tariffs on imported consumer goods that were effective beginning in Fiscal 2019. The Company estimates approximately 5%, 7%, and 9% of total merchandise receipts were directly imported to the United States from China in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.
[3]	No country included within this category sourced more than 10% of total merchandise receipts during any fiscal year presented above

INCOME TAXES (Reconciliation of Federal Income Tax Rate) (Details)

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Income Tax Disclosure [Abstract]

U.S. Federal income tax rate

21.00%

Net change in valuation allowances

(0.20%)

5.90%

Foreign taxation of non-U.S. operations

4.50%

4.90%

12.40%

State income tax, net of U.S. federal income tax effect

^[1]

1.40%

16.20%

Audit and other adjustments to prior years' accruals, net

0.70%

1.40%

4.60%

Internal Revenue Code Section 162(m)

0.10%

1.30%

Tax benefit recognized on share-based compensation expense (2)

0.60%

3.40%

30.70%

Credit for increasing research activities

^[2]

(2.50%)

(0.50%)

(2.60%)

Other items, net

(0.10%)

(0.50%)

(2.50%)

Other statutory tax rate and law changes

(0.20%)

(0.30%)

(2.40%)

Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent

0.00%

(0.10%)

Total

25.30%

30.70%

84.50%

[1]	U.S. branch operations in Puerto Rico were subject to tax at the full U.S. tax rates. As a result, income from these operations do not create reconciling items.
[2]	Refer to Note 13, “SHARE-BASED COMPENSATION,” for details on discrete income tax benefits and charges related to share-based compensation awards during Fiscal 2024, Fiscal 2023, and Fiscal 2022.

SEGMENT REPORTING (Segment Information, by Segment) (Details)
$ in Thousands

12 Months Ended

Feb. 01, 2025

USD ($)

Feb. 03, 2024

USD ($)

Jan. 28, 2023

USD ($)

Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]

Segment Reporting, Recasting, Previously Reported Information, Description

Segment Reporting, Factors Used to Identify Entity's Reportable Segments

Corporate functions and other income and expenses are evaluated on a consolidated basis and are not allocated to the Company’s segments, and therefore are included as a reconciling item between segment and total operating income (loss). The Americas reportable segment includes the results of operations in North America and South America. The EMEA reportable segment includes the results of operations in Europe, the Middle East and Africa. The APAC reportable segment includes the results of operations in the Asia-Pacific region, including Asia and Oceania. Intersegment sales and transfers are recorded at cost and are treated as a transfer of inventory. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance.

Number of reportable segments

Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description

The CODM considers actual performance relative to expectations, and growth potential to determine the appropriate allocation of resources to each segment.

Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]

Chief Executive Officer [Member], Chief Financial Officer [Member], Chief Operating Officer [Member]

Payments to Acquire Property, Plant, and Equipment

$ 182,903

$ 157,797

$ 164,566

Segment Reporting Information, Revenue for Reportable Segment [Abstract]

Revenues

4,948,587

4,280,677

3,697,751

Segment Reporting Information, Operating Income (Loss) [Abstract]

Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization

1,773,926

1,587,265

1,593,213

Operating Income (Loss)

740,820

484,671

92,648

Depreciation, Depletion and Amortization [Abstract]

Depreciation, Depletion and Amortization, Nonproduction

153,773

141,104

132,243

Operating Segments

Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]

Payments to Acquire Property, Plant, and Equipment

132,575

108,412

135,485

Segment Reporting Information, Revenue for Reportable Segment [Abstract]

Revenues

4,948,587

4,280,677

3,697,751

Segment Reporting Information, Operating Income (Loss) [Abstract]

Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization

1,773,926

1,587,265

1,593,213

Store occupancy expense

^[1]

475,667

463,440

445,377

Fulfillment expense

^[1]

506,252

443,653

444,535

Segment Reporting, Other Segment Item, Amount

^[2]

884,439

775,369

715,103

Operating Income (Loss)

1,308,303

1,010,950

499,523

Depreciation, Depletion and Amortization [Abstract]

Depreciation, Depletion and Amortization, Nonproduction

118,252

106,482

104,851

Segment Reporting, Reconciling Item, Corporate Nonsegment

Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]

Payments to Acquire Property, Plant, and Equipment

50,328

49,385

29,081

Depreciation, Depletion and Amortization [Abstract]

Depreciation, Depletion and Amortization, Nonproduction

35,521

34,622

27,392

Americas | Operating Segments

Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]

Payments to Acquire Property, Plant, and Equipment

99,571

78,062

102,030

Segment Reporting Information, Revenue for Reportable Segment [Abstract]

Revenues

^[3]

4,027,514

3,455,674

2,920,157

Segment Reporting Information, Operating Income (Loss) [Abstract]

Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization

^[3]

1,436,161

1,279,050

1,262,429

Store occupancy expense

^[1],[3]

327,458

312,340

299,678

Fulfillment expense

^[1],[3]

403,114

353,538

356,506

Segment Reporting, Other Segment Item, Amount

^[2],[3]

650,288

570,454

518,099

Operating Income (Loss)

^[3]

1,210,493

940,292

483,445

Depreciation, Depletion and Amortization [Abstract]

Depreciation, Depletion and Amortization, Nonproduction

85,207

73,779

75,231

EMEA | Operating Segments

Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]

Payments to Acquire Property, Plant, and Equipment

17,764

26,019

32,206

Segment Reporting Information, Revenue for Reportable Segment [Abstract]

Revenues

770,519

687,095

658,794

Segment Reporting Information, Operating Income (Loss) [Abstract]

Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization

285,734

259,347

287,618

Store occupancy expense

^[1]

114,664

120,118

105,868

Fulfillment expense

^[1]

83,832

72,610

69,466

Segment Reporting, Other Segment Item, Amount

^[2]

176,468

153,804

150,657

Operating Income (Loss)

109,821

81,216

45,185

Depreciation, Depletion and Amortization [Abstract]

Depreciation, Depletion and Amortization, Nonproduction

25,070

26,782

21,497

Asia Pacific | Operating Segments

Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]

Payments to Acquire Property, Plant, and Equipment

15,240

4,331

1,249

Segment Reporting Information, Revenue for Reportable Segment [Abstract]

Revenues

150,554

137,908

118,800

Segment Reporting Information, Operating Income (Loss) [Abstract]

Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization

52,031

48,868

43,166

Store occupancy expense

^[1]

33,545

30,982

39,831

Fulfillment expense

^[1]

19,306

17,505

18,563

Segment Reporting, Other Segment Item, Amount

^[2]

57,683

51,111

46,347

Operating Income (Loss)

(12,011)

(10,558)

(29,107)

Depreciation, Depletion and Amortization [Abstract]

Depreciation, Depletion and Amortization, Nonproduction

$ 7,975

$ 5,921

$ 8,123

[1]	Included in selling expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).
[2]	Other expense includes store payroll, other direct store controllable and marketing expenses included in selling expense, as well as allocated and support related expenses included in general and administrative expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).
[3]	Includes the U.S., Canada, and Latin America. Net sales in the U.S. were $3.8 billion, $3.3 billion, and $2.8 billion in Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively.

LEASES (Tables)

12 Months Ended

Feb. 01, 2025

Leases [Abstract]

Lease, Cost [Table Text Block]

The following table provides a summary of the Company’s operating lease costs for Fiscal 2024, Fiscal 2023 and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Single lease cost (1)	$	264,794	$	248,567	$	246,824
Variable lease cost (2)	186,795		168,881		150,909
Operating lease right-of-use asset impairment (3)	5,470		1,440		6,248
Sublease income	(3,928)		(3,949)		(3,826)
Total operating lease cost	$	453,131	$	414,939	$	400,155

(1)Includes amortization and interest expense associated with operating lease right-of-use assets and the impact from remeasurement of operating lease liabilities.

(2)Includes variable payments related to both lease and nonlease components, such as contingent rent payments made by the Company based on performance, and payments related to taxes, insurance, and maintenance costs.

(3)Refer to Note 8, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges.

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table provides the weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rate used to calculate the Company’s operating lease liabilities as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
Weighted-average remaining lease term (years)	4.9		4.7
Weighted-average discount rate	6.8	%	6.7	%

The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of February 1, 2025:


(in thousands)	February 1, 2025
Fiscal 2025	$	267,902
Fiscal 2026	251,475
Fiscal 2027	195,994
Fiscal 2028	158,969
Fiscal 2029	111,943
Fiscal 2030 and thereafter	143,695
Total undiscounted operating lease payments	1,129,978
Less: Imputed interest	(178,365)
Present value of operating lease liabilities	$	951,613

DERIVATIVE INSTRUMENTS (Location and Amounts of Derivative Fair Values - Statements of Operations and Comprehensive Income) (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]

Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization

Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Operating Income (Expense), Net

Foreign Exchange Forward Contracts [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement

$ 4,315

$ 1,092

Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement

539

Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Loss) Gain Reclassified from AOCL into Earnings (Effective Portion)

^[1]

2,113

(1,846)

$ 13,781

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax

^[2]

$ 6,473

$ 3,618

2,844

Derivative Asset, Statement of Financial Position [Extensible Enumeration]

Other Assets, Current

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

Accrued Liabilities, Current

Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement

$ 4,315

$ 1,090

Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement

$ 0

$ 539

Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instrument [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Asset, Statement of Financial Position [Extensible Enumeration]

Other Assets, Current

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

Accrued Liabilities, Current

Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement

$ 0

$ 2

Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

370

(1,206)

$ 1,226

Fair Value, Recurring [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Asset

^[3]

4,315

1,092

Derivative Liability

^[3]

539

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Asset

^[3]

$ 4,315

1,092

Derivative Liability

^[3]

$ 539

[1]	Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss) when the hedged item affected earnings, which was when merchandise was converted to cost of sales, exclusive of depreciation and amortization.
[2]	Amount represents the change in fair value of derivative instruments.
[3]	Level 2 assets and liabilities consisted primarily of foreign currency exchange forward contracts.

Audit Information	12 Months Ended
Audit Information	Feb. 01, 2025
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Columbus, Ohio
ICFR Auditor Attestation Flag	true

SEGMENT REPORTING (Net Sales and Long-lived Assets) (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Net Sales

$ 4,948,587

$ 4,280,677

$ 3,697,751

Long-Lived Assets

1,398,346

1,236,606

1,296,864

Inventory, Net

575,005

^[1]

469,466

^[1]

505,621

Assets not attributed to segments

2,724,882

2,504,767

2,207,479

Total assets

3,299,887

2,974,233

2,713,100

Operating Segments

Net Sales

4,948,587

4,280,677

3,697,751

United States

Net Sales

3,800,000

3,300,000

2,800,000

Long-Lived Assets

965,000

880,000

911,000

Americas

Long-Lived Assets

^[2],[3]

991,673

897,315

929,381

Finite-Lived Intangible Assets, Net

2,900

3,400

Americas | Operating Segments

Net Sales

^[4]

4,027,514

3,455,674

2,920,157

Inventory, Net

463,148

372,371

404,040

EMEA

Long-Lived Assets

^[5]

292,285

288,967

317,712

Finite-Lived Intangible Assets, Net

16,600

17,400

18,300

EMEA | Operating Segments

Net Sales

770,519

687,095

658,794

Inventory, Net

88,728

77,125

80,447

Asia Pacific

Long-Lived Assets

114,388

50,324

49,771

Asia Pacific | Operating Segments

Net Sales

150,554

137,908

118,800

Inventory, Net

$ 23,129

$ 19,970

$ 21,134

[1]	Included $115.0 million and $103.5 million of inventory in transit, merchandise owned by the Company that has not yet been received at a Company DC, as of February 1, 2025 and February 3, 2024, respectively.
[2]	Includes intellectual property of $2.9 million, $2.9 million, and $3.4 million at February 1, 2025, February 3, 2024, and January 28, 2023, respectively.
[3]	Includes the U.S., Canada, and Latin America. Long-lived assets and intellectual property located in the U.S. were $965 million, $880 million, and $911 million as of February 1, 2025, February 3, 2024, and January 28, 2023 respectively.
[4]	Includes the U.S., Canada, and Latin America. Net sales in the U.S. were $3.8 billion, $3.3 billion, and $2.8 billion in Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively.
[5]	Includes intellectual property of $16.6 million, $17.4 million, and $18.3 million at February 1, 2025, February 3, 2024, and January 28, 2023, respectively.

SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	12 Months Ended
SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Jan. 28, 2023
Subsequent Event [Line Items]
Treasury Stock, Value, Acquired, Cost Method	$ 231,031	$ 125,775

Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Thousands

Feb. 01, 2025

Feb. 03, 2024

Current assets:

Cash and equivalents

$ 772,727

$ 900,884

Marketable Securities

116,221

Receivables

105,324

78,346

Inventories

^[1]

575,005

469,466

Other current assets

104,154

88,569

Total current assets

1,673,431

1,537,265

Property and equipment, net

575,773

538,033

Operating Lease, Right-of-Use Asset

803,121

678,256

Other assets

247,562

220,679

Total assets

3,299,887

2,974,233

Current liabilities:

Accounts payable

364,532

296,976

Accrued expenses

504,922

436,655

Operating Lease, Liability, Current

211,600

179,625

Income taxes payable

45,890

53,564

Total current liabilities

1,126,944

966,820

Operating Lease, Liability, Noncurrent

740,013

646,624

Long-term liabilities:

Long-term portion of borrowings, net

222,119

Other liabilities

81,607

88,683

Total long-term liabilities

821,620

957,426

Stockholders’ equity

Class A Common Stock - $0.01 par value: 150,000 shares authorized and 103,300 shares issued for all periods presented

1,033

Paid-in capital

422,912

421,609

Retained earnings

3,196,724

2,643,629

Accumulated other comprehensive loss, net of tax (“AOCL”)

(139,151)

(135,968)

Treasury stock, at average cost: 53,565 and 52,800 shares at February 1, 2025 and February 3, 2024, respectively

(2,145,890)

(1,895,143)

Total Abercrombie & Fitch Co. stockholders’ equity

1,335,628

1,035,160

Noncontrolling interests

15,695

14,827

Total stockholders’ equity

1,351,323

1,049,987

Total liabilities and stockholders’ equity

$ 3,299,887

$ 2,974,233

Treasury Stock, Shares

53,565

52,800

Common Stock, Shares, Issued

103,300

[1]	Included $115.0 million and $103.5 million of inventory in transit, merchandise owned by the Company that has not yet been received at a Company DC, as of February 1, 2025 and February 3, 2024, respectively.

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Feb. 01, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive (Loss) Income

For Fiscal 2024, the activity in AOCL was as follows:


	Fiscal 2024
(in thousands)	Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Derivative Financial Instruments		Total
Beginning balance at February 3, 2024	$	(136,532)	$	564	$	(135,968)
Other comprehensive (loss) income before reclassifications	(7,351)		6,473		(878)
Reclassified gain from AOCL (1)	—		(2,113)		(2,113)
Tax effect	—		(192)		(192)
Other comprehensive (loss) income after reclassifications	(7,351)		4,168		(3,183)
Ending balance at February 1, 2025	$	(143,883)	$	4,732	$	(139,151)

(1)Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).

For Fiscal 2023, the activity in AOCL was as follows:


	Fiscal 2023
(in thousands)	Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Derivative Financial Instruments		Total
Beginning balance at January 28, 2023	$	(132,653)	$	(4,874)	$	(137,527)
Other comprehensive (loss) income before reclassifications	(3,879)		3,618		(261)
Reclassified loss from AOCL (1)	—		1,846		1,846
Tax effect	—		(26)		(26)
Other comprehensive (loss) income after reclassifications	(3,879)		5,438		1,559
Ending balance at February 3, 2024	$	(136,532)	$	564	$	(135,968)

(1)Amount represents loss reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).

For Fiscal 2022, the activity in AOCL was as follows:


	Fiscal 2022
(in thousands)	Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Derivative Financial Instruments		Total
Beginning balance at January 29, 2022	$	(120,689)	$	5,983	$	(114,706)
Other comprehensive (loss) income before reclassifications	(11,964)		2,844		(9,120)
Reclassified gain from AOCL (1)	—		(13,781)		(13,781)
Tax effect	—		80		80
Other comprehensive loss after reclassifications	(11,964)		(10,857)		(22,821)
Ending balance at January 28, 2023	$	(132,653)	$	(4,874)	$	(137,527)

(1)Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).

FAIR VALUE (Tables)

12 Months Ended

Feb. 01, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

he three levels of the hierarchy and the distribution of the Company’s assets and liabilities that are measured at fair value on a recurring basis, were as follows:


	Assets and Liabilities at Fair Value as of February 1, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	304,072	$	1,013	$	—	$	305,085
Derivative instruments (2)	—		4,315		—		4,315
Rabbi Trust assets (3)	1,164		53,921		—		55,085
Restricted cash equivalents (1)	3,070		1,496		—		4,566
Total assets	$	308,306	$	60,745	$	—	$	369,051


	Assets and Liabilities at Fair Value as of February 3, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	349,174	$	26,975	$	—	$	376,149
Derivative instruments (2)	—		1,092		—		1,092
Rabbi Trust assets (3)	1,164		52,521		—		53,685
Restricted cash equivalents (1)	4,282		1,420		—		5,702
Total assets	$	354,620	$	82,008	$	—	$	436,628
Liabilities:
Derivative instruments (2)	$	—	$	539	$	—	$	539
Total liabilities	$	—	$	539	$	—	$	539

(1) Level 1 assets consisted of investments in money market funds and U.S. treasury bills. Level 2 assets consisted of time deposits with original maturities of less than three months.

(2) Level 2 assets and liabilities consisted primarily of foreign currency exchange forward contracts.

(3) Level 1 assets consisted of investments in money market funds. Level 2 assets consisted of trust-owned life insurance policies.

Revenue Recognition (Notes)

12 Months Ended

Feb. 01, 2025

Disaggregation of Revenue [Abstract]

Revenue Recognition, Deferred Revenue [Policy Text Block]

REVENUE RECOGNITION

Disaggregation of revenue

All revenues are recognized in net sales in the Consolidated Statements of Operations and Comprehensive Income (Loss). For information regarding the disaggregation of revenue, refer to Note 17, “SEGMENT REPORTING.”

Contract liabilities

The following table details certain contract liabilities representing unearned revenue as of February 1, 2025, February 3, 2024 and January 28, 2023:


(in thousands)	February 1, 2025		February 3, 2024		January 28, 2023
Gift card liability (1)	$	45,364	$	41,144	$	39,235
Loyalty programs liability	32,199		27,937		25,640

The following table details recognized revenue associated with the Company’s gift card program and loyalty programs for Fiscal 2024, Fiscal 2023, and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Revenue associated with gift card redemptions and gift card breakage	$	141,380	$	112,749	$	98,488
Revenue associated with reward redemptions and breakage related to the Company’s loyalty programs	65,776		56,406		48,624

Refer to Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition,” for discussion regarding significant accounting policies related to the Company’s revenue recognition.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Feb. 01, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying Consolidated Financial Statements include historical financial statements of, and transactions applicable to, the Company and reflect its financial position, results of operations and cash flows.

The Company has interests in an Emirati business venture and in a Kuwaiti business venture with Majid al Futtaim Lifestyle L.L.C. (“MAF”), each of which meets the definition of a variable interest entity (“VIE”). The purpose of the business ventures with MAF is to operate stores in the United Arab Emirates and Kuwait. The Company is deemed to be the primary beneficiary of these VIEs; therefore, the Company has consolidated the operating results, assets and liabilities of these VIEs, with the noncontrolling interests’ (“NCI”) portions of net income presented as net income attributable to NCI on the Consolidated Statements of Operations and Comprehensive Income (Loss) and the NCI portion of stockholders equity presented as NCI on the Consolidated Balance Sheets.

Fiscal Year

The Company’s fiscal year ends on the Saturday closest to January 31. This typically results in a fifty-two week year, but occasionally gives rise to an additional week, resulting in a fifty-three week year, as was the case in Fiscal 2023. Fiscal years are designated in the Consolidated Financial Statements and notes by the calendar year in which the fiscal year commences. All references herein to the Company’s fiscal years are as follows:

Fiscal year

Year ended/ ending

Number of weeks

Fiscal 2021

January 29, 2022

Fiscal 2022

January 28, 2023

Fiscal 2023

February 3, 2024

Fiscal 2024

February 1, 2025

Fiscal 2025

January 31, 2026

Use of Estimates

The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Due to the inherent uncertainty involved with estimates, actual results may differ. Additionally, these estimates and assumptions may change as a result of the impact of global economic conditions such as the uncertainty regarding a slowing economy, volatile interest rates, continued inflation, fluctuation in foreign exchange rates, and geopolitical concerns, all of which could result in material impacts to the Company’s consolidated financial statements in future reporting periods.

Reclassifications

In prior periods, the Company included stores and distribution expense and marketing, general and administrative expense as individual expense categories on the Consolidated Statements of Operations and Comprehensive Income (Loss). Stores & distribution expense was recaptioned as selling expense, while marketing, general and administrative expense was recaptioned as general and administrative expense. In conjunction with these changes, all marketing expenses, including amounts previously presented in marketing, general and administrative expense, were moved into selling expense, while certain management and IT costs were moved out of stores and distribution expense and into general and administrative expense. The net changes associated with these reclassifications results in selling expense that is $38.3 million and $35.0 million lower than the stores and distribution expense that was previously presented for Fiscal 2023 and Fiscal 2022, respectively, and in general and administrative expense that is $38.3 million and $35.0 million higher than the marketing, general, and administrative expense that was previously presented for Fiscal 2023 and Fiscal 2022, respectively. Refer to selling expense and general and administrative expense below for details regarding the composition of these expenses categories. There were no changes to operating income (loss) or net income (loss). Prior period amounts have been reclassified to conform to the current fiscal year’s presentation.

Cash and Equivalents

A summary of cash and equivalents on the Consolidated Balance Sheets follows:


(in thousands)	February 1, 2025		February 3, 2024
Cash (1)	$	467,642	$	524,735
Cash equivalents: (2)
Time deposits	1,013		26,975
Money market funds	304,072		349,174
Cash and equivalents	$	772,727	$	900,884

(1) Primarily consists of amounts on deposit with financial institutions.

(2) Investments with original maturities of less than three months.

