Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 3, 2014

ABERCROMBIE & FITCH CO.

(Exact name of registrant as specified in its charter)



Delaware	1-12107	31-1469076
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

6301 Fitch Path, New Albany, Ohio 43054

(Address of principal executive offices) (Zip Code)

(614) 283-6500

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On December 3, 2014, Abercrombie & Fitch Co. (the “Company”) issued a news release (the “Release”) reporting the Company's unaudited financial results for the thirteen weeks (quarterly period) and thirty-nine weeks (year-to-date period) ended November 1, 2014. A copy of the Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The Release contains non-GAAP financial measures reflecting adjustments to the Company's net income and net income per diluted share for the thirteen and thirty-nine week periods (quarterly and year-to-date periods) ended November 1, 2014 and November 2, 2013. A reconciliation between the relevant GAAP financial measures and the non-GAAP financial measures is contained in the Release. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America.

The Company also made available in conjunction with the Release additional unaudited quarterly financial information as of and for the quarterly periods for Fiscal 2013 and 2014. Additional financial information was made available for the fiscal years ended February, 1, 2014, February 2, 2013, January 28, 2012 and January 29, 2011. The additional financial information is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The Company also made available in conjunction with the Release an investor presentation of results for the quarterly period ended November 1, 2014. The presentation, which is available under the “Investor Presentations” tab in the “Investors” section of the Registrant's website, located at www.abercrombie.com, is furnished as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference.

The Company's management conducted a conference call on December 3, 2014 at approximately 8:00 a.m., Eastern Daylight Saving Time, to review the Company's financial results for the thirteen-week period ended November 1, 2014. A copy of the transcript of the conference call is furnished as Exhibit 99.4 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(a) through (c) Not applicable

(d) Exhibits:

The following exhibits are included with this Current Report on Form 8-K:



Exhibit No.		Description
99.1		News Release issued by Abercrombie & Fitch Co. on December 3, 2014

99.2		Additional Unaudited Quarterly and Fiscal Year Financial Information made available by Abercrombie & Fitch Co. in conjunction with the News Release on December 3, 2014

99.3		Investor presentation of results for the quarterly period ended November 1, 2014 made available by Abercrombie & Fitch Co. with the News Release on December 3, 2014

99.4		Transcript of conference call held by management of Abercrombie & Fitch Co. on December 3, 2014

[Remainder of page intentionally left blank; signature page follows]

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	ABERCROMBIE & FITCH CO.

Dated: December 4, 2014	By:	/s/ Joanne C. Crevoiserat
		Joanne C. Crevoiserat
		Executive Vice President and Chief Financial Officer
		Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS



Exhibit No.		Description
99.1		News Release issued by Abercrombie & Fitch Co. on December 3, 2014

99.2		Additional Unaudited Quarterly and Fiscal Year Financial Information made available by Abercrombie & Fitch Co. in conjunction with the News Release on December 3, 2014

99.3		Investor presentation of results for the quarterly period ended November 1, 2014 made available by Abercrombie & Fitch Co. with the News Release on December 3, 2014

99.4		Transcript of conference call held by management of Abercrombie & Fitch Co. on December 3, 2014

ABERCROMBIE & FITCH REPORTS THIRD QUARTER RESULTS

New Albany, Ohio, December 3, 2014: Abercrombie & Fitch Co. (NYSE: ANF) today reported unaudited financial results that reflected GAAP net income of $18.2 million and net income per diluted share of $0.25 for the thirteen weeks ended November 1, 2014, compared to GAAP net loss of $15.6 million and net loss per basic and diluted share of $0.20 for the thirteen weeks ended November 2, 2013.

Excluding certain charges, the Company reported adjusted non-GAAP net income of $30.4 million and adjusted non-GAAP net income per diluted share of $0.42 for the third quarter compared to adjusted non-GAAP net income of $40.5 million and adjusted non-GAAP net income per diluted share of $0.52 for the third quarter of last year.

A reconciliation of the GAAP financial measures to the non-GAAP financial measures is included in a table accompanying the consolidated financial statements with this release. As used in the release, "GAAP" refers to accounting principles generally accepted in the United States of America.

Mike Jeffries, Chief Executive Officer, said:

"As referenced in our earlier Business Update, our third quarter results were disappointing in what remains a very challenging environment for young apparel. Comparable sales improved somewhat in November, and this improvement was maintained through the Black Friday weekend. However, we expect conditions to remain difficult through the balance of the fourth quarter.

Longer term, we continue to believe we are taking the right steps to position the company for future success, including our shift to a branded structure, changes in our assortment and how we engage with our customer, investing in direct-to-consumer and omni-channel, expanding our international reach, closing under performing stores, and continuing to reduce expense. The aggregate impact of these changes represents a significant transformation for our company, and we are hopeful that the benefits will start to become evident as we move through 2015."

Third Quarter Sales Results



				Comparable Sales
($ in millions)	Net Sales		% Change	Stores	Direct-to-Consumer	Total
U.S.	$	594	(12)%	(10)%	5%	(7)%
International	$	317	(12)%	(22)%	15%	(15)%
Total Company	$	911	(12)%	(14)%	8%	(10)%

After showing slight sequential improvement in comparable sales in the second quarter, U.S. store comparable sales sequentially declined slightly in the third quarter. In addition, international store comparable sales further decelerated in the third quarter, particularly in Europe. Direct-to-Consumer comparable sales remained positive in the third quarter, but by a lower percentage than in the second quarter.

Net sales by brand for the third quarter were $358.4 million for Abercrombie & Fitch, $81.3 million for abercrombie kids and $468.1 million for Hollister Co. Comparable sales by brand, including direct-to-consumer, decreased 6% for Abercrombie & Fitch, decreased 10% for abercrombie kids, and decreased 12% for Hollister Co.

Additional Third Quarter Results Commentary

The gross profit rate for the third quarter was 62.2%, 80 basis points lower than last year. Reductions in average unit cost were more than offset by reductions in average unit retail, reflecting an increase in promotional activity.

Stores and distribution expense for the third quarter was $413.6 million, down from $481.2 million last year. Stores and Distribution expense included $2.4 million of charges in the third quarter of fiscal 2014 and $0.6 million of charges in the third quarter of fiscal 2013 related to lease termination, store closure costs and the Company's profit improvement initiative. Excluding these charges, the stores and distribution expense rate for the quarter was 45.1% of net sales, down 140 basis points from last year, driven primarily by savings from the Company's profit improvement initiative, largely in store payroll and other controllable store expense, partially offset by higher direct-to-consumer expense.

