(https://www.cnbc.com/2026/05/27/abercrombie-fitch-anf-earnings-q1-2026.html) — stock up 13% anyway. This is exactly the kind of earnings trap that kills discretionary retailers in the next 6 months. When your best-margin geography suddenly becomes a war zone, no amount of inventory discipline can paper over the fundamental demand cliff. The Street is cheering the beat. I'm watching the margin signal.

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