Abercrombie & Fitch updates FY2021 outlook; Q4 sales below prior range on inventory delays

ABERCROMBIE & FITCH CO /DE/

FY2021 net sales expected up 19-20% vs 2020; operating margin 9-10%, in-line with prior.
Q4 net sales growth of 4-6% vs 2020, flat to -2% vs 2019; prior outlook was +3-5% vs 2019.
Inventory delays and COVID impacts caused lost holiday sales; $75M freight cost pressure (~650 bps).
Stock repurchases of at least $125M in Q4; ~$115M already repurchased quarter-to-date.
CEO highlights record annual operating income and margin; digital now ~50% of sales.

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