Abercrombie & Fitch beats top-line and bottom-line estimates; initiates Q4 and narrows FY outlook

Abercrombie & Fitch Co. press release (ANF): Q3 Non-GAAP EPS of $2.36 beats by $0.21.
Revenue of $1.29B (+6.6% Y/Y) beats by $10M.
Net sales growth led by Americas up 7%, EMEA up 7%, partially offset by 6% decline in APAC.
Net cash provided by operating activities of $313 million.
$100 million in shares repurchased in the quarter; Year-to-date share repurchases of $350 million, 9% of shares outstanding at beginning of the year
Narrows full-year outlook to net sales growth of 6% to 7%, net income per diluted share of $10.20 to $10.50.

Fiscal 2025 Outlook

The following outlook replaces all previous full year guidance. For fiscal 2025, the company now expects:
	Current Full Year Outlook^{(1) (2)}	Previous Full Year Outlook⁽²⁾⁽³⁾
Net sales	Growth In The Range of 6% to 7% (prior 5% to 7%) vs. estimated growth of 6.06% Y/Y	Growth In The Range of 5% to 7%
Operating margin	In The Range of 13.0% to 13.5%	In The Range of 13.0% to 13.5%
Effective tax rate⁽⁴⁾	Around 30%	Around 30%
Net income per diluted share^{(5) (6)}	In The Range of $10.20 to $10.50 vs. consensus of $9.68	In The Range of $10.00 to $10.50
Share repurchases⁽⁶⁾	Around $450 million	Around $400 million
Diluted weighted average shares^{(5) (6)}	Around 48 million	Around 49 million
Capital expenditures	~$225 million	~$225 million
Real estate activity	~40 Net Store Openings	~40 Net Store Openings
(all approximate)	60 Openings, 20 Closures	60 Openings, 20 Closures
	40 Remodels And Right-Sizes	40 Remodels And Right-Sizes


	FourthQuarter Outlook⁽¹⁾
Net sales	Growth In The Range of 4% to 6% vs. estimated growth of 5.40% Y/Y
Operating margin	Around 14%
Effective tax rate⁽⁴⁾	Around 30%
Net income per diluted share^{(5) (6)}	In The Range of $3.40 to $3.70 vs. consensus of $3.54
Share repurchases⁽⁶⁾	Around $100 million
Diluted weighted average shares^{(5) (6)}	Around 47 million