Abercrombie & Fitch sees Q4 revenue growth up low double digits y.y

Consensus $1.34B. Net sales growth to be up low double-digits compared to fiscal fourth quarter 2022 level of $1.2 billion. Included in this outlook is the expected benefit of approximately 375 basis points from the 53rd financial reporting week. Operating margin to be in the in the range of 12% to 14% compared to an adjusted operating margin of 7.7% in Q4 2022. We expect the year-over-year improvement to be driven by a higher gross profit rate on lower freight costs and higher AURs. Effective tax rate to be around 30%. This outlook assumes the continued inability to realize benefits on certain expected tax losses incurred outside of the U.S.