Consolidated Statements of Cash Flows Reconciliation

The following table provides a reconciliation of cash and equivalents and restricted cash and equivalents to the amounts shown on the Consolidated Statements of Cash Flows:


(in thousands)	Location	February 1, 2025		February 3, 2024		January 28, 2023
Cash and equivalents	Cash and equivalents	$	772,727	$	900,884	$	517,602
Restricted cash and equivalents (1)	Other assets	7,668		8,801		9,967


Cash and equivalents and restricted cash and equivalents		$	780,395	$	909,685	$	527,569

(1) Restricted cash and equivalents primarily consist of amounts on deposit with banks that are used as collateral for customary non-debt banking commitments and deposits into trust accounts to conform to standard insurance security requirements.

Marketable securities

Marketable securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and recorded at amortized cost. Marketable securities consist of short-term investments of time deposits with original maturities greater than three months and with maturities within one year as of balance sheet date. Interest income is recognized when earned. Cash inflows and outflows related to the sale and purchase of marketable securities are classified as investing activities on the Consolidated Statements of Cash Flows.

Refer to Note 5, “INVESTMENTS.”

Receivables

Receivables on the Consolidated Balance Sheets primarily include credit card receivables, lessor construction allowance and lease incentive receivables, value added tax (“VAT”) receivables and trade receivables or refunds.

As part of the normal course of business, the Company has approximately three to four days of proceeds from sales transactions outstanding with its third-party credit card vendors at any point. The Company classifies these outstanding balances as credit card receivables. Lessor construction allowances are recorded for certain store lease agreements for improvements completed by the Company. VAT receivables are payments the Company has made on purchases of goods that will be recovered as those goods are sold. Trade receivables are amounts billed by the Company to wholesale, franchise and licensing partners in the ordinary course of business. Income tax receivables represent refunds of certain tax payments along with net operating loss and credit carryback claims for which the Company expects to receive refunds within the next 12 months.

Inventories

Inventories on the Consolidated Balance Sheets are valued at the lower of cost and net realizable value on a weighted-average cost basis. The Company reduces the carrying value of inventory through a lower of cost and net realizable value adjustment, the impact of which is reflected in cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss). The lower of cost and net realizable value adjustment is based on the Company’s consideration of multiple factors and assumptions including demand forecasts, current sales volumes, expected sell-off activity, composition and aging of inventory, historical recoverability experience and risk of obsolescence from changes in economic conditions or customer preferences.

Additionally, as part of inventory valuation, inventory shrinkage estimates based on historical trends from actual physical inventories are made each quarter that reduce the inventory value for lost or stolen items. The Company performs physical inventories on a periodic basis and adjusts the gross inventory balance and shrink estimate accordingly. Refer to Note 6, “INVENTORIES.”

The Company’s global sourcing of merchandise is generally negotiated, contracted, and settled in U.S. Dollars.

Other Current Assets

Other current assets on the Consolidated Balance Sheets consist of: prepaid expenses including those related to rent, information technology maintenance and taxes; current store supplies; derivative contracts and other.

Property and Equipment, Net

Depreciation of property and equipment is computed for financial reporting purposes on a straight-line basis using the following service lives:


Category of property and equipment						Service lives
Information technology						3 - 7 years
Furniture, fixtures and equipment						3 - 10 years
Leasehold improvements						1 - 15 years
Other property and equipment						5 years
Buildings						30 years

Leasehold improvements are amortized over either their respective lease terms or their service lives, whichever is shorter. The cost of assets sold or retired and the related accumulated depreciation are removed from the accounts with any resulting gain or loss included in net income on the Consolidated Statements of Operations and Comprehensive Income (Loss). Maintenance and repairs are charged to expense as incurred. Major remodels and improvements that extend the service lives of the related assets are capitalized.

The Company capitalizes certain direct costs associated with the development and purchase of internal-use software within property and equipment and other assets. Capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software, generally not exceeding seven years.

Refer to Note 7, “PROPERTY AND EQUIPMENT, NET.”

Leases

The Company determines if an arrangement is an operating lease at inception. For new operating leases, the Company recognizes an asset for the right to use a leased asset and a liability based on the present value of remaining lease payments over the lease term on the lease commencement date. The commencement date for new leases is when the lessor makes the leased asset available for use by the Company, typically the possession date.

As the rates implicit in the Company’s leases are not readily determinable, the Company uses its incremental borrowing rate, based on the local economic environment and the duration of the lease term, for the initial measurement of the operating lease right-of-use asset and liability.

The measurement of operating lease right-of-use assets and liabilities includes amounts related to:

•Lease payments made prior to the lease commencement date;

•Incentives from landlords received by the Company for signing a lease, including construction allowances or deferred lease credits paid to the Company by landlords towards construction and tenant improvement costs, which are presented as a reduction to the right-of-use asset recorded;

•Fixed payments related to operating lease components, such as rent escalation payments scheduled at the lease commencement date;

•Fixed payments related to nonlease components, such as taxes, insurance, and maintenance costs; and

•Unamortized initial direct costs incurred in conjunction with securing a lease, including key money, which are amounts paid directly to a landlord in exchange for securing the lease, and leasehold acquisition costs, which are amounts paid to parties other than the landlord, such as an existing tenant, to secure the desired lease.

The measurement of operating lease right-of-use assets and liabilities excludes amounts related to:

•Costs expected to be incurred to return a leased asset to its original condition, also referred to as asset retirement obligations, which are classified within other liabilities on the Consolidated Balance Sheets;

•Variable payments related to operating lease components, such as contingent rent payments made by the Company based on performance, the expense of which is recognized in the period incurred on the Consolidated Statements of Operations and Comprehensive Income (Loss);

•Variable payments related to nonlease components, such as taxes, insurance, and maintenance costs, the expense of which is recognized in the period incurred in the Consolidated Statements of Operations and Comprehensive Income (Loss); and

•Leases not related to Company-operated retail stores with an initial term of 12 months or less, the expense of which is recognized in the period incurred in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Certain of the Company’s operating leases include options to extend the lease or to terminate the lease. The Company assesses these operating leases and, depending on the facts and circumstances, may or may not include these options in the measurement of the Company’s operating lease right-of-use assets and liabilities. Generally, the Company’s options to extend its operating leases are at the Company’s sole discretion and at the time of lease commencement are not reasonably certain of being exercised. There may be instances in which a lease is being renewed on a month-to-month basis and, in these instances, the Company will recognize lease expense in the period incurred in the Consolidated Statements of Operations and Comprehensive Income (Loss) until a new agreement has been executed. Upon the signing of the renewal agreement, the Company recognizes an asset for the right to use the leased asset and a liability based on the present value of remaining lease payments over the lease term.

Amortization and interest expense related to operating lease right-of-use assets and liabilities are generally calculated on a straight-line basis over the lease term. Amortization and interest expense related to previously impaired operating lease right-of-use assets are calculated on a front-loaded pattern. Depending on the nature of the operating lease, amortization and interest expense are primarily recorded within selling expense, or general and administrative expense, on the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. In addition, the Company does not have any sublease arrangements with any related party.

Refer to Note 8, “LEASES.”

Long-lived Asset Impairment

For the purposes of asset impairment, the Company’s long-lived assets, primarily operating lease right-of-use assets, leasehold improvements, furniture, fixtures and equipment, are grouped with other assets and liabilities at the store level, which is the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. On at least a quarterly basis, management reviews the Company’s asset groups for indicators of impairment, which include, but are not limited to, material declines in operational performance, a history of losses, an expectation of future losses, adverse market conditions, store closure or relocation decisions, and any other events or changes in circumstances that would indicate the carrying amount of an asset group might not be recoverable.

If an asset group displays an indicator of impairment, it is tested for recoverability by comparing the sum of the estimated future undiscounted cash flows attributable to the asset group to the carrying amount of the asset group. This recoverability test requires management to make assumptions and judgments related, but not limited, to management’s expectations for future cash flows from operating the store. The key assumption used in developing these projected cash flows used in the recoverability test is estimated sales growth rate.

If the sum of the estimated future undiscounted cash flows attributable to an asset group is less than its carrying amount, and it is determined that the carrying amount of the asset group is not recoverable, management determines if there is an impairment loss by comparing the carrying amount of the asset group to its fair value. Fair value of an asset group measured on a non-recurring basis is based on the highest and best use of the asset group, often using a discounted cash flow model that utilizes Level 3 fair value inputs. The key assumptions used in the Company’s fair value analyses are estimated sales growth rate and comparable market rents. An impairment loss is recognized based on the excess of the carrying amount of the asset group over its fair value.

Refer to Note 9, “ASSET IMPAIRMENT.”

Other Assets

Other assets on the Consolidated Balance Sheets consist primarily of the Company’s trust-owned life insurance policies held in the irrevocable rabbi trust (the “Rabbi Trust”), deferred tax assets, long-term deposits, intellectual property, long-term restricted cash and equivalents, long-term supplies, certain costs incurred to develop internal-use computer software during the application development stage and various other assets.

The Company defers costs incurred with the implementation of a cloud computing arrangement (“CCA”) that is a service contract. The deferred implementation costs of cloud computing arrangements are amortized on a straight-line basis over the term of the cloud computing arrangement, generally ranging from 1 to 5 years, in general and administrative expenses on Consolidated Statements of Operations and Comprehensive Income (Loss). The eligible implementation costs incurred of a cloud computing arrangement are included in other assets on the Consolidated Balance Sheets, and in operating cash flows of the Consolidated statements of cash flows. The deferred CCA implementation costs were $73.3 million and $49.9 million, net of accumulated amortization of $25.5 million and $12.2 million for the years ended February 1, 2025 and February 3, 2024, respectively.

The Rabbi Trust includes amounts, restricted in their use, to meet funding obligations to participants in the Abercrombie & Fitch Co. Nonqualified Savings and Supplemental Retirement Plan I, the Abercrombie & Fitch Co. Nonqualified Savings and Supplemental Retirement Plan II and the Supplemental Executive Retirement Plan. The Rabbi Trust assets primarily consist of trust-owned life insurance policies which are recorded at cash surrender value and are included in other assets on the Consolidated Balance Sheets. The change in cash surrender value of the life insurance policies in the Rabbi Trust is recorded in interest expense, net on the Consolidated Statements of Operations and Comprehensive Income (Loss).

Refer to Note 5, “INVESTMENTS.”

Intellectual Property

Intellectual property primarily includes trademark assets associated with the Company’s international operations, consisting of finite-lived and indefinite-lived intangible assets. The Company’s finite-lived intangible assets are amortized over a useful life of 10 to 20 years.

Supply Chain Finance Program

Under the supply chain finance (“SCF”) program, which is administered by a third party, the Company’s vendors, at their sole discretion, are given the opportunity to sell receivables from the Company to a participating financial institution at a discount that leverages the Company’s credit profile. The commercial terms negotiated by the Company with its vendors are consistent, irrespective of whether a vendor participates in the SCF program. A participating vendor has the option to be paid by the financial institution earlier than the original invoice due date. The Company’s responsibility is limited to making payment on the terms originally negotiated by the Company with each vendor, regardless of whether the vendor sells its receivable to a financial institution. If a vendor chooses to participate in the SCF program, the Company pays the financial institution the stated amount of confirmed merchandise invoices on the stated maturity date, which is typically 75 days from the invoice date. The agreement with the financial institution does not require the Company to provide assets pledged as security or other forms of guarantees for the SCF program.