Marketing, general and administrative expense for the third quarter was $105.0 million, down from $126.8 million last year. Marketing, general and administrative expense included $1.2 million of charges in the third quarter of fiscal 2014 related to the Company's profit improvement initiative and certain corporate governance matters compared to $7.0 million of charges in the third quarter of fiscal 2013 related to the Company's profit improvement initiative. Excluding these charges, marketing, general and administrative expenses for the third quarter were down $16.0 million, primarily due to a reduction in compensation expense, including incentive and equity compensation, partially offset by an increase in marketing expense.

The Company incurred restructuring charges of $44.7 million in the third quarter of fiscal 2013, related to asset impairment, lease termination and other charges associated with the restructuring of the Gilly Hicks brand.

The Company incurred asset impairment charges for the third quarter of $16.7 million, compared to $43.6 million last year, related to stores whose asset carrying value exceeded fair value.

Net other operating income was $1.5 million for the third quarter, compared to $9.9 million last year, which included approximately $6.0 million of insurance recoveries.

The effective tax rate for the third quarter was 34.4% compared to a benefit of 57.7% last year. On an adjusted non-GAAP basis, the effective tax rate for the third quarter was 36.7%, compared to 31.1% last year, which included a benefit of $4.9 million related to certain discrete tax matters.

The Company ended the third quarter with $617.5 million in inventory at cost, a decrease of 20% versus the prior year.

During the third quarter, the Company repurchased approximately 2.0 million shares of its common stock at an aggregate cost of $75 million. As of November 1, 2014, the Company had approximately 9.0 million shares remaining available for purchase under its publicly announced stock repurchase authorizations.

The Company ended the third quarter with $320.6 million in cash and cash equivalents and gross borrowings of $300 million, compared to $257.5 million in cash and cash equivalents and gross borrowings of $138.8 million last year.

A summary of store openings and closings for the third quarter is included with the financial statement schedules following this release.

Other Developments

As previously announced, on November 19, 2014, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the Class A Common Stock of Abercrombie & Fitch Co., payable on December 10, 2014 to stockholders of record at the close of business on December 2, 2014.

Outlook

The Company now expects adjusted full year diluted earnings per share in the range of $1.50 to $1.65. The guidance is based on the assumption that fourth quarter comparable sales will be down by a mid-to-high single-digit percentage.

The guidance also assumes a gross margin rate for the fourth quarter higher than last year, but lower than the third quarter year-to-date rate. In addition, the guidance now assumes a full year effective tax rate in the upper 30's, which remains sensitive to the mix between international and domestic income.

The above guidance does not include charges related to the Gilly Hicks brand restructuring, the Company's profit improvement initiative, certain corporate governance matters, other potential impairment and store closure charges.

The Company now anticipates that it will have opened a total of 12 full-price international stores for the year, including 7 Hollister stores and 4 Abercrombie & Fitch stores. The Company also expects to have opened 9 international and U.S. outlet stores during the fiscal year. In addition, the Company continues to expect to have closed approximately 60 stores in the U.S. during the fiscal year through natural lease expirations.

The Company now expects total capital expenditures for the fiscal year to be approximately $200 million.

An investor presentation of third quarter results will be available in the "Investors" section of the Company's website at www.abercrombie.com at approximately 7:30 AM, Eastern Daylight Saving Time, today.

About Abercrombie & Fitch Co.

Abercrombie & Fitch Co. is a leading global specialty retailer of high-quality, casual apparel for Men, Women and kids with an active, youthful lifestyle under its Abercrombie & Fitch, abercrombie, Hollister Co. and Gilly Hicks brands. At the end of the third quarter, the Company operated 834 stores in the United States and 166 stores across Canada, Europe, Asia, Australia and the Middle East. The Company also operates e-commerce websites at www.abercrombie.com, www.abercrombiekids.com, www.hollisterco.com and www.gillyhicks.com.

Today at 8:00 AM, Eastern Daylight Saving Time, the Company will conduct a conference call. Management will discuss the Company's performance and its plans for the future and will accept questions from participants. To listen to the conference call, dial (877) 874-1567 and ask for the Abercrombie & Fitch Quarterly Call or go to www.abercrombie.com. The international call-in number is (719) 325-4886. This call will be recorded and made available by dialing the replay number (888) 203-1112 or the international number (719) 457-0820 followed by the conference ID number 3359329 or through www.abercrombie.com.

Investor Contact:

Brian Logan

Abercrombie & Fitch

(614) 283-6877

Investor_Relations@abercrombie.com

ICR, Inc.

(203) 682-8275

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 in this Press Release 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. The following factors, in addition to those included in the disclosure under the heading "FORWARD-LOOKING STATEMENTS AND RISK FACTORS" in "ITEM 1A. RISK FACTORS" of A&F's Annual Report on Form 10-K for the fiscal year ended February 1, 2014, in some cases have affected and in the future could affect the Company's financial performance and could cause actual results for Fiscal 2014 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: changes in economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, could have a material adverse effect on our business, results of operations and liquidity; changing fashion trends and consumer preferences, and the ability to manage our inventory commensurate with customer demand, could adversely impact our sales levels and profitability; fluctuations in the cost, availability and quality of raw materials, labor and transportation, could cause manufacturing delays and increase our costs; a significant component of our growth strategy is international expansion, which requires significant capital investment, adds complexity to our operations and may strain our resources and adversely impact current store performance; our international expansion plan is dependent on a number of factors, any of which could delay or prevent successful penetration into new markets or could adversely affect the profitability of our international operations; we have increased the focus of our growth strategy on direct-to-consumer sales channels and the failure to successfully develop our position in these channels could have an adverse impact on our results of operations; our direct-to-consumer operations are subject to numerous risks that could adversely impact sales, failure to successfully implement certain growth initiatives may have a material adverse effect on our financial condition or results of operations; fluctuations in foreign currency exchange rates could adversely impact our financial condition and results of operations; our business could suffer if our information technology systems are disrupted or cease to operate effectively; comparable sales, including direct-to-consumer, may continue to fluctuate on a regular basis and impact the volatility of the price of our Common Stock; extreme weather conditions may negatively impact our results of operations; our market share may be negatively impacted by increasing competition and pricing pressures from companies with brands or merchandise competitive with ours; our ability to attract customers to our stores depends, in part, on the success of the shopping malls or area attractions in which most of our stores are located; our net sales fluctuate on a seasonal basis, causing our results of operations to be susceptible to changes in Back-to-School and Holiday shopping patterns; our failure to protect our reputation could have a material adverse effect on our brands; we rely on the experience and skills of our senior executive officers, the loss of whom could have a material adverse effect on our business; interruption in the flow of merchandise from our key vendors and international manufacturers could disrupt our supply chain, which could result in lost sales and increased costs; in a number of our European stores, associates are represented by workers’ councils and unions, whose demands could adversely affect our profitability or operating standards for our brands; we depend upon independent third parties for the manufacture and delivery of all our merchandise; our reliance on two distribution centers domestically and four third-party distribution centers internationally makes us susceptible to disruptions or adverse conditions affecting our distribution centers; we rely on third-party vendors as well as other third-party arrangements for many aspects of our business and the failure to successfully manage these relationships could negatively impact our results of operations or expose us to liability for the actions of third-party vendors acting on our behalf; we may be exposed to risks and costs associated with credit card fraud and identity theft that would cause us to incur unexpected expenses and loss of revenues; our facilities, systems and stores, as well as the facilities and systems of our vendors and manufacturers, are vulnerable to natural disasters, pandemic disease and other unexpected events, any of which could result in an interruption to our business and adversely affect our operating results; our litigation exposure could have a material adverse effect on our financial condition and results of operations; our inability or failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets; actions of activist stockholders could have a negative effect on our business; fluctuations in our tax obligations and effective tax rate may result in volatility in our operating results; the effects of war or acts of terrorism could have a material adverse effect on our operating results and financial condition; our inability to obtain commercial insurance at acceptable prices or our failure to adequately reserve for self-insured exposures might increase our expenses and adversely impact our financial results; operating results and cash flows at the store level may cause us to incur impairment charges; we are subject to customs, advertising, consumer protection, privacy, zoning and occupancy and labor and employment laws that could require us to modify our current business practices, incur increased costs or harm our reputation if we do not comply; changes in the regulatory or compliance landscape could adversely affect our business and results of operations; our asset-based revolving credit facility and our Term Loan Facility include financial and other covenants that impose restrictions on our financial and business operations; compliance with changing regulations and standards for accounting, corporate governance and public disclosure could adversely affect our business, results of operations and reported financial results; our inability to successfully implement our long-range strategic plan could have a negative impact on our growth and profitability and our estimates of the expenses that we may incur in connection with the closures of the Gilly Hicks stores could prove to be inaccurate.



