Abercrombie & Fitch Co. Commits to Renewable Energy in Its Global Home Office and Distribution Centers

Rhea-AI Summary

Abercrombie & Fitch Co. (NYSE: ANF) announced a deal with AEP Energy to source all electricity for its New Albany headquarters and distribution centers from renewable energy starting in 2023. This 13-year agreement covers about 30,000 megawatt hours annually, cutting approximately 16,000 metric tons of carbon emissions each year, equivalent to 27,000 acres of U.S. forests. The initiative aligns with A&F's goal to reduce Total Scope 1 and 2 greenhouse gas emissions by 2030, demonstrating a strong commitment to sustainability.

Positive

• 13-year renewable energy agreement will significantly reduce carbon emissions by approximately 16,000 metric tons annually.
• Demonstrates Abercrombie & Fitch Co.'s commitment to sustainability and energy goals.
• Potentially enhances brand image and appeal to environmentally conscious consumers.

Negative

• None.

Global retailer inks renewable energy deal with AEP Energy

NEW ALBANY, Ohio, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE: ANF), a leading, global specialty retailer of apparel and accessories, today announced its commitment to source all electricity used at its New Albany, OH Global Home Office and Distribution Centers from renewable generation beginning in 2023.

The retailer, which owns Abercrombie & Fitch, abercrombie kids, Hollister, and Gilly Hicks, has signed a 13-year, 100% renewable energy supply agreement for Abercrombie & Fitch Co.’s corporate headquarters and two New Albany Distribution Centers with fellow Ohio-based company AEP Energy, a subsidiary of American Electric Power. The agreement is for approximately 30,000 megawatt hours annually and will reduce approximately 16,000 metric tons of carbon from the atmosphere each year. This is equivalent to the carbon sequestered by over 27,000 acres of U.S. forests over the 13-year term.

Kim Harr, Senior Director of Sustainability at A&F Co. said, “The shift to renewable electricity in our New Albany corporate operations will contribute to our overall energy goals of reducing Total Scope 1 and 2 greenhouse gas emissions by 2030. We developed our goals in line with science-based climate targets and international agreements including the UN Global Compact. We thank Worthington Energy Consultants and AEP Energy for their collaboration on this innovative energy solution. We’re excited to take this latest step on our sustainability journey.”

“We’re proud to partner with Abercrombie & Fitch Co. as they work to reduce their carbon footprint.  An integrated renewable energy solution will help them achieve their sustainability goals with energy from regional assets. AEP Energy is honored to support A&F Co.’s ongoing efforts as part of the retailer’s commitment to invest in renewable energy and reduce emissions,” said AEP Energy President Greg Hall.

“We are pleased to have the opportunity to work Abercrombie & Fitch Co. which has a long term vision and commitment to renewable and sustainable operations,” said Craig Grant, CEO of Worthington Energy Consultants, a leader in implementing renewable energy solutions.

To read more about A&F Co.’s global sustainability efforts, visit its corporate website.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained herein or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the Company’s control. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we assume no obligation to publicly update or revise our forward-looking statements. Risks and uncertainties related to the duration and impact of the COVID-19 pandemic on the Company and the factors disclosed in “ITEM 1A. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020, and in A&F’s subsequently filed quarterly reports on Form 10-Q, in some cases have affected, and in the future could affect, the company’s financial performance and could cause actual results for fiscal 2020 and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this press release or otherwise made by management.

About Abercrombie & Fitch Co.
Abercrombie & Fitch Co. (NYSE: ANF) is a leading, global specialty retailer of apparel and accessories for Men, Women and Kids through three renowned brands. For more than 125 years, the iconic Abercrombie & Fitch brand has outfitted innovators, explorers and entrepreneurs. Today, the brand reflects the updated attitude of the modern consumer, while remaining true to its heritage of creating expertly crafted products with an effortless, American style. The Hollister brand epitomizes the liberating and carefree spirit of the endless California summer for the teen market. abercrombie kids creates smart, playful apparel for children ages 5-14, celebrating the wide-eyed wonder of childhood.

The brands share a commitment to offering products of enduring quality and exceptional comfort that allow consumers around the world to express their own individuality and style. The Company operates approximately 730 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com and www.hollisterco.com.

About AEP Energy
AEP Energy, a subsidiary of American Electric Power (Nasdaq: AEP), is a certified competitive retail electricity and natural gas supply provider operating in 28 service territories in six states and Washington, D.C. AEP Energy supplies electricity and natural gas solutions for more than 500,000 residential and business customers and takes pride in making it easy for customers to buy, manage and use energy. Based in Columbus, Ohio, and Chicago, AEP Energy is committed to excellence by delivering value, innovative energy solutions and excellent customer service. For more information, visit www.aepenergy.com.

Investor Contact:	Media Contact:
Pam Quintiliano	Mackenzie Gusweiler
Abercrombie & Fitch Co.	Abercrombie & Fitch Co.
(614) 283-6751	(614) 283-6192
Investor_Relations@anfcorp.com	Public_Relations@anfcorp.com

FAQ

What is Abercrombie & Fitch's recent renewable energy deal?

Abercrombie & Fitch Co. signed a 13-year agreement with AEP Energy to source all electricity for its New Albany headquarters and distribution centers from renewable energy, starting in 2023.

How much carbon emissions will Abercrombie & Fitch reduce with its new energy agreement?

The agreement is expected to reduce approximately 16,000 metric tons of carbon emissions each year.

When will Abercrombie & Fitch start using renewable energy?

Abercrombie & Fitch will begin sourcing renewable energy for its New Albany operations in 2023.

How much renewable energy will Abercrombie & Fitch use annually?

The deal covers about 30,000 megawatt hours of renewable energy each year.

What are the sustainability goals of Abercrombie & Fitch?

Abercrombie & Fitch aims to reduce Total Scope 1 and 2 greenhouse gas emissions by 2030, in line with science-based climate targets.