As of February 1, 2025 and February 3, 2024, $88.4 million and $72.4 million of SCF program liabilities were recorded in accounts payable in the Consolidated Balance Sheets, respectively, and reflected as a cash flow from operating activities in the Consolidated Statements of Cash Flows when settled.

The following table provides activity in the SCF program for Fiscal 2024:


(in thousands)	Fiscal 2024
Confirmed obligations outstanding at the beginning of the period	$	72,376
Invoices confirmed during the period	440,125
Confirmed invoices paid during the period	(424,112)
Confirmed obligations outstanding at the end of the period	$	88,389

Income Taxes

Income taxes are calculated using the asset and liability method. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using current enacted tax rates in effect for the years in which those temporary differences are expected to reverse. Inherent in the determination of the Company’s income tax liability and related deferred income tax balances are certain judgments and interpretations of enacted tax law and published guidance with respect to applicability to the Company’s operations. The Company is subject to audit by taxing authorities, usually several years after tax returns have been filed, and the taxing authorities may have differing interpretations of tax laws. Valuation allowances are established to reduce deferred tax assets to the amount expected to be realized when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company records tax expense or benefit that does not relate to ordinary income in the current fiscal year discretely in the period in which it occurs. Examples of such types of discrete items include, but are not limited to: changes in estimates of the outcome of tax matters related to prior years, assessments of valuation allowances, return-to-provision adjustments, tax-exempt income, the settlement of tax audits and changes in tax legislation and/or regulations.

Tax benefits from uncertain tax positions are recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The amount recognized is measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement. The Company’s effective tax rate includes the impact of reserve provisions and changes to reserves on uncertain tax positions that are not more likely than not to be sustained upon examination as well as related interest and penalties.

A number of years may elapse before a particular matter, for which the Company has established a reserve, is audited and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes that its reserves reflect the probable outcome of known tax contingencies. Unfavorable settlement of any particular issue may require use of the Company’s cash. Favorable resolution would be recognized as a reduction to the Company’s effective tax rate in the period of resolution.

The Company recognizes accrued interest and penalties related to uncertain tax positions as a component of income tax expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).

Refer to Note 11, “INCOME TAXES.”

Foreign Currency Translation and Transactions

The functional currencies of the Company’s foreign subsidiaries are generally the currencies of the environments in which each subsidiary primarily generates and expends cash, which is often the local currency of the country in which each subsidiary operates. The financial statements of the Company’s foreign subsidiaries with functional currencies other than the U.S. Dollar are translated into U.S. Dollars (the Company’s reporting currency) as follows: assets and liabilities are translated at the exchange rate prevailing at the balance sheet date, equity accounts are translated at historical exchange rates, and revenues and expenses are translated at the monthly average exchange rate for the period.

Foreign currency transactions, which are transactions denominated in a currency other than the entity’s functional currency, are initially measured in the functional currency of the recording entity using the exchange rate in effect at that date. Subsequently, assets and liabilities associated with foreign currency transactions are remeasured into the entity’s functional currency using historical exchange rates when remeasuring nonmonetary assets and liabilities and current exchange rates when remeasuring monetary assets and liabilities.

Gains and losses resulting from the remeasurement of monetary assets and liabilities are included in other operating income, net, whereas translation adjustments and gains and losses associated with measuring inter-company loans of a long-term investment nature are reported as an element of other comprehensive income (loss).

Derivative Instruments

The Company is exposed to risks associated with changes in foreign currency exchange rates and uses derivative instruments, primarily forward contracts, to manage the financial impacts of these exposures. The Company does not use forward contracts to engage in currency speculation and does not enter into derivative financial instruments for trading purposes.

In order to qualify for hedge accounting treatment, a derivative instrument must be considered highly effective at offsetting changes in either the hedged item’s cash flows or fair value. Additionally, the hedge relationship must be documented to include the risk management objective and strategy, the hedging instrument, the hedged item, the risk exposure, and how hedge effectiveness will be assessed prospectively and retrospectively. The extent to which a hedging instrument has been, and is expected to continue to be, effective at offsetting changes in fair value or cash flows is assessed and documented at least quarterly. If the underlying hedged item is no longer probable of occurring, hedge accounting is discontinued.

For derivative instruments that either do not qualify for hedge accounting or are not designated as hedges, all changes in the fair value of the derivative instrument are recognized in earnings. For qualifying cash flow hedges, the change in the fair value of the derivative instrument is recorded as a component of other comprehensive income (loss) (“OCI”) and recognized in earnings when the hedged cash flows affect earnings. If the cash flow hedge relationship is terminated, the derivative instrument gains or losses that are deferred in OCI will be recognized in earnings when the hedged cash flows occur. However, for cash flow hedges that are terminated because the forecasted transaction is not expected to occur in the original specified time period, or a two-month period thereafter, the derivative instrument gains or losses are immediately recognized in earnings.

The Company uses derivative instruments, primarily forward contracts designated as cash flow hedges, to hedge the foreign currency exchange rate exposure associated with forecasted foreign-currency-denominated intercompany inventory transactions with foreign subsidiaries before inventory is sold to third parties. Fluctuations in exchange rates will either increase or decrease the Company’s intercompany equivalent cash flows and affect the Company’s U.S. Dollar earnings. Gains or losses on the foreign currency exchange forward contracts that are used to hedge these exposures are expected to partially offset this variability. Foreign currency exchange forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed upon settlement date. These forward contracts typically have a maximum term of twelve months. The conversion of the inventory to cost of sales, exclusive of depreciation and amortization, will result in the reclassification of related derivative gains and losses that are reported in AOCL on the Consolidated Balance Sheets into earnings.

The Company also uses foreign currency exchange forward contracts to hedge certain foreign-currency-denominated net monetary assets and liabilities, such as cash balances, receivables and payables. Fluctuations in foreign currency exchange rates result in transaction gains and losses being recorded in earnings as monetary assets and liabilities are remeasured at the spot exchange rate at the Company’s fiscal month-end or upon settlement. The Company has chosen not to apply hedge accounting to these foreign currency exchange forward contracts because there are no differences in the timing of gain or loss recognition on the hedging instruments and the hedged items.

The Company presents its derivative assets and derivative liabilities at their gross fair values within other current assets and accrued liabilities, respectively, on the Consolidated Balance Sheets. However, the Company’s derivative instruments allow net settlements under certain conditions.

Refer to Note 14, “DERIVATIVE INSTRUMENTS.”

Stockholders’ Equity

A summary of the Company’s Class A Common Stock, $0.01 par value, and Class B Common Stock, $0.01 par value, follows:


(in thousands)	February 1, 2025	February 3, 2024
Class A Common Stock
Shares authorized	150,000	150,000
Shares issued	103,300	103,300
Shares outstanding	49,735	50,500
Class B Common Stock (1)
Shares authorized	106,400	106,400

(1) No shares were issued or outstanding as of each of February 1, 2025 and February 3, 2024.

Holders of Class A Common Stock generally have identical rights to holders of Class B Common Stock, except holders of Class A Common Stock are entitled to one vote per share while holders of Class B Common Stock are entitled to three votes per share on all matters submitted to a vote of stockholders.

Revenue Recognition

The Company recognizes revenue from product sales when control of the good is transferred to the customer, generally upon pick up at, or shipment from, a Company location.

Revenue is recorded net of estimated returns, associate discounts, promotions and other similar customer incentives. The Company estimates reserves for sales returns based on historical experience among other factors. The sales return reserve is classified in accrued expenses with a corresponding asset related to the projected returned merchandise recorded in inventory on the Consolidated Balance Sheets.

The Company accounts for gift cards sold to customers by recognizing an unearned revenue liability at the time of sale, which is recognized as net sales when redeemed by the customer or when the Company has determined the likelihood of redemption to be remote, referred to as gift card breakage. Gift card breakage is recognized proportionally with gift card redemptions in net sales. Gift cards sold to customers do not expire or lose value over periods of inactivity and the Company is not required by law to escheat the value of unredeemed gift cards to the jurisdictions in which it operates.

The Company also maintains loyalty programs, which primarily provide customers with the opportunity to earn points toward future merchandise discount rewards with qualifying purchases. The Company accounts for expected future reward redemptions by recognizing an unearned revenue liability as customers accumulate points, which remains until revenue is recognized at the earlier of redemption or expiration.

Unearned revenue liabilities related to the Company’s gift card program and loyalty programs are classified in accrued expenses on the Consolidated Balance Sheets and are typically recognized as revenue within a 12-month period.

For additional details on the Company’s unearned revenue liabilities related to the Company’s gift card and loyalty programs, refer to Note 3, “REVENUE RECOGNITION.”

The Company also recognizes revenue under wholesale arrangements when control passes to the wholesale partner, which is generally upon shipment. Revenue from the Company’s franchise and license arrangements, primarily royalties earned upon the sale of merchandise, is generally recognized at the time merchandise is sold to the franchisees’ retail customers or to the licensees’ wholesale customers.

The Company does not include tax amounts collected from customers on behalf of third parties, including sales and indirect taxes, in net sales.

All revenues are recognized in net sales in the Consolidated Statements of Operations and Comprehensive Income (Loss). For a discussion of the disaggregation of revenue, refer to Note 17, “SEGMENT REPORTING.”

Cost of Sales, Exclusive of Depreciation and Amortization

Cost of sales, exclusive of depreciation and amortization on the Consolidated Statements of Operations and Comprehensive Income (Loss), primarily consists of cost incurred to ready inventory for sale, including product costs, freight, and import costs, as well as provisions for reserves for shrink and lower of cost and net realizable value. Gains and losses associated with the effective portion of designated foreign currency exchange forward contracts related to the hedging of intercompany inventory transactions are also recognized in cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company’s cost of sales, exclusive of depreciation and amortization, and consequently gross profit, may not be comparable to those of other retailers, as inclusion of certain costs vary across the industry. Some retailers include all costs related to buying, design and distribution operations in cost of sales, while others may include either all or a portion of these costs in selling, general and administrative expenses.

Selling Expense

Selling expense on the Consolidated Statements of Operations and Comprehensive Income (Loss) is comprised of stores, fulfillment and marketing expenses. Stores expenses include non-management employee compensation; costs associated with operating stores including occupancy costs; including lease costs; utilities and other landlord expenses; depreciation and amortization; repairs and maintenance. Fulfillment costs primarily consists of costs related to the Company’s digital operations; shipping and handling costs; non-management employee compensation; and distribution center (“DC”) expenses. Marketing expenses include costs associated with the Company’s marketing and advertising activities.

A summary of shipping and handling costs, which includes costs incurred to store, move and prepare product for shipment and costs incurred to physically move product to our customers across channels, follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Shipping and handling costs	$	410,004	$	362,545	$	356,280

Marketing costs consist primarily of paid media advertising, direct digital advertising, including e-mail distribution, digital content and in-store photography and signage.

Marketing costs related specifically to digital operations are expensed as incurred and the production of in-store photography and signage is expensed when the marketing campaign commences. All other marketing costs are expensed as incurred.