Abercrombie & Fitch Co.
Consolidated Statements of Operations
(in thousands, except per share data)

	Thirteen Weeks Ended					Thirteen Weeks Ended
	November 1, 2014			% of Net Sales		November 2, 2013			% of Net Sales
	(Unaudited)					(Unaudited)
Net Sales	$	911,453		100.0	%	$	1,033,293		100.0	%
Cost of Goods Sold	344,383			37.8	%	382,253			37.0	%
Gross Profit	567,070			62.2	%	651,040			63.0	%
Stores and Distribution Expense	413,551			45.4	%	481,232			46.6	%
Marketing, General and Administrative Expense	104,981			11.5	%	126,750			12.3	%
Restructuring Charges	—			0.0	%	44,708			4.3	%
Asset Impairment	16,706			1.8	%	43,571			4.2	%
Other Operating Income, Net	(1,534		)	(0.1	)%	(9,851		)	(1.0	)%
Operating Income (Loss)	33,366			3.6	%	(35,370		)	(3.4	)%
Interest (Income) Expense, Net	5,572			0.6	%	1,655			0.2	%
Income (Loss) Before Taxes	27,794			3.0	%	(37,025		)	(3.6	)%
Tax Expense (Benefit)	9,567			1.0	%	(21,381		)	(2.1	)%
Net Income (Loss)	$	18,227		2.0	%	$	(15,644	)	(1.5	)%

Net Income (Loss) Per Share:
Basic	$	0.26				$	(0.20	)
Diluted	$	0.25				$	(0.20	)

Weighted-Average Shares Outstanding:
Basic	70,814					76,456
Diluted	72,128					76,456



Abercrombie & Fitch Co.
Consolidated Statements of Operations
(in thousands, except per share data)

	Thirty-Nine Weeks Ended					Thirty-Nine Weeks Ended
	November 1, 2014			% of Net Sales		November 2, 2013			% of Net Sales
	(Unaudited)					(Unaudited)
Net Sales	$	2,624,486		100.0	%	$	2,817,760		100.0	%
Cost of Goods Sold	992,801			37.8	%	1,009,431			35.8	%
Gross Profit	1,631,685			62.2	%	1,808,329			64.2	%
Stores and Distribution Expense	1,257,422			47.9	%	1,402,080			49.8	%
Marketing, General and Administrative Expense	339,595			12.9	%	363,176			12.9	%
Restructuring Charges	6,053			0.2	%	44,708			1.6	%
Asset Impairment	16,706			0.6	%	43,571			1.5	%
Other Operating Income, Net	(9,444		)	(0.4	)%	(15,079		)	(0.5	)%
Operating Income (Loss)	21,353			0.8	%	(30,127		)	(1.1	)%
Interest (Income) Expense, Net	9,589			0.4	%	5,032			0.2	%
Income (Loss) Before Taxes	11,764			0.4	%	(35,159		)	(1.2	)%
Tax Expense (Benefit)	4,331			0.2	%	(23,682		)	(0.8	)%
Net Income (Loss)	$	7,433		0.3	%	$	(11,477	)	(0.4	)%

Net Income (Loss) Per Share:
Basic	$	0.10				$	(0.15	)
Diluted	$	0.10				$	(0.15	)

Weighted-Average Shares Outstanding:
Basic	72,577					77,387
Diluted	73,870					77,387



Abercrombie & Fitch Co.
Consolidated Balance Sheets
(in thousands)

	November 1, 2014		February 1, 2014		November 2, 2013
ASSETS	(Unaudited)				(Unaudited)
Current Assets
Cash and Equivalents	$	320,564	$	600,116	$	257,525
Receivables	65,083		67,965		86,726
Inventories	617,542		530,192		768,946
Deferred Income Taxes	17,543		21,835		56,699
Other Current Assets	116,160		100,458		116,714
Total Current Assets	1,136,892		1,320,566		1,286,610
Property and Equipment, Net	1,050,795		1,131,341		1,160,904
Other Assets	387,882		399,090		404,882
TOTAL ASSETS	$	2,575,569	$	2,850,997	$	2,852,396


LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable and Outstanding Checks	$	197,606	$	130,715	$	185,438
Accrued Expenses	273,362		322,834		307,962
Deferred Lease Credits	28,972		36,165		36,050
Income Taxes Payable	9,251		63,508		59,130
Short-Term Portion of Borrowings, Net	2,102		15,000		15,000
Total Current Liabilities	511,293		568,222		603,580
Long-Term Liabilities
Deferred Lease Credits	$	119,229	$	140,799	$	153,587
Long-Term Portion of Borrowings, Net	291,836		120,000		123,750
Leasehold Financing Obligations	55,467		60,726		61,623
Other Liabilities	202,285		231,757		234,839
Total Long-Term Liabilities	668,817		553,282		573,799
Total Shareholders' Equity	1,395,459		1,729,493		1,675,017

