2025-05-28-Jefferies-阿贝克隆比_费奇（ANF）_初步观点_第一季度表现好于预期_因关税影响财年利润展望减弱_8页_109kb

Abercrombie & Fitch Equity Research Summary

Key Highlights

• Rating: BUY with a price target of $135.
• Q1 Performance: Sales +8% YoY, beating prior guidance; EPS $1.59 exceeded Street expectations, while gross margin missed estimates.
• Guidance Updates: FY operating margin and EPS set lower due to ~$50M tariff impact at 30% on China goods and 10% on ROW goods; top-line growth widened to 3-6%.
• Valuation: Based on FY27E 14x P/E and 7x EV/EBITDA.
• Risks: Potential stall in margin expansion and macroeconomic headwinds.

Details

• Q1 Results: Revenue $1,097M, total sales +8% YoY; Hollister led with 23% comps, while Abercrombie revenue fell -4% YoY.
• Guidance:
  • Q2 revenue growth 3-5%, EPS $2.10-$2.30.
  • FY revenue growth 3-6%, operating margin 12.5%-13.5%, EPS $9.50-$10.50.