A summary of marketing costs follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Marketing costs	$	270,598	$	217,276	$	189,347

General and Administrative Expense

General and administrative expense on the Consolidated Statements of Operations and Comprehensive Income (Loss) primarily consists of: home office and support functions including; store management and DC management compensation; information technology; outside services, such as legal and consulting; depreciation, primarily related to IT and other home office assets; amortization related to trademark assets; costs to design and develop the Company’s merchandise; relocation; recruiting; and travel expenses.

Other Operating Income, Net

Other operating income, net on the Consolidated Statements of Operations and Comprehensive Income (Loss) primarily consists of gains and losses resulting from foreign-currency-denominated transactions. A summary of foreign-currency-denominated transaction gains (losses), including those related to derivative instruments, follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Foreign-currency-denominated transaction gains (losses)	$	2,665	$	1,936	$	(1,626)

Interest Expense and Interest Income

Interest expense primarily consists of interest expense on the Company’s long-term borrowings outstanding. Interest income primarily consists of interest income earned on the Company’s investments and cash holdings and realized gains from the Rabbi Trust assets.

Share-based Compensation

The Company issues shares of Class A Common Stock, $0.01 par value (the “Common Stock”) from treasury stock upon exercise of stock appreciation rights and vesting of restricted stock units, including those converted from performance share awards. As of February 1, 2025, the Company had sufficient treasury stock available to settle restricted stock units and stock appreciation rights outstanding. Settlement of stock awards in Common Stock also requires that the Company have sufficient shares available in stockholder-approved plans at the applicable time.

In the event there are not sufficient shares of Common Stock available to be issued under the Abercrombie & Fitch Co. 2016 Long-Term Incentive Plan for Directors (as amended effective May 20, 2020, the “2016 Directors LTIP”) and the Abercrombie & Fitch Co. 2016 Long-Term Incentive Plan for Associates (as amended effective June 8, 2023, the “2016 Associates LTIP”), or under a successor or replacement plan at each reporting date as of which share-based compensation awards remain outstanding, the Company may be required to designate some portion of the outstanding awards to be settled in cash, which would result in liability classification of such awards. The fair value of liability-classified awards would be re-measured each reporting date until such awards no longer remain outstanding or until sufficient shares of Common Stock become available to be issued under the existing plans or under a successor or replacement plan. As long as the awards are required to be classified as a liability, the change in fair value would be recognized in current period expense based on the requisite service period rendered.

Fair value of both service-based and performance-based restricted stock units is calculated using the market price of the underlying Common Stock on the date of grant reduced for anticipated dividend payments on unvested shares. In determining fair value, the Company does not take into account performance-based vesting requirements. Performance-based vesting requirements are taken into account in determining the number of awards expected to vest. For market-based restricted stock units, fair value is calculated using a Monte Carlo simulation with the number of shares that ultimately vest dependent on the Company’s total stockholder return measured against the total stockholder return of a select group of peer companies over a three-year period. For awards with performance-based or market-based vesting requirements, the number of shares that ultimately vest can vary from 0% to 200% of target depending on the level of achievement of performance criteria.

The Company estimates the fair value of stock appreciation rights using the Black-Scholes option-pricing model, which requires the Company to estimate the expected term of the stock appreciation rights and expected future stock price volatility over the expected term. Estimates of expected terms, which represent the expected periods of time the Company believes stock appreciation rights will be outstanding, are based on historical experience. Estimates of expected future stock price volatility are based on the volatility of the Common Stock price for the most recent historical period equal to the expected term of the stock appreciation rights, as appropriate. The Company calculates the volatility as the annualized standard deviation of the differences in the natural logarithms of the weekly closing price of the Common Stock, adjusted for stock splits and dividends.

Service-based restricted stock units are expensed on a straight-line basis over the award’s requisite service period. Performance-based restricted stock units subject to graded vesting are expensed on an accelerated attribution basis. Performance share award expense is primarily recognized in the performance period of the award’s requisite service period. Market-based restricted stock units without graded vesting features are expensed on a straight-line basis over the award’s requisite service period. Compensation expense for stock appreciation rights is recognized on a straight-line basis over the award’s requisite service period. The Company adjusts share-based compensation expense on a quarterly basis for actual forfeitures.

For awards that are expected to result in a tax deduction, a deferred tax asset is recorded in the period in which share-based compensation expense is recognized. A current tax deduction arises upon the issuance of restricted stock units and performance share awards or the exercise of stock options and stock appreciation rights and is principally measured at the award’s intrinsic value. If the tax deduction differs from the recorded deferred tax asset, the excess tax benefit or deficit associated with the tax deduction is recognized within income tax expense.

Refer to Note 13, “SHARE-BASED COMPENSATION.”

Net Income per Share Attributable to A&F

Net income per basic and diluted share attributable to A&F is computed based on the weighted-average number of outstanding shares of Common Stock. Additional information pertaining to net income per share attributable to A&F follows:


(in thousands)	Fiscal 2024	Fiscal 2023	Fiscal 2022
Shares of Common Stock issued	103,300	103,300	103,300
Weighted-average treasury shares	(52,461)	(53,050)	(52,993)
Weighted-average — basic shares	50,839	50,250	50,307
Dilutive effect of share-based compensation awards	2,132	2,476	2,020
Weighted-average — diluted shares	52,971	52,726	52,327
Anti-dilutive shares (1)	220	541	2,233

(1)Reflects the total number of shares related to outstanding share-based compensation awards that have been excluded from the computation of net income (loss) per diluted share because the impact would have been anti-dilutive. Unvested contingently issuable shares related to restricted stock units with performance-based and market-based vesting conditions can achieve up to 200% of their target vesting amount and are reflected at the maximum vesting amount less any dilutive portion.

Recent Accounting Pronouncements

The Company reviews recent accounting pronouncements on a quarterly basis and has excluded discussion of those not applicable to the Company and those not expected to have a material impact on the Company’s consolidated financial statements. The following table provides a brief description of certain recent accounting pronouncements that the Company has adopted or that could affect the Company’s financial statements.

Accounting Standards Update (ASU)

Description

Date of adoption

Effect on the financial statements or other significant matters

Standards adopted

ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

The update relates to disclosure requirements for buyers in supplier finance programs. The amendments in the update require that a buyer disclose qualitative and quantitative information about their supplier finance programs. Interim and annual requirements include disclosure of outstanding amounts under the obligations as of the end of the reporting period, and annual requirements include a roll-forward of those obligations for the annual reporting period, as well as a description of payment and other key terms of the programs. This update is effective for annual periods beginning after December 15, 2022, and interim periods within those fiscal years, except for the requirement to disclose roll-forward information, which is effective for fiscal years beginning after December 15, 2023.

January 29, 2023

The Company adopted this guidance by enhancing supply chain financing disclosures to include roll-forward activity. Refer to Note 2, “S UMMARY OF SIGNIFICANT ACCOUNTING PO LICIES.”

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

The update modifies the disclosure/presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.

February 1, 2025

The Company adopted this guidance by enhancing segment reporting footnote disclosures to include significant segment expenses. Refer to Note 17, “SEGMENT REPORTING.

Standards not yet adopted

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. For public business entities (PBEs), the requirement will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted.

Other than the new disclosure requirements, the adoption of this guidance will not have a significant impact on the Company's consolidated financial statements.

ASU 2024-03 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

ASU 2025-01 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date

The update requires a disaggregated disclosure of income statement expenses. The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The update is effective for fiscal years beginning after December 15, 2026 and interim period periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.

Other than the new disclosure requirements, the adoption of this guidance will not have a significant impact on the Company’s consolidated financial statements.

INCOME TAXES (Deferred Income Tax Assets (Liabilities)) (Details) - USD ($)

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Deferred income tax assets:

Operating lease liabilities

$ 241,873,000

$ 211,863,000

Intangibles, foreign step-up in basis

^[1]

58,755,000

62,464,000

Net operating losses (NOL), tax credit and other carryforwards

91,995,000

84,872,000

Accrued expenses and reserves

35,402,000

35,866,000

Deferred compensation

18,275,000

15,717,000

Inventory

9,996,000

5,518,000

Deferred Tax Asset, Property, Plant and Equipment and Intangibles

1,129,000

Rent

509,000

1,874,000

Other

4,971,000

1,683,000

Valuation allowances

(151,810,000)

(146,973,000)

Total deferred income tax assets

311,095,000

272,884,000

Deferred income tax liabilities:

Operating lease right-of-use assets

(223,384,000)

(192,020,000)

Property and equipment and intangibles

(7,472,000)

Prepaid expenses

(2,809,000)

(1,832,000)

Store supplies

(1,835,000)

(2,100,000)

Undistributed profits of non-U.S. subsidiaries

(1,400,000)

(1,271,000)

U.S. offset to foreign deferred tax assets, excluding intangibles, foreign step-up in basis (1)

^[2]

(125,000)

(187,000)

Other

(2,215,000)

(781,000)

Total deferred income tax liabilities

(231,768,000)

(205,663,000)

Net deferred income tax assets (1)

$ 79,327,000

$ 67,221,000

$ 43,800,000

[1]
[2]	(1)This table does not reflect deferred taxes classified within AOCL. As of February 1, 2025 and February 3, 2024, AOCL included deferred tax liabilities of $1.0 million and deferred tax liabilities of $0.1 million, respectively.

ACCRUED EXPENSES

12 Months Ended

Feb. 01, 2025

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses consisted of:


(in thousands)	February 1, 2025		February 3, 2024
Accrued payroll and related costs (1)	$	92,504	$	100,825

Accrued marketing	77,509		52,792
Other (2)	334,909		283,038
Accrued expenses	$	504,922	$	436,655

(1) Accrued payroll and related costs include salaries, incentive compensation, benefits, withholdings and other payroll-related costs.

SEGMENT REPORTING (Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

UnallocatedCorporateExpenses

^[1]

$ 567,483

$ 526,279

Operating Income (Loss)

740,820

484,671

$ 92,648

Interest Income (Expense), Operating

(27,857)

372

25,632

Income before income taxes

768,677

484,299

67,016

Operating Segments

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Operating Income (Loss)

1,308,303

1,010,950

499,523

Operating Segments | Americas

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Operating Income (Loss)

^[2]

1,210,493

940,292

483,445

Operating Segments | EMEA

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Operating Income (Loss)

109,821

81,216

45,185

Operating Segments | Asia Pacific

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Operating Income (Loss)

$ (12,011)

$ (10,558)

(29,107)

Segment Reporting, Reconciling Item, Corporate Nonsegment

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

UnallocatedCorporateExpenses

^[1]

$ 406,875

[1]	Corporate and other unallocated expenses represent corporate overhead expenses that have not been allocated to any segment.
[2]	Includes the U.S., Canada, and Latin America. Net sales in the U.S. were $3.8 billion, $3.3 billion, and $2.8 billion in Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively.