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,575,569	$	2,850,997	$	2,852,396



Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen-Week Period Ended November 1, 2014
(in thousands, except per share data)
(Unaudited)

	GAAP		Excluded Charges ⁽¹⁾		Adjusted Non-GAAP ⁽²⁾
Stores and Distribution Expense	$	413,551	$	2,357	$	411,194
Marketing, General and Administrative Expense	104,981		1,205		103,776
Asset Impairment	16,706		16,706		—

Income (Loss) Before Taxes	27,794		20,268		48,062

Tax Expense (Benefit)	9,567		8,089		17,656

Net Income (Loss)	$	18,227	$	12,179	$	30,406

Net Income (Loss) Per Diluted Share:	$	0.25			$	0.42

Diluted Weighted-Average Shares Outstanding:	72,128				72,128

⁽¹⁾ Excluded charges consists of pre-tax charges of $16.7 million for store-related asset impairments for stores whose asset carrying value exceeded fair value, primarily associated with 4 Abercrombie & Fitch, including the Ginza flagship, 12 Hollister and 23 abercrombie stores, $2.3 million for lease termination and store closures, $0.7 million related to the Company's profit improvement initiative, and $0.6 million for legal, advisory and other related to certain corporate governance matters.

⁽²⁾ Non-GAAP financial measures should not be used as alternatives to net income and net income per diluted share and are also not intended to supersede or replace the Company's GAAP financial measures. The Company believes it is useful to investors to provide the non-GAAP financial measures to assess the Company's operating performance.



Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirty-Nine Week Period Ended November 1, 2014
(in thousands, except per share data)
(Unaudited)

	GAAP		Excluded Charges⁽¹⁾		Adjusted Non-GAAP ⁽²⁾
Stores and Distribution Expense	$	1,257,422	$	4,365	$	1,253,057
Marketing, General and Administrative Expense	339,595		11,125		328,470
Restructuring Charges	6,053		6,053		—
Asset Impairment	16,706		16,706		—

Income (Loss) Before Taxes	11,764		38,249		50,013

Tax Expense (Benefit)	4,331		14,193		18,524

Net Income (Loss)	$	7,433	$	24,056	$	31,489

Net Income (Loss) Per Diluted Share:	$	0.10			$	0.43

Diluted Weighted-Average Shares Outstanding:	73,870				73,870

⁽¹⁾ Excluded charges consists of pre-tax charges of $16.7 million for store-related asset impairments for stores whose asset carrying value exceeded fair value, primarily associated with 4 Abercrombie & Fitch, including the Ginza flagship, 12 Hollister and 23 abercrombie stores, $7.5 million for legal, advisory and other related to certain corporate governance matters, $6.1 million related to the restructuring of the Gilly Hicks brand, $5.7 million related to the Company's profit improvement initiative, and $2.3 million for lease termination and store closures.



Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen-Week Period Ended November 2, 2013
(in thousands, except per share data)
(Unaudited)

	GAAP			Excluded Charges ⁽¹⁾		Adjusted Non-GAAP ⁽²⁾
Stores and Distribution Expense	$	481,232		$	639	$	480,593
Marketing, General and Administrative Expense	126,750			6,951		119,799
Restructuring Charges	44,708			44,708		—
Asset Impairment	43,571			43,571		—

Income (Loss) Before Taxes	(37,025		)	95,869		58,844

Tax Expense (Benefit)	(21,381		)	39,680		18,299

Net Income (Loss)	$	(15,644	)	$	56,189	$	40,545

Net Income (Loss) Per Diluted Share:	$	(0.20	)			$	0.52

Diluted Weighted-Average Shares Outstanding:	76,456					77,677

⁽¹⁾ Excluded charges consists of pre-tax charges of $43.6 million for store-related asset impairments for stores whose asset carrying value exceeded fair value, primarily associated with 23 Abercrombie & Fitch, 3 abercrombie and 70 Hollister stores, including the 5th Avenue flagship, $44.7 million related to the restructuring of the Gilly Hicks brand, and $7.6 million related to the Company's profit improvement.



Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirty-Nine Week Period Ended November 2, 2013
(in thousands, except per share data)
(Unaudited)

	GAAP			Excluded Charges⁽¹⁾		Adjusted Non-GAAP ⁽²⁾
Stores and Distribution Expense	$	1,402,080		$	639	$	1,401,441
Marketing, General and Administrative Expense	363,176			9,526		353,650
Restructuring Charges	44,708			44,708		—
Asset Impairment	43,571			43,571		—

Income (Loss) Before Taxes	(35,159		)	98,444		63,285

Tax Expense (Benefit)	(23,682		)	40,610		16,928

Net Income (Loss)	$	(11,477	)	$	57,834	$	46,357

Net Income (Loss) Per Diluted Share:	$	(0.15	)			$	0.59

Diluted Weighted-Average Shares Outstanding:	77,387					79,032

⁽¹⁾ Excluded charges consists of pre-tax charges of $43.6 million for store-related asset impairments for stores whose asset carrying value exceeded fair value, primarily associated with 23 Abercrombie & Fitch, 3 abercrombie and 70 Hollister stores, including the 5th Avenue flagship, $44.7 million related to the restructuring of the Gilly Hicks brand, and $10.1 million related to the Company's profit improvement.



Abercrombie & Fitch Co.
U.S. Store Count
(Unaudited)
Thirteen-Week Period Ended November 1, 2014


Store Activity	Abercrombie & Fitch		abercrombie		Hollister		Total

August 2, 2014	254		128		454		836

New	2		—		—		2

Closed	(1	)	(1	)	(2	)	(4	)

November 1, 2014	255		127		452		834


Abercrombie & Fitch Co.
International Store Count
(Unaudited)
Thirteen-Week Period Ended November 1, 2014


Store Activity	Abercrombie & Fitch		abercrombie		Hollister		Total

August 2, 2014	25		5		131		161

New	2		1		2		5

Closed	—		—		—		—

November 1, 2014	27		6		133		166



Abercrombie & Fitch Co.
U.S. Store Count
(Unaudited)
Thirty-Nine Week Period Ended November 1, 2014


Store Activity	Abercrombie & Fitch		abercrombie		Hollister		Gilly Hicks		Total

February 1, 2014	253		131		458		1		843

New	3		1		1		—		5

Closed	(1	)	(5	)	(7	)	(1	)	(14	)

November 1, 2014	255		127		452		—		834


Abercrombie & Fitch Co.
International Store Count
(Unaudited)
Thirty-Nine Week Period Ended November 1, 2014


Store Activity	Abercrombie & Fitch		abercrombie		Hollister		Gilly Hicks		Total

February 1, 2014	22		5		129		7		163

New	5		1		4		—		10

Closed	—		—		—		(7	)	(7	)

