Last month in New York, the National Retail Federation gave its 2026 Visionary award to Abercrombie & Fitch Co. C.E.O. Fran Horowitz, who has guided the once-adrift teen mall brand to explosive year-over-year growth since taking over as C.E.O. “First, we had to stabilize, then we had to transform, and next we had to grow,” Horowitz said, indulging in some business school aphorisms while accepting a made-up award from a trade association. It happens. Slightly more concerning: The day after the ceremony, A&F negatively updated its Q4 earnings and subsequently adjusted its full-year fiscal 2025 guidance downward to “at least 6 percent net sales growth.” The stock stumbled some 20 percent.