BORROWINGS	12 Months Ended
BORROWINGS	Feb. 01, 2025
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS Senior Secured Notes On July 15, 2024 (the “Redemption Date”), A&F redeemed all of its outstanding 8.75% Senior Secured Notes due July 15, 2025, which had an aggregate principal amount of $214 million, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date, and incurred a $0.9 million loss on extinguishment of debt, recognized in interest expense on the Condensed Consolidated Statements of Operations and Comprehensive Income. For the year-to-date period through the Redemption Date, A&F Management repurchased $9.3 million in the open market and redeemed $214 million of its Senior Secured Notes and incurred a loss on extinguishment of debt of $1.1 million. As of the Redemption Date, the Senior Secured Notes were no longer deemed outstanding and interest on the Senior Secured Notes ceased to accrue. ABL Facility On August 2, 2024, A&F, as parent and a guarantor, A&F Management, as lead borrower, and certain of A&F’s direct and indirect wholly-owned subsidiaries, as additional borrowers and guarantors, entered into the Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”), together with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent for the lenders. The Second Amendment amended the Amended and Restated Credit Agreement, dated as of April 29, 2021 (the “ABL Credit Agreement”), to, among other things (as described in greater detail below), provide for a $500 million senior secured asset-based revolving credit facility (the “ABL Facility”). The Company incurred customary fees and expenses in connection with the entry into the Second Amendment. The Second Amendment amended the ABL Credit Agreement to, among other things: •increase the aggregate commitments thereunder from $400 million to $500 million; •establish a $100 million sub-facility for the benefit of Abfico Netherlands Distribution B.V. (“Abfico”) and AFH Stores UK Limited (“AFH UK”) that is (i) secured by a first priority security interest in all assets (subject to specified exclusions) of each of Abfico and AFH UK, (ii) guaranteed by A&F and certain of its domestic direct and indirect wholly-owned subsidiaries, and (iii) subject to a borrowing base as described therein; •extend the maturity date from April 29, 2026 to August 2, 2029; •increase the letter of credit sub-limit from $50 million to $62.5 million; •decrease the swing line availability from $50 million to $30 million; •decrease the unused line fee from a variable rate of 25 basis points to 37.5 basis points to a flat rate of 25 basis points; and •increase pricing of the interest rate margin applicable to borrowings as follows: ◦from 1.25% to 1.50% when average availability is greater than or equal to 50% of the Loan Cap (as defined in the Second Amendment); and ◦from 1.50% to 1.75% when average availability is less than 50% of the Loan Cap. The ABL Facility is subject to a borrowing base, consisting primarily of inventory located in the U.S., the United Kingdom and the Netherlands, with a letter of credit sub-limit of $62.5 million, a swing line loan sub-limit of $30 million, and an accordion feature allowing A&F to increase the revolving commitment by up to $150 million subject to specified conditions. The ABL Facility is available for working capital, capital expenditures, and other general corporate purposes. As of February 1, 2025, availability under the ABL Facility was $500 million, net of $0.4 million in outstanding stand-by letters of credit. As the Company must maintain excess availability equal to the greater of 10% of the Loan Cap or $36 million under the ABL Facility, borrowing capacity available to the Company under the ABL Facility was $450 million as of February 1, 2025. Representations, Warranties and Covenants The agreements related to the ABL Facility contain various representations, warranties and restrictive covenants that, among other things and subject to specified exceptions, restrict the ability of the Company and its subsidiaries to: grant or incur liens; incur, assume or guarantee additional indebtedness; sell or otherwise dispose of assets, including capital stock of subsidiaries; make investments in certain subsidiaries; pay dividends, make distributions or redeem or repurchase capital stock; change the nature of their business; and consolidate or merge with or into, or sell substantially all of the assets of the Company or A&F Management to another entity. Certain of the agreements related to the ABL Facility also contain certain affirmative covenants, including reporting requirements, such as delivery of financial statements, certificates and notices of certain events, maintaining insurance and providing additional guarantees and collateral in certain circumstances. The Company was in compliance with all covenants under these agreements as of February 1, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Operating activities
Net income	$ 574,016,000	$ 335,413,000	$ 10,385,000
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	153,773,000	141,104,000	132,243,000
Hosting Arrangement, Service Contract, Implementation Cost, Expense, Amortization	15,572,000	10,796,000	1,347,000
Asset impairment	11,596,000	8,289,000	14,031,000
Loss on disposal	3,440,000	6,408,000	552,000
Deferred Income Tax Expense (Benefit)	(12,278,000)	(4,743,000)	11,500,000
Share-based compensation	38,667,000	40,122,000	28,995,000
Loss (gain) on extinguishment of debt	1,114,000	1,975,000	(52,000)
Changes in assets and liabilities
Inventories	(106,874,000)	35,043,000	18,505,000
Accounts payable and accrued expenses	129,262,000	82,925,000	(115,152,000)
Operating lease right-of use assets and liabilities	(3,288,000)	(55,646,000)	(18,495,000)
Income taxes	(9,845,000)	35,806,000	(7,390,000)
Other assets	(71,361,000)	22,827,000	(88,270,000)
Other liabilities	(13,418,000)	(6,897,000)	9,458,000
Net cash provided by (used for) operating activities	710,376,000	653,422,000	(2,343,000)
Investing activities
Payments to Acquire Marketable Securities	(139,600,000)	0	0
Proceeds from Sale and Maturity of Marketable Securities	24,800,000	0	0
Purchases of property and equipment	(182,903,000)	(157,797,000)	(164,566,000)
Proceeds from Sale of Property, Plant, and Equipment	0	615,000	11,891,000
Withdrawal of funds from Rabbi Trust assets	0	0	12,000,000
Net cash used for investing activities	(297,703,000)	(157,182,000)	(140,675,000)
Financing activities
Repayment/redemption of senior secured notes	223,331,000	77,972,000	7,862,000
Payment of debt modification costs and fees	(3,291,000)	(180,000)	(181,000)
Purchases of common stock	(229,807,000)	0	(125,775,000)
Payment, Tax Withholding, Share-Based Payment Arrangement	(70,208,000)	(29,485,000)	(14,464,000)
Proceeds from (Payments for) Other Financing Activities	(8,240,000)	(3,564,000)	(7,047,000)
Net cash used for financing activities	(534,877,000)	(111,201,000)	(155,329,000)
Effect of foreign currency exchange rates on cash	(7,086,000)	(2,923,000)	(8,452,000)
Net (decrease) increase in cash and equivalents, and restricted cash and equivalents	(129,290,000)	382,116,000	(306,799,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	780,395,000	909,685,000	527,569,000
Supplemental information related to non-cash activities
Construction in Progress Expenditures Incurred but Not yet Paid	48,856,000	35,568,000	57,313,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	365,813,000	155,184,000	269,430,000
Purchases of property and equipment accrued in accounts payable	48,856,000	35,568,000	57,313,000
Share Repurchase Program, Excise Tax, Payable	1,224,000	0	0
Supplemental information related to cash activities
Cash paid for interest	9,527,000	24,891,000	26,687,000
Cash paid for income taxes	217,654,000	120,448,000	53,011,000
Cash received from income tax refunds	502,000	1,843,000	3,701,000
Operating Lease, Payments	$ 278,229,000	$ 296,834,000	$ 263,269,000

INCOME TAXES (Provisions for Income Taxes from Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Current:
Federal	$ 150,061	$ 113,765	$ 25,577
State	40,942	32,299	10,371
Foreign	15,936	7,565	9,183
Total current income tax	206,939	153,629	45,131
Deferred:
Federal	(11,664)	(9,160)	4,586
State	(834)	(1,196)	122
Foreign	220	5,613	6,792
Total deferred income tax	(12,278)	(4,743)	11,500
Income tax expense	$ 194,661	$ 148,886	$ 56,631

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Jan. 28, 2023
Statement of Stockholders' Equity [Abstract]
Treasury Stock, Value, Acquired, Cost Method	$ (231,031)	$ (125,775)

SHARE-BASED COMPENSATION (SARs Assumptions) (Details)	12 Months Ended
SHARE-BASED COMPENSATION (SARs Assumptions) (Details)	Feb. 01, 2025 $ / shares
Stock Appreciation Rights (SARs) [Member]
The weighted-average fair value and assumptions (stock appreciation rights)
Fair value (in dollars per share)	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Feb. 01, 2025

Accounting Policies [Abstract]

Cash, Cash Equivalents and Investments

A summary of cash and equivalents on the Consolidated Balance Sheets follows:


(in thousands)	February 1, 2025		February 3, 2024
Cash (1)	$	467,642	$	524,735
Cash equivalents: (2)
Time deposits	1,013		26,975
Money market funds	304,072		349,174
Cash and equivalents	$	772,727	$	900,884

(1) Primarily consists of amounts on deposit with financial institutions.

(2) Investments with original maturities of less than three months.

Schedule of Cash Flow, Supplemental Disclosures

Consolidated Statements of Cash Flows Reconciliation

The following table provides a reconciliation of cash and equivalents and restricted cash and equivalents to the amounts shown on the Consolidated Statements of Cash Flows:


(in thousands)	Location	February 1, 2025		February 3, 2024		January 28, 2023
Cash and equivalents	Cash and equivalents	$	772,727	$	900,884	$	517,602
Restricted cash and equivalents (1)	Other assets	7,668		8,801		9,967


Cash and equivalents and restricted cash and equivalents		$	780,395	$	909,685	$	527,569

Schedule of Stock by Class

A summary of the Company’s Class A Common Stock, $0.01 par value, and Class B Common Stock, $0.01 par value, follows:


(in thousands)	February 1, 2025	February 3, 2024
Class A Common Stock
Shares authorized	150,000	150,000
Shares issued	103,300	103,300
Shares outstanding	49,735	50,500
Class B Common Stock (1)
Shares authorized	106,400	106,400

(1) No shares were issued or outstanding as of each of February 1, 2025 and February 3, 2024.

Supplier Finance Program

The following table provides activity in the SCF program for Fiscal 2024:


(in thousands)	Fiscal 2024
Confirmed obligations outstanding at the beginning of the period	$	72,376
Invoices confirmed during the period	440,125
Confirmed invoices paid during the period	(424,112)
Confirmed obligations outstanding at the end of the period	$	88,389

Shipping & Handling Costs


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Shipping and handling costs	$	410,004	$	362,545	$	356,280

Other operating income, net

A summary of foreign-currency-denominated transaction gains (losses), including those related to derivative instruments, follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Foreign-currency-denominated transaction gains (losses)	$	2,665	$	1,936	$	(1,626)

Marketing and Advertising Cost

A summary of marketing costs follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Marketing costs	$	270,598	$	217,276	$	189,347

Schedule of Weighted Average Number of Shares

Additional information pertaining to net income per share attributable to A&F follows:


(in thousands)	Fiscal 2024	Fiscal 2023	Fiscal 2022
Shares of Common Stock issued	103,300	103,300	103,300
Weighted-average treasury shares	(52,461)	(53,050)	(52,993)
Weighted-average — basic shares	50,839	50,250	50,307
Dilutive effect of share-based compensation awards	2,132	2,476	2,020
Weighted-average — diluted shares	52,971	52,726	52,327
Anti-dilutive shares (1)	220	541	2,233

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Revenue Recognition (Policies)	12 Months Ended
Revenue Recognition (Policies)	Feb. 01, 2025
Disaggregation of Revenue [Abstract]
Revenue recognition	Revenue Recognition The Company recognizes revenue from product sales when control of the good is transferred to the customer, generally upon pick up at, or shipment from, a Company location. Revenue is recorded net of estimated returns, associate discounts, promotions and other similar customer incentives. The Company estimates reserves for sales returns based on historical experience among other factors. The sales return reserve is classified in accrued expenses with a corresponding asset related to the projected returned merchandise recorded in inventory on the Consolidated Balance Sheets. The Company accounts for gift cards sold to customers by recognizing an unearned revenue liability at the time of sale, which is recognized as net sales when redeemed by the customer or when the Company has determined the likelihood of redemption to be remote, referred to as gift card breakage. Gift card breakage is recognized proportionally with gift card redemptions in net sales. Gift cards sold to customers do not expire or lose value over periods of inactivity and the Company is not required by law to escheat the value of unredeemed gift cards to the jurisdictions in which it operates. The Company also maintains loyalty programs, which primarily provide customers with the opportunity to earn points toward future merchandise discount rewards with qualifying purchases. The Company accounts for expected future reward redemptions by recognizing an unearned revenue liability as customers accumulate points, which remains until revenue is recognized at the earlier of redemption or expiration. Unearned revenue liabilities related to the Company’s gift card program and loyalty programs are classified in accrued expenses on the Consolidated Balance Sheets and are typically recognized as revenue within a 12-month period. For additional details on the Company’s unearned revenue liabilities related to the Company’s gift card and loyalty programs, refer to Note 3, “REVENUE RECOGNITION.” The Company also recognizes revenue under wholesale arrangements when control passes to the wholesale partner, which is generally upon shipment. Revenue from the Company’s franchise and license arrangements, primarily royalties earned upon the sale of merchandise, is generally recognized at the time merchandise is sold to the franchisees’ retail customers or to the licensees’ wholesale customers. The Company does not include tax amounts collected from customers on behalf of third parties, including sales and indirect taxes, in net sales. All revenues are recognized in net sales in the Consolidated Statements of Operations and Comprehensive Income (Loss). For a discussion of the disaggregation of revenue, refer to Note 17, “SEGMENT REPORTING.”