November 1, 2014	27		6		133		—		166



Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data and store data)

									Fiscal 2013															Fiscal 2014
	2010			2011		2012			Q1			Q2			Q3			Q4			2013			Q1			Q2			Q3			YTD

Net Sales	$	3,468,777		$	4,158,058	$	4,510,805		$	838,769		$	945,698		$	1,033,293		$	1,299,137		$	4,116,897		$	822,428		$	890,605		$	911,453		$	2,624,486

Cost of Goods Sold	1,251,348			1,607,834		1,694,096			285,603			341,576			382,253			532,030			1,541,462			310,769			337,649			344,383			992,801

Gross Profit	2,217,429			2,550,224		2,816,709			553,166			604,122			651,040			767,107			2,575,435			511,659			552,956			567,070			1,631,685

Stores and Distribution Expense	1,538,870			1,820,226		1,980,519			449,125			471,722			481,233			505,607			1,907,687			417,571			426,301			413,551			1,257,422

Marketing, General and Administrative Expense	400,804			437,120		473,883			118,780			117,646			126,750			118,608			481,784			123,581			111,033			104,981			339,595

Restructuring Charges	—			—		—			—			—			44,708			36,792			81,500			5,633			419			—			6,053

Asset Impairment	50,631			68,022		7,407			—			—			43,571			3,144			46,715			—			—			16,706			16,706

Other Operating (Income) Expense, Net	(10,056		)	3,472		(19,333		)	(818		)	(4,411		)	(9,851		)	(7,994		)	(23,074		)	(3,620		)	(4,290		)	(1,534		)	(9,444		)

Operating Income (Loss)	237,180			221,384		374,233			(13,921		)	19,165			(35,370		)	110,950			80,823			(31,506		)	19,493			33,366			21,353

Interest (Income) Expense, Net	3,362			3,577		7,288			1,628			1,750			1,655			2,513			7,546			1,997			2,020			5,572			9,589

Income (Loss) from Continuing Operations Before Taxes	233,818			217,807		366,945			(15,549		)	17,415			(37,025		)	108,437			73,277			(33,503		)	17,473			27,794			11,764

Tax Expense (Benefit) for Continuing Operations	78,109			74,669		129,934			(8,346		)	6,045			(21,381		)	42,331			18,649			(9,832		)	4,596			9,567			4,331

Net Income (Loss) from Continuing Operations	155,709			143,138		237,011			(7,203		)	11,370			(15,644		)	66,106			54,628			(23,671		)	12,877			18,227			7,433

Net Income (Loss) from Discontinued Operations (Net of Taxes)	—			796		—			—			—			—			—			—			—			—			—			—

Net Income (Loss)	$	155,709		$	143,934	$	237,011		$	(7,203	)	$	11,370		$	(15,644	)	$	66,106		$	54,628		$	(23,671	)	$	12,877		$	18,227		$	7,433



							Fiscal 2013												Fiscal 2014
	2010		2011		2012		Q1			Q2		Q3			Q4		YTD		Q1			Q2		Q3		YTD
Net Income (Loss) Per Share from Continuing Operations:
Basic	$	1.77	$	1.65	$	2.89	$	(0.09	)	$	0.15	$	(0.20	)	$	0.86	$	0.71	$	(0.32	)	$	0.18	$	0.26	$	0.10
Diluted	$	1.73	$	1.60	$	2.85	$	(0.09	)	$	0.14	$	(0.20	)	$	0.85	$	0.69	$	(0.32	)	$	0.17	$	0.25	$	0.10

Net Income Per Share from Discontinued Operations:
Basic	$	—	$	0.01	$	—	$	—		$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—
Diluted	$	—	$	0.01	$	—	$	—		$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—

Net Income (Loss) Per Share:
Basic	$	1.77	$	1.66	$	2.89	$	(0.09	)	$	0.15	$	(0.20	)	$	0.86	$	0.71	$	(0.32	)	$	0.18	$	0.26	$	0.10
Diluted	$	1.73	$	1.61	$	2.85	$	(0.09	)	$	0.14	$	(0.20	)	$	0.85	$	0.69	$	(0.32	)	$	0.17	$	0.25	$	0.10

Weighted-Average Shares Outstanding:
Basic	88,061		86,848		81,940		78,324			77,382		76,456			76,467		77,157		74,483			72,436		70,814		72,577
Diluted	89,851		89,537		83,175		78,324			79,267		76,456			77,568		78,666		74,483			73,756		72,128		73,870

Comparable Store Sales	7%		5%		(5)%		(17)%			(14)%		(18)%			(16)%		(16)%		(11)%			(11)%		(14)%		(12)%

Comparable Direct-to-Consumer Sales					24%		(6)%			14%		11%			24%		13%		27%			11%		8%		15%

Comparable Sales (1)					(1)%		(15)%			(10)%		(14)%			(8)%		(11)%		(4)%			(7)%		(10)%		(7)%

Actual Shares Outstanding	87,246		85,638		78,445		78,306			76,384		76,395			76,402		76,402		72,775			71,363		69,336		69,336

Number of Stores - End of Period (2)	1,069		1,045		1,041		1,042			1,044		1,049			1,006		1,006		999			997		1,000		1,000

Gross Square Feet - End of Period	7,756		7,778		7,958		7,970			8,006		8,069			7,736		7,736		7,682			7,683		7,715		7,715

⁽¹⁾ Includes comparable store and direct-to-consumer sales. ⁽²⁾ Prior period store counts have been restated to count multi-brand outlet stores as a single store.

INVESTOR PRESENTATION 2014 THIRD QUARTER

2 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 in this presentation 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. The factors included in the disclosure under the heading "FORWARD-LOOKING STATEMENTS AND RISK FACTORS" in "ITEM 1A. RISK FACTORS" of A&F's Annual Report on Form 10-K for the fiscal year ended February 1, 2014, in some cases have affected and in the future could affect the Company's financial performance and could cause actual results for the 2014 Fiscal year and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this presentation or otherwise made by management. OTHER INFORMATION All dollar and share amounts are in 000’s unless otherwise stated. Sub-totals and totals may not foot due to rounding.

