LEASES
The Company is a party to leases related to its Company-operated retail stores, as well as for certain of its distribution centers, office space, information technology and equipment.

The following table provides a summary of the Company’s operating lease costs for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
(in thousands)Fiscal 2025Fiscal 2024Fiscal 2023
Single lease cost (1)
$310,152 $264,794 $248,567 
Variable lease cost (2)
192,195 186,795 168,881 
Operating lease right-of-use asset impairment (3)
4,955 5,470 1,440 
Sublease income(4,165)(3,928)(3,949)
Total operating lease cost$503,137 $453,131 $414,939 
(1)Includes amortization and interest expense associated with operating lease right-of-use assets.
(2)Includes variable payments related to both lease and nonlease components, such as contingent rent payments made by the Company based on performance, and payments related to taxes, insurance, and maintenance costs.
(3)Refer to Note 10, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges.

The following table provides the weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rate used to calculate the Company’s operating lease liabilities as of January 31, 2026 and February 1, 2025:

January 31, 2026February 1, 2025
Weighted-average remaining lease term (years)5.54.9
Weighted-average discount rate6.9 %6.8 %
The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of January 31, 2026:
(in thousands)January 31, 2026
Fiscal 2026$312,271 
Fiscal 2027286,893 
Fiscal 2028240,341 
Fiscal 2029184,138 
Fiscal 2030117,833 
Fiscal 2031 and thereafter280,752 
Total undiscounted operating lease payments1,422,228 
Less: Imputed interest(254,133)
Present value of operating lease liabilities$1,168,095 
The Company had minimum commitments related to operating lease contracts that have not yet commenced, primarily for its Company-operated retail stores, of approximately $62.4 million as of January 31, 2026.
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Historical Timeline

Fiscal YearFiled
2026Mar 26, 2026Showing above
2025Mar 31, 2025
2024Apr 1, 2024
2023Mar 27, 2023
2022Mar 28, 2022
2021Mar 29, 2021
2020Mar 31, 2020
2019Apr 1, 2019
2018Apr 2, 2018
2017Mar 27, 2017
2016Mar 28, 2016

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.