ASSET IMPAIRMENT

12 Months Ended

Feb. 01, 2025

Asset Impairment [Abstract]

Asset Impairment Charges [Text Block]

ASSET IMPAIRMENT

The following table provides additional details related to long-lived asset impairment charges:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Operating lease right-of-use asset impairment	$	5,470	$	1,441	$	6,248
Property and equipment asset impairment (1)	6,126		6,848		7,783
Total asset impairment (2)	$	11,596	$	8,289	$	14,031

(1)Amounts for Fiscal 2024 and Fiscal 2023 only include store asset impairment. Amounts for Fiscal 2022 include store asset impairment of $4.8 million and other asset impairment of $3.0 million.

(2)Included in Selling expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).

Asset impairment charges for Fiscal 2024 were related to certain of the Company’s store assets, primarily in the APAC segment. The impairment charges for Fiscal 2024 reduced the then carrying amount of the impaired stores’ assets to their fair value of approximately $8.2 million, including $7.3 million related to operating lease right-of-use assets.

Asset impairment charges for Fiscal 2023 were related to certain of the Company’s store assets, primarily in the Americas and EMEA segments. The impairment charges for Fiscal 2023 reduced the then carrying amount of the impaired stores’ assets to their fair value of approximately $28.1 million, including $23.7 million related to operating lease right-of-use assets.

Asset impairment charges for Fiscal 2022 were related to certain of the Company’s assets including stores across segments, brands and store formats and other assets. The impairment charges for Fiscal 2022 reduced the then carrying amount of the impaired stores’ assets to their fair value of approximately $39.7 million, including $37.0 million related to operating lease right-of-use assets.

Refer to Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long-lived Asset Impairment,” for discussion regarding significant accounting policies related to impairment of the Company’s long-lived assets.

INCOME TAXES (Textual) (Details) - USD ($)	12 Months Ended
INCOME TAXES (Textual) (Details) - USD ($)	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Valuation Allowance [Line Items]
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 8,200,000	$ 15,600,000	$ 20,000,000.0
Income before income taxes	$ 768,677,000	$ 484,299,000	$ 67,016,000
Effective Income Tax Rate Reconciliation, Percent	25.30%	30.70%	84.50%
Deferred Tax Assets, Net	$ 79,327,000	$ 67,221,000	$ 43,800,000
Pre-tax Losses Without Tax Benefits Recognized	$ 53,800,000	$ 103,000,000.0	$ 136,500,000
Effective Income Tax Rate Reconciliation, Percent	25.30%	30.70%	84.50%
Pre-tax Losses Without Tax Benefits Recognized	$ 53,800,000	$ 103,000,000.0	$ 136,500,000
Tax expense related to correction of errors	194,661,000	148,886,000	56,631,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	8,200,000	15,600,000	20,000,000.0
JAPAN
Valuation Allowance [Line Items]
Deferred Tax Assets, Net	5,400,000	7,500,000	9,100,000
CHINA
Valuation Allowance [Line Items]
Deferred Tax Assets, Net	8,200,000	7,600,000	8,000,000.0
UNITED KINGDOM
Valuation Allowance [Line Items]
Deferred Tax Assets, Net	13,400,000	12,600,000	$ 15,600,000
Non-US
Valuation Allowance [Line Items]
Deferred Tax Assets, Net	$ 35,700,000	$ 36,700,000

ASSET IMPAIRMENT (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Other Asset Impairment Charges

^[1]

$ 5,470

$ 1,440

$ 6,248

Property and equipment asset impairment (1)

^[2]

6,126

6,848

7,783

Asset Impairment Charges

11,596

8,289

14,031

Operating Lease, Right-of-Use Asset

803,121

678,256

Retail Site

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Operating Lease, Impairment Loss

5,470

1,441

6,248

Fair Value, Nonrecurring

Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]

Store Assets, including property and equipment and operating lease right-of-use assets

8,200

28,100

39,700

Operating Lease, Right-of-Use Asset

$ 7,300

$ 23,700

$ 37,000

[1]	Refer to Note 8, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges.
[2]	Amounts for Fiscal 2022 include store asset impairment of $4.8 million and other asset impairment of $3.0 million. (2)Included in Selling expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).

DERIVATIVE INSTRUMENTS

12 Months Ended

Feb. 01, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS


(in thousands)	Notional Amount (1)
Euro	$	72,219
British pound	79,206
Canadian dollar	26,186

(1)Amounts reported are the U.S. Dollar notional amounts outstanding as of February 1, 2025.

The fair value of derivative instruments is determined using quoted market prices of the same or similar instruments, adjusted for counterparty risk. The location and amounts of derivative fair values of foreign currency exchange forward contracts on the Consolidated Balance Sheets as of February 1, 2025, and February 3, 2024 were as follows:


(in thousands)	Location	February 1, 2025		February 3, 2024		Location	February 1, 2025		February 3, 2024
Derivatives designated as cash flow hedging instruments	Other current assets	$	4,315	$	1,090	Accrued expenses	$	—	$	539
Derivatives not designated as hedging instruments	Other current assets	—		2		Accrued expenses	—		—
Total		$	4,315	$	1,092		$	—	$	539

Refer to Note 4, “FAIR VALUE,” for further discussion of the determination of the fair value of derivative instruments. Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts designated as cash flow hedging instruments for Fiscal 2024, Fiscal 2023 and Fiscal 2022 follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Gain recognized in AOCL (1)	$	6,473	$	3,618	$	2,844
Gain(loss) reclassified from AOCL into cost of sales, exclusive of depreciation and amortization (2)	2,113		(1,846)		13,781

(1)Amount represents the change in fair value of derivative instruments.


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Gain(loss) recognized in other operating income, net	$	370	$	(1,206)	$	1,226

Refer to Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Instruments,” for discussion regarding significant accounting policies related to the Company’s derivative instruments.

Revenue Recognition (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Gift Card

Deferred Revenue Arrangement [Line Items]

Contract with Customer, Liability, Current

^[1]

$ 45,364

$ 41,144

$ 39,235

Contract with Customer, Liability, Revenue Recognized

19,800

20,000

Revenue from Contract with Customer

141,380

112,749

98,488

Royalty

Deferred Revenue Arrangement [Line Items]

Contract with Customer, Liability, Current

32,199

27,937

25,640

Revenue from Contract with Customer

$ 65,776

$ 56,406

$ 48,624

[1]	Includes $19.8 million and $20.0 million of revenue recognized during Fiscal 2024 and Fiscal 2023, respectively, that was included in the gift card liability at the beginning of February 3, 2024 and January 28, 2023, respectively.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (i)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 01, 2025

Feb. 03, 2024

Jan. 28, 2023

Accumulated Other Comprehensive (Loss) Income [Roll Forward]

Beginning balance

$ (135,968)

$ (137,527)

$ (114,706)

Other comprehensive (loss) income before reclassifications

(878)

(261)

(9,120)

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

(2,113)

^[1]

1,846

^[2]

(13,781)

^[3]

Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent

192

(80)

Other Comprehensive Income (Loss), Net of Tax, Total

(3,183)

1,559

(22,821)

Ending balance

(139,151)

(135,968)

(137,527)

Derivative Financial Instruments

Accumulated Other Comprehensive (Loss) Income [Roll Forward]

Beginning balance

564

(4,874)

5,983

Other comprehensive (loss) income before reclassifications

6,473

3,618

2,844

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

(2,113)

1,846

^[2]

(13,781)

^[3]

Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent

192

(80)

Other Comprehensive Income (Loss), Net of Tax, Total

4,168

5,438

(10,857)

Ending balance

4,732

564

(4,874)

Foreign Currency Translation

Accumulated Other Comprehensive (Loss) Income [Roll Forward]

Beginning balance

(136,532)

(132,653)

(120,689)

Other comprehensive (loss) income before reclassifications

(7,351)

(3,879)

(11,964)

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

^[1]

^[2]

^[3]

Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent

Other Comprehensive Income (Loss), Net of Tax, Total

(7,351)

(3,879)

(11,964)

Ending balance

$ (143,883)

$ (136,532)

$ (132,653)

[1]	Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).
[2]	Amount represents loss reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).
[3]	Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss).

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

NATURE OF BUSINESS	12 Months Ended
NATURE OF BUSINESS	Feb. 01, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS	NATURE OF BUSINESS Abercrombie & Fitch Co. (“A&F”), a company incorporated in Delaware in 1996, through its subsidiaries (collectively, A&F and its subsidiaries are referred to as the “Company”), is a global, digitally-led, omnichannel retailer. The Company offers a broad assortment of apparel, personal care products and accessories for men, women and kids, which are sold primarily through its Company-owned stores and digital channels, as well as through various third-party arrangements. The Company manages its business on a geographic basis, consisting of three reportable segments: Americas; Europe, the Middle East and Africa (“EMEA”); and Asia-Pacific (“APAC”). Corporate functions and other income and expenses are evaluated on a consolidated basis and are not allocated to the Company’s segments, and therefore are included as a reconciling item between segment and total operating income (loss). The Company’s brand families include Abercrombie brands and Hollister brands. These brands share a commitment to offering unique products of enduring quality and exceptional comfort that allow customers around the world to express their own individuality and style.

LEASES

12 Months Ended

Feb. 01, 2025

Leases [Abstract]

Lessee, Operating Leases

LEASES

The Company is a party to leases related to its Company-operated retail stores, as well as for certain of its DCs, office space, information technology and equipment.