3 Q3 ADJUSTED P&L SUMMARY* * The Q3 Adjusted P&L Summary for the current and prior periods is presented on a non-GAAP basis and excludes the charges set out on page 4. A reconciliation between GAAP and non-GAAP results is included as an appendix to the presentation. 2014 % OF NET SALES 2013 % OF NET SALES NET SALES $911,453 100.0% $1,033,293 100.0% GROSS PROFIT 567,070 62.2% 651,040 63.0% OPERATING EXPENSE 514,970 56.5% 600,392 58.1% OTHER OPERATING INCOME, NET (1,534) -0.2% (9,851) -1.0% OPERATING INCOME 53,634 5.9% 60,499 5.9% INTEREST EXPENSE, NET 5,572 0.6% 1,655 0.2% INCOME BEFORE TAXES 48,062 5.3% 58,844 5.7% TAX PROVISION 17,656 1.9% 18,299 1.8% NET INCOME $30,406 3.3% $40,545 3.9% NET INCOME PER SHARE BASIC $0.43 $0.53 DILUTED $0.42 $0.52 WEIGHTED-AVERAGE SHARES OUTSTANDING BASIC 70,814 76,456 DILUTED 72,128 77,677

4 EXCLUDED CHARGES (PRE-TAX) 2014 Q1 Q2 Q3 Q4 YEAR TO DATE ASSET IMPAIRMENT, LEASE TERMINATION AND STORE CLOSURE COSTS — — $18,958 $18,958 PROFIT IMPROVEMENT AND CORPORATE GOVERANCE 9,964 1,964 1,310 13,238 GILLY HICKS RESTRUCTURING CHARGES 5,633 419 — 6,052 TOTAL $15,597 $2,383 $20,268 $38,248 2013 Q1 Q2 Q3 Q4 FULL YEAR ASSET IMPAIRMENT, LEASE TERMINATION AND STORE CLOSURE COSTS — — 43,571 3,144 46,715 PROFIT IMPROVEMENT AND CORPORATE GOVERANCE — 2,575 7,590 3,674 13,839 GILLY HICKS RESTRUCTURING CHARGES — — $44,708 $36,792 $81,500 TOTAL — $2,575 $95,869 $43,610 $142,054

5 * Includes comparable store and DTC sales. Q3 COMPARABLE SALES* GEOGRAPHIC SALES MIXQ3 TOTAL COMPANY -10% GEOGRAPHIC: US -7% INTERNATIONAL -15% BRAND: ABERCROMBIE & FITCH -6% abercrombie kids -10% HOLLISTER CO. -12% INTERNATIONAL 34.8% U.S. 65.2%

6 * Includes comparable store and DTC sales. YEAR-TO-DATE COMPARABLE SALES* YTD TOTAL COMPANY -7% GEOGRAPHIC: US -6% INTERNATIONAL -10% BRAND: ABERCROMBIE & FITCH -3% abercrombie kids -8% HOLLISTER CO. -10% GEOGRAPHIC SALES MIX INTERNATIONAL 37.3% U.S. 62.7%

7 Q3 ADJUSTED OPERATING EXPENSE* * Third quarter adjusted operating expense excludes the charges set out on page 4. A reconciliation between GAAP and non-GAAP results is included as an appendix to the presentation. (1) Includes rent, other landlord charges, utilities, depreciation and other occupancy expense. (2) Includes selling payroll, store management and support, other store expense, direct-to-consumer expense, and distribution center costs. (3) Rounded based on reported percentages. THIRD QUARTER 2014 % OF NET SALES 2013 % OF NET SALES Δ bps (3) STORE OCCUPANCY (1) $187,459 20.6% $196,610 19.0% 160 ALL OTHER (2) 223,735 24.5% 283,983 27.5% (300) STORES AND DISTRIBUTION 411,194 45.1% 480,593 46.5% (140) MARKETING, GENERAL & ADMINISTRATIVE 103,776 11.4% 119,799 11.6% (20) TOTAL $514,970 56.5% $600,392 58.1% (160)

8 Q3 ADJUSTED P&L ANALYSIS* * Third quarter adjusted operating income excludes the charges set out on page 4. A reconciliation between GAAP and non-GAAP results is included as an appendix to the presentation. (1) Operating Income for U.S. Stores and International Stores is reported on an aggregate four-wall basis, and excludes pre-opening costs. Also includes third party sell-off of excess merchandise. (2) Store Pre-Opening Costs include pre-opening rent, payroll, travel and other expenses. (3) All Other includes Store Management & Support, DC and Other Expenses, net of Other Income. SALES 2014 OPERATING INCOME SALES 2013 OPERATING INCOME U.S. STORES (1) $475,717 $77,897 $561,788 $81,314 16.4% 14.5% INTERNATIONAL STORES (1) 248,221 58,847 296,937 76,186 23.7% 25.7% DIRECT TO CONSUMER 187,515 59,544 174,568 65,616 31.8% 37.6% MARKETING, GENERAL & ADMINISTRATIVE EXPENSES - (103,776) - (119,799) STORE PRE-OPENING COSTS (2) - (2,582) - (6,276) ALL OTHER, NET (3) - (36,296) - (36,542) TOTAL $911,453 $53,634 $1,033,293 $60,499

9 SHARE REPURCHASES FY 2014 FY 2013 SHARES REPURCHASED COST AVERAGE COST SHARES REPURCHASED COST AVERAGE COST FIRST QUARTER 3,825.7 $150,000 $39.21 349.7 $16,305 $46.63 SECOND QUARTER 1,459.4 $60,000 $41.11 2,033.0 $99,501 $48.94 THIRD QUARTER 2,039.0 $75,038 $36.80 - - - FOURTH QUARTER - - - TOTAL 7,324.1 $285,038 $38.92 2,382.7 $115,806 $48.60

10 Q3 STORE OPENINGS BRAND CENTER CITY DATE A&F IFS Chengdu Chengdu, CN 8/30/2014 abercrombie kids Savile Row London, UK 8/30/2014 A&F Centro Oberhausen Oberhausen, DE 9/4/2014 A&F Gilroy Outlet Gilroy, US 9/18/2014 Hollister Mall of Berlin Berlin, DE 9/25/2014 A&F Atlantic City Outlet Atlantic City, US 10/25/2014 Hollister Lotte World Seoul, SK 10/30/2014

11 FULL YEAR GUIDANCE UPDATES* FULL YEAR ADJUSTED DILUTED EARNINGS PER SHARE IN THE RANGE OF $1.50-$1.65 FOURTH QUARTER COMPARABLE SALES DOWN BY A MID-TO-HIGH SINGLE-DIGIT FOURTH QUARTER GROSS MARGIN RATE HIGHER THAN FOURTH QUARTER OF FISCAL 2013, LOWER THAN YEAR- TO-DATE RATE FULL YEAR TAX RATE IN THE UPPER 30s FULL YEAR WEIGHTED AVERAGE SHARE COUNT OF APPROXIMATELY 73.1 MILLION SHARES CAPITAL EXPENDITURES FOR THE FISCAL YEAR OF APPROXIMATELY $200 MILLION *Guidance for the full year does not include charges related to the Gilly Hicks restructuring, other potential impairment, lease termination and store closure charges, the Company’s profit improvement initiative or certain corporate governance matters.

