Abercrombie & Fitch Co reported QQ1 2025 results with revenue of USD 1.097B, down 3.23% year-over-year and down 30.77% quarter-over-quarter, reflecting seasonality and a promotional environment. Gross margin remained approximately 61.99%, but declined about 7.6 percentage points versus prior year, signaling pricing/mix pressure even as the business preserved operating profitability. EBITDA stood at USD 147.6M and operating income USD 101.5M, while net income reached USD 80.4M and diluted EPS was USD 1.59. Free cash flow was negative at USD -54.8M driven by working capital dynamics and capital expenditure, with cash and cash equivalents of USD 510.6M and total gross debt of USD 1.026B (net debt ~USD 515.3M). The balance sheet shows solid liquidity (current ratio ~1.38x; quick ratio ~0.72x when excluding inventory), and a leverage profile that remains meaningful but manageable in the context of ongoing DTC investments and brand initiatives.