The following table provides a summary of the Company’s operating lease costs for Fiscal 2024, Fiscal 2023 and Fiscal 2022:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Single lease cost (1)	$	264,794	$	248,567	$	246,824
Variable lease cost (2)	186,795		168,881		150,909
Operating lease right-of-use asset impairment (3)	5,470		1,440		6,248
Sublease income	(3,928)		(3,949)		(3,826)
Total operating lease cost	$	453,131	$	414,939	$	400,155

(1)Includes amortization and interest expense associated with operating lease right-of-use assets and the impact from remeasurement of operating lease liabilities.

(3)Refer to Note 8, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges.


	February 1, 2025		February 3, 2024
Weighted-average remaining lease term (years)	4.9		4.7
Weighted-average discount rate	6.8	%	6.7	%

The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of February 1, 2025:


(in thousands)	February 1, 2025
Fiscal 2025	$	267,902
Fiscal 2026	251,475
Fiscal 2027	195,994
Fiscal 2028	158,969
Fiscal 2029	111,943
Fiscal 2030 and thereafter	143,695
Total undiscounted operating lease payments	1,129,978
Less: Imputed interest	(178,365)
Present value of operating lease liabilities	$	951,613

During Fiscal 2020, the Company entered into a sublease agreement with a third party for the remaining lease term of one of its European Abercrombie & Fitch flagship store locations upon its closure. As of February 1, 2025, future minimum tenant operating lease payments remaining under this sublease were $11.1 million with a remaining sublease term of 2.8 years.

The Company had minimum commitments related to operating lease contracts that have not yet commenced, primarily for its Company-operated retail stores, of approximately $135.0 million as of February 1, 2025.

INCOME TAXES (Roll Forward of Uncertain Tax Positions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Unrecognized Tax Benefits [Roll Forward]
Uncertain tax positions, beginning of the year	$ 2,751	$ 2,293	$ 1,114
Gross addition for tax positions of the current year	611	572	339
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	1,725		907
Gross addition for tax positions of prior years		75
Reductions of tax positions of prior years for:
Lapses of applicable statutes of limitations	(155)	(70)	(66)
Settlements during the period	(350)	(119)	(1)
Uncertain tax positions, end of year	$ 4,582	$ 2,751	$ 2,293

SHARE-BASED COMPENSATION (Textual) (Details)
shares in Thousands

12 Months Ended

Feb. 01, 2025

USD ($)

share_based_compensation_plan

Feb. 03, 2024

USD ($)

Jan. 28, 2023

USD ($)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Issued, Value, Share-based Payment Arrangement, after Forfeiture

^[1]

$ 70,208,000

$ 29,485,000

$ 14,464,000

Share-based Payment Arrangement, Exercise of Option, Tax Benefit

19,474,000

2,709,000

1,956,000

Share-based compensation expense

38,667,000

40,122,000

28,995,000

$ 5,117,000

4,350,000

3,515,000

Number of primary share based compensation plans | share_based_compensation_plan

Number of other share based compensation plans | share_based_compensation_plan

Share-based Payment Arrangement, Cancellation of Option, Tax Charge

$ 0

(101,000)

(226,000)

Share-based Payment Arrangement, Discrete Income Tax Benefit (Charge)

19,474,000

2,608,000

1,730,000

LTIP Directors 2016 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Market Value Authorized

$ 300,000

Maximum number of shares approved for grant | shares

900

Non-Executive Chairman [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Market Value Authorized

$ 500,000

Non Associate Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Market Value Authorized

$ 2,500,000

LTIP Associates 2016 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Maximum number of shares approved for grant | shares

10,965

Stock Appreciation Rights (SARs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair value of award other than options vested during period

$ 267,000

1,409,000

Service-based Restricted Stock Unit (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total unrecognized compensation cost, net of estimated forfeitures

$ 36,477,000

Unrecognized compensation cost, weighted-average period of recognition

10 months 24 days

Grant date fair value of award other than options vested during period

$ 21,935,000

23,326,000

16,794,000

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested

115,768,000

44,110,000

28,037,000

Total fair value of restricted stocks

29,702,000

26,237,000

28,878,000

Performance-based Restricted Stock Units (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair value of award other than options vested during period

9,659,000

4,482,000

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested

39,670,000

6,468,000

Total fair value of restricted stocks

6,483,000

6,300,000

5,600,000

Market-based Restricted Stock Units (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total unrecognized compensation cost, net of estimated forfeitures

$ 5,211,000

Unrecognized compensation cost, weighted-average period of recognition

10 months 24 days

Grant date fair value of award other than options vested during period

$ 7,574,000

16,040,000

4,105,000

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested

19,836,000

24,890,000

3,768,000

Total fair value of restricted stocks

$ 4,860,000

$ 4,576,000

$ 3,852,000

[1]	(1) Classified within other financing activities on the Consolidated Statements of Cash Flows.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Feb. 01, 2025

Accounting Policies [Abstract]

Principles of consolidation

Principles of Consolidation

Fiscal Year

Fiscal year

Year ended/ ending

Number of weeks

Fiscal 2021

January 29, 2022

Fiscal 2022

January 28, 2023

Fiscal 2023

February 3, 2024

Fiscal 2024

February 1, 2025

Fiscal 2025

January 31, 2026

Use of estimates

Use of Estimates

Reclassifications

Cash and equivalents

Cash and Equivalents

A summary of cash and equivalents on the Consolidated Balance Sheets follows:


(in thousands)	February 1, 2025		February 3, 2024
Cash (1)	$	467,642	$	524,735
Cash equivalents: (2)
Time deposits	1,013		26,975
Money market funds	304,072		349,174
Cash and equivalents	$	772,727	$	900,884

(1) Primarily consists of amounts on deposit with financial institutions.

(2) Investments with original maturities of less than three months.

Marketable Securities

Marketable securities

Refer to Note 5, “INVESTMENTS.”

Receivables

Inventories

The Company’s global sourcing of merchandise is generally negotiated, contracted, and settled in U.S. Dollars.

Other current assets

Other Current Assets

Property and equipment

Property and Equipment, Net

Depreciation of property and equipment is computed for financial reporting purposes on a straight-line basis using the following service lives:


Category of property and equipment						Service lives
Information technology						3 - 7 years
Furniture, fixtures and equipment						3 - 10 years
Leasehold improvements						1 - 15 years
Other property and equipment						5 years
Buildings						30 years

Refer to Note 7, “PROPERTY AND EQUIPMENT, NET.”

Long-Lived asset impairment

Long-lived Asset Impairment

Refer to Note 9, “ASSET IMPAIRMENT.”

Restricted cash

Consolidated Statements of Cash Flows Reconciliation

The following table provides a reconciliation of cash and equivalents and restricted cash and equivalents to the amounts shown on the Consolidated Statements of Cash Flows:


(in thousands)	Location	February 1, 2025		February 3, 2024		January 28, 2023
Cash and equivalents	Cash and equivalents	$	772,727	$	900,884	$	517,602
Restricted cash and equivalents (1)	Other assets	7,668		8,801		9,967


Cash and equivalents and restricted cash and equivalents		$	780,395	$	909,685	$	527,569

Intellectual property

Intellectual Property

Cloud Computing Arrangements

Supplier Chain Financing

Supply Chain Finance Program

Income taxes

Income Taxes

Refer to Note 11, “INCOME TAXES.”

Foreign currency translation and transactions

Foreign Currency Translation and Transactions

Derivative instruments

Derivative Instruments

Refer to Note 14, “DERIVATIVE INSTRUMENTS.”

Stockholders' equity

Stockholders’ Equity

A summary of the Company’s Class A Common Stock, $0.01 par value, and Class B Common Stock, $0.01 par value, follows:


(in thousands)	February 1, 2025	February 3, 2024
Class A Common Stock
Shares authorized	150,000	150,000
Shares issued	103,300	103,300
Shares outstanding	49,735	50,500
Class B Common Stock (1)
Shares authorized	106,400	106,400

(1) No shares were issued or outstanding as of each of February 1, 2025 and February 3, 2024.

Revenue recognition

Revenue Recognition

The Company recognizes revenue from product sales when control of the good is transferred to the customer, generally upon pick up at, or shipment from, a Company location.

For additional details on the Company’s unearned revenue liabilities related to the Company’s gift card and loyalty programs, refer to Note 3, “REVENUE RECOGNITION.”

The Company does not include tax amounts collected from customers on behalf of third parties, including sales and indirect taxes, in net sales.

Cost of sales, exclusive of depreciation and amortization

Cost of Sales, Exclusive of Depreciation and Amortization

Marketing, general & administrative expense

Selling Expense


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Shipping and handling costs	$	410,004	$	362,545	$	356,280

Marketing costs consist primarily of paid media advertising, direct digital advertising, including e-mail distribution, digital content and in-store photography and signage.

A summary of marketing costs follows:


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Marketing costs	$	270,598	$	217,276	$	189,347

General and Administrative Expense

Other operating income, net


(in thousands)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Foreign-currency-denominated transaction gains (losses)	$	2,665	$	1,936	$	(1,626)

Interest Expense

Advertising costs

Marketing costs consist primarily of paid media advertising, direct digital advertising, including e-mail distribution, digital content and in-store photography and signage.

Leased facilities

Leases

The measurement of operating lease right-of-use assets and liabilities includes amounts related to:

•Lease payments made prior to the lease commencement date;

•Fixed payments related to operating lease components, such as rent escalation payments scheduled at the lease commencement date;

•Fixed payments related to nonlease components, such as taxes, insurance, and maintenance costs; and

The measurement of operating lease right-of-use assets and liabilities excludes amounts related to:

Refer to Note 8, “LEASES.”

Share-based compensation

Share-based Compensation

Refer to Note 13, “SHARE-BASED COMPENSATION.”

Plans

The 2016 Directors LTIP, a stockholder-approved plan, permits the Company to annually grant awards to non-associate directors, subject to the following limits:

•For non-associate directors: awards with an aggregate fair market value on the date of the grant of no more than $300,000;

Each of the 2016 Directors LTIP and the 2016 Associates LTIP provides for accelerated vesting of awards if there is a change of control and certain other conditions specified in each plan are met.

Net income per share

per Share Attributable to A&F


(in thousands)	Fiscal 2024	Fiscal 2023	Fiscal 2022
Shares of Common Stock issued	103,300	103,300	103,300
Weighted-average treasury shares	(52,461)	(53,050)	(52,993)
Weighted-average — basic shares	50,839	50,250	50,307
Dilutive effect of share-based compensation awards	2,132	2,476	2,020
Weighted-average — diluted shares	52,971	52,726	52,327
Anti-dilutive shares (1)	220	541	2,233

Recent accounting pronouncements

Recent Accounting Pronouncements

Accounting Standards Update (ASU)

Description

Date of adoption

Effect on the financial statements or other significant matters

Standards adopted

ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

January 29, 2023

The Company adopted this guidance by enhancing supply chain financing disclosures to include roll-forward activity. Refer to Note 2, “S UMMARY OF SIGNIFICANT ACCOUNTING PO LICIES.”

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

February 1, 2025

The Company adopted this guidance by enhancing segment reporting footnote disclosures to include significant segment expenses. Refer to Note 17, “SEGMENT REPORTING.

Standards not yet adopted

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Other than the new disclosure requirements, the adoption of this guidance will not have a significant impact on the Company's consolidated financial statements.

ASU 2024-03 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

ASU 2025-01 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date

Other than the new disclosure requirements, the adoption of this guidance will not have a significant impact on the Company’s consolidated financial statements.