12 Q3 STORE COUNT ACTIVITY * Includes Asia, Australia and the Middle East. ALL BRANDS TOTAL U.S. CANADA EUROPE REST OF WORLD* START OF Q3 2014 997 836 18 119 24 OPENINGS 7 2 - 3 2 CLOSINGS (4) (4) - - - END OF Q3 2014 1,000 834 18 122 26 A&F START OF Q3 2014 279 254 4 15 6 OPENINGS 4 2 - 1 1 CLOSINGS (1) (1) - - - END OF Q3 2014 282 255 4 16 7 abercrombie kids START OF Q3 2014 133 128 2 3 - OPENINGS 1 - - 1 - CLOSINGS (1) (1) - - - END OF Q3 2014 133 127 2 4 - HOLLISTER CO. START OF Q3 2014 585 454 12 101 18 OPENINGS 2 - - 1 1 CLOSINGS (2) (2) - - - END OF Q3 2014 585 452 12 102 19

13 APPENDIX: RECONCILIATION OF Q3 2014 NON-GAAP FINANCIAL MEASURES GAAP EXCLUDED CHARGES (1) ADJUSTED NON-GAAP (2) STORES AND DISTRIBUTION EXPENSE $413,551 $2,357 $411,194 MARKETING, GENERAL AND ADMINISTRATIVE EXPENSE 104,981 1,205 103,776 ASSET IMPAIRMENT 16,706 16,706 — INCOME (LOSS) BEFORE TAXES 27,794 20,268 48,062 TAX EXPENSE (BENEFIT) 9,567 8,089 17,656 NET INCOME (LOSS) $18,227 $12,179 $30,406 NET INCOME (LOSS) PER DILUTED SHARE $0.25 $0.42 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING: 72,128 72,128 (1) Excluded charges consists of pre-tax charges of $16.7 million for store-related asset impairments for stores whose asset carrying value exceeded the fair value, primarily associated with 4 Abercrombie & Fitch, including the Ginza Flagship, 12 Hollister and 23 abercrombie stores, $2.3 million for lease terminations and store closures, $0.7 million related to the Company's profit improvement initiative, and $0.6 million for legal, advisory and other related to certain corporate governance matters. (2) Non-GAAP financial measures should not be used as alternatives to net income and net income per diluted share and are also not intended to supersede or replace the Company's GAAP financial measures. The Company believes it is useful to investors to provide the non-GAAP financial measures to assess the Company's operating performance. THIRTEEN WEEKS ENDED NOVEMBER 1, 2014 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)

14 APPENDIX: RECONCILIATION OF 2014 YTD NON-GAAP FINANCIAL MEASURES (1) Excluded charges consists of pre-tax charges of $16.7 million for store-related asset impairments for stores whose asset carrying value exceeded the fair value, primarily associated with 4 Abercrombie & Fitch, including the Ginza flagship, 12 Hollister and 23 abercrombie stores, $7.5 million for legal, advisory and other related to certain corporate governance matters, $6.1 million related to the restructuring of the Gilly Hicks brand, $5.7 million related to the Company's profit improvement initiative and $2.3 million for lease termination and store closures. (2) Non-GAAP financial measures should not be used as alternatives to net income and net income per diluted share and are also not intended to supersede or replace the Company's GAAP financial measures. The Company believes it is useful to investors to provide the non-GAAP financial measures to assess the Company's operating performance. THIRTY-NINE WEEKS ENDED NOVEMBER 1, 2014 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) GAAP EXCLUDED CHARGES (1) ADJUSTED NON-GAAP (2) STORES AND DISTRIBUTION EXPENSE $1,257,422 $4,365 $1,253,057 MARKETING, GENERAL AND ADMINISTRATIVE EXPENSE 339,595 11,125 328,470 RESTRUCTURING CHARGES 6,053 6,053 — ASSET IMPAIRMENT 16,706 16,706 — INCOME (LOSS) BEFORE TAXES 11,764 38,249 50,013 TAX EXPENSE (BENEFIT) 4,331 14,193 18,524 NET INCOME (LOSS) $7,433 $24,056 $31,489 NET INCOME (LOSS) PER DILUTED SHARE $0.10 $0.43 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING: 73,870 73,870

15 APPENDIX: RECONCILIATION OF Q3 2013 NON-GAAP FINANCIAL MEASURES (1) Excluded charges consists of pre-tax charges of $43.6 million for store-related asset impairments for stores whose asset carrying value exceeded the fair value, primarily associated with 23 Abercrombie & Fitch, 3 abercrombie and 70 Hollister stores, including the 5th Avenue flagship, $44.7 million related to the restructuring of the Gilly Hicks brand and $7.6 million related to the Company's profit improvement. (2) Non-GAAP financial measures should not be used as alternatives to net income and net income per diluted share and are also not intended to supersede or replace the Company's GAAP financial measures. The Company believes it is useful to investors to provide the non-GAAP financial measures to assess the Company's operating performance. THIRTEEN WEEKS ENDED NOVEMBER 2, 2013 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) GAAP EXCLUDED CHARGES (1) ADJUSTED NON-GAAP (2) STORES AND DISTRIBUTION EXPENSE $481,232 $639 $480,593 MARKETING, GENERAL AND ADMINISTRATIVE EXPENSE 126,750 6,951 119,799 RESTRUCTURING CHARGES 44,708 44,708 — ASSET IMPAIRMENT 43,571 43,571 — INCOME (LOSS) BEFORE TAXES (37,025) 95,869 58,844 TAX EXPENSE (BENEFIT) (21,381) 39,680 18,299 NET INCOME (LOSS) $(15,644) $56,189 $40,545 NET INCOME (LOSS) PER DILUTED SHARE $(0.20) $0.52 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING: 76,456 77,677

16 APPENDIX: RECONCILIATION OF 2013 YTD NON-GAAP FINANCIAL MEASURES (1) Excluded charges consists of pre-tax charges of $43.6 million for store-related asset impairments for stores whose asset carrying value exceeded the fair value, primarily associated with 23 Abercrombie & Fitch, 3 abercrombie and 70 Hollister stores, including the 5th Avenue flagship, $44.7 million related to the restructuring of the Gilly Hicks brand and $10.1 million related to the Company's profit improvement. (2) Non-GAAP financial measures should not be used as alternatives to net income and net income per diluted share and are also not intended to supersede or replace the Company's GAAP financial measures. The Company believes it is useful to investors to provide the non-GAAP financial measures to assess the Company's operating performance. THIRTY-NINE WEEKS ENDED NOVEMBER 2, 2013 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) GAAP EXCLUDED CHARGES (1) ADJUSTED NON-GAAP (2) STORES AND DISTRIBUTION EXPENSE $1,402,080 $639 $1,401,441 MARKETING, GENERAL AND ADMINISTRATIVE EXPENSE 363,176 9,526 353,650 RESTRUCTURING CHARGES 44,708 44,708 — ASSET IMPAIRMENT 43,571 43,571 — INCOME (LOSS) BEFORE TAXES (35,159) 98,444 63,285 TAX EXPENSE (BENEFIT) (23,682) 40,610 16,928 NET INCOME (LOSS) $(11,477) $57,834 $46,357 NET INCOME (LOSS) PER DILUTED SHARE $(0.15) $0.59 DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING: 77,387 77,387

THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call EVENT DATE/TIME: DECEMBER 03, 2014 / 1:00PM GMT OVERVIEW: ANF reported 3Q14 net sales of $911m and adjusted non-GAAP diluted EPS of $0.42. Expects 2014 non-GAAP adjusted diluted EPS to be $1.50-1.65. THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.

