0001018840-26-000041
SEC filingANF二季度营收创纪录达13亿美元、EPS $4.17超指引，但主要靠约1亿美元IEEPA关税退款，全年指引上调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net sales | $1,266,689 thousand | $1,208,560 thousand | 5% |
| Gross Margin | — | — | — |
| Operating income (GAAP) | $252,700 thousand | $206,658 thousand | 280 bps |
| Operating income (Adjusted non-GAAP) | $252,700 thousand | $168,084 thousand | 600 bps |
| Operating margin (GAAP) | 19.9% | 17.1% | 280 bps |
| Operating margin (Adjusted non-GAAP) | 19.9% | 13.9% | 600 bps |
| Net income attributable to A&F | $183,720 thousand | $141,383 thousand | — |
| Diluted EPS (GAAP) | $4.17 | $2.91 | $1.26 |
| Diluted EPS (Adjusted non-GAAP) | $4.17 | $2.32 | $1.85 |
| Comparable sales | —% | — | — |
| EBITDA | $295,979 thousand | $244,082 thousand | — |
| Adjusted EBITDA | $295,979 thousand | $205,508 thousand | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 FY2026 | Net sales growth | 5% to 6% | N/A |
| Q3 FY2026 | Operating margin | 13.0% to 14.0% | N/A |
| Q3 FY2026 | Net income per diluted share | $2.90 to $3.20 | N/A |
| Q3 FY2026 | Share repurchases | at least $100 million | N/A |
| Q3 FY2026 | Diluted weighted average shares | around 43 million | N/A |
| FY2026 | Net sales growth | around 5% | N/A |
| FY2026 | Operating margin | 14.5% to 15.0% | N/A |
| FY2026 | Effective tax rate | around 29% | N/A |
| FY2026 | Net income per diluted share | $13.10 to $13.60 | N/A |
| FY2026 | Share repurchases | at least $500 million | N/A |
| FY2026 | Diluted weighted average shares | around 44 million | N/A |
| FY2026 | Capital expenditures | around $250 million | N/A |
本季营收创二季度纪录，达 $1,266,689 thousand（约 $1.3 billion），同比 +5%，为连续第 15 个季度增长；但可比销售持平，增长主要由门店面积扩张与 APAC（+19%）、Abercrombie 品牌（+8%）驱动，EMEA 可比销售为 (4)%、Hollister 可比销售为 (3)%，显示区域与品牌动能分化。利润端，GAAP 营业利润 $252,700 thousand、营业利润率 19.9%，同比提升 280 bps；其中约 $100 million 的 IEEPA 关税退款计入 cost of sales 抵减，贡献 790 bps，剔除后经营层面仍高于此前指引（原指引营业利润率 around 10%、EPS $1.80–$2.00）。稀释 EPS $4.17，其中约 $1.75 来自关税退款（按 26% 税率估算），去年同期含 $0.59 的支付卡反垄断和解收益，故调整后 non-GAAP EPS 由 $2.32 升至 $4.17。
管理层将全年指引上调：净销售额增长由 3%–5% 升至 around 5%，营业利润率由 12.0%–12.5% 升至 14.5%–15.0%，稀释 EPS 由 $10.20–$11.00 升至 $13.10–$13.60，回购规模由 around $450 million 提高至 at least $500 million；全年 IEEPA 关税退款利好约 220 bps（Q3 约 160 bps），预计退款 $120 million，同时有效关税率假设由 15% 下调至 10%–12.5%。资本返还方面，Q2 回购 2.0 million 股约 $177 million，年初至今回购 3.2 million 股 $282 million，相当于年初流通股 7%，授权余额 $568 million；流动性约 $1.1 billion，库存 $592 million 同比基本持平，年初至今经营现金流 $313 million。需注意本季超预期高度依赖一次性关税退款，且可比销售持平、EMEA 与 Hollister 可比销售为负，是后续需跟踪的主要风险。