C O R P O R A T E P A R T I C I P A N T S Brian Logan Abercrombie & Fitch Co. - VP, IR & Controller Mike Jeffries Abercrombie & Fitch Co. - CEO Joanne Crevoiserat Abercrombie & Fitch Co. - EVP & CFO Jonathan Ramsden Abercrombie & Fitch Co. - EVP & COO C O N F E R E N C E C A L L P A R T I C I P A N T S Janet Kloppenburg JJK Research - Analyst Kimberly Greenberger Morgan Stanley - Analyst Gene Vladimirov Nomura Securities - Analyst Lorraine Hutchinson Bank of America Merrill Lynch - Analyst Matt McClintock Barclays Capital - Analyst Courtney Wilson Cowen and Company - Analyst Jennifer Black Jennifer Black & Associates - Analyst Neely Tamminga Piper Jaffray - Analyst Tom Filandro Susquehanna International Group - Analyst Jennifer Davis Buckingham Research Group - Analyst Marni Shapiro The Retail Tracker - Analyst Anna Andreeva Oppenheimer - Analyst Susan Anderson FBR Capital Markets - Analyst Lindsay Drucker Mann Goldman Sachs - Analyst Dorothy Lakner Topeka Capital Markets - Analyst Christian Buss Credit Suisse - Analyst Rebecca Duval BlueFin Research Partners - Analyst P R E S E N T A T I O N Operator Good day, everyone. Welcome to the Abercrombie & Fitch first-quarter 2014 earnings results conference call. Today's conference is being recorded. (Operator Instructions). Now, at this time, I'd like to turn the conference over to Mr. Brian Logan. Mr. Logan, please go ahead. Brian Logan - Abercrombie & Fitch Co. - VP, IR & Controller Good morning and welcome to our third-quarter earnings call. Earlier this morning, we released our third-quarter sales and earnings, income statement, balance sheet, store opening and closing summary and an updated financial history. Please feel free to reference these materials, which are available on our website. Also available on our website is an investor presentation, which we will be referring to in our comments during this call. Today's earnings call is being recorded and the replay may be accessed through the Internet at Abercrombie.com under the Investors section. The call is scheduled for one hour. Joining me today are Mike Jeffries, Chief Executive Officer; Jonathan Ramsden, Chief Operating Officer; and Joanne Crevoiserat, Chief Financial Officer. 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

Before we begin, I remind you that any forward-looking statements we may make today are subject to the Safe Harbor statement found in our SEC filings. After our prepared comments this morning, we will be available to take your questions for as long as time permits. With that, I will hand the call over to Mike for some opening remarks. Mike Jeffries - Abercrombie & Fitch Co. - CEO Thank you, Brian and good morning, everyone. It is very clear that the young apparel sector in which we operate is going through a period of disruption and turmoil. In response to that, we are making significant changes across many aspects of how we operate as a company. These changes include, first, shifting to a branded organization; second, making major changes in our assortments, including faster speed to market and lower AUC.; third, changing how we engage with our customer; fourth, introducing new store designs; fifth, aggressively investing in DTC and omnichannel; sixth, closing domestic stores; and seventh, taking well in excess of $200 million of expense out of our model. In light of a very difficult quarter, we must ask ourselves, and I know that many of you ask the same questions, are we making the right changes, are we moving fast enough, will these changes be enough to overcome a very challenging environment. Despite the difficult results for the quarter, we believe the answer to these questions is yes and I will come back to that in a moment. As you know from our pre-release a few weeks ago, the third quarter proved to be more difficult than expected as the trend weakened across all brands and channels. Store traffic improved in August, but then declined significantly for September and October. Reduced logo business continued to weigh heavily on our results contributing approximately 12 percentage points to our down 10 comp for the quarter with non-logo business comping up slightly. Lower-than-expected sales were compounded by a lower merchandise margin as our AUR came down in a very promotional environment and by a strengthening US dollar. Continued excellent progress on expense reduction mitigated, but was not able to fully offset lower-than-projected gross margin dollars resulting in a significant miss to our projected EPS. Within the numbers, however, there were some positives. While comps in tops were very negative, bottoms comped positively for the quarter with denim continuing to do well and our dress business remains very strong. Comps were negative across almost all international markets, but were positive in China and improved from the second quarter. In China, the quarter also marked the opening of our first mall-based A&F store in Chengdu, which is performing strongly and encourages us to believe in the growth potential of both brands in China. Coming back to margin, good progress on AUC cushioned an element of the AUR decline for the quarter and we see that benefit continuing through 2015. While always hard to quantify, weather was very likely a factor in our results in September and October and as the weather cooled down in November, we saw an improvement in our comps. Cold weather categories performed well throughout November, including the Black Friday weekend where the overall improvement in comps was maintained. However, we expect conditions to remain difficult through the balance of the fourth quarter. Returning to the many changes we are making as a company, we are very pleased to have welcomed Fran Horowitz and Christos Angelides to the Company during the quarter. Fran and Christos have been onboard for around six weeks, but are quickly moving into their new roles and I share the excitement that is felt across the Company about the impact they will have on our business. Fran and Christos will join our next earnings call and provide their perspectives on the opportunities they see for each of our brands in 2015 and beyond. Moving to how we engage with our customer, we have been very pleased with the impact of our new Hollister storefronts and beyond the nearly 60 stores already converted, we plan to convert many more stores during 2015. To date, the original 10 test stores continue to comp around 10 percentage points ahead of their control group and expanding the rollout to a much larger group of stores should enable us to see an overall comp benefit in 2015. We also remain pleased with key metrics we are seeing from our marketing initiatives. Across both brands, fan growth in platforms such as Instagram, Facebook and Twitter is up over 25% year-over-year and total social engagement during the quarter was more than 4 times greater than last year. 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

In addition, according to our social listening tool, Crimson Hexagon, net brand sentiment is up close to 30% for A&F and up close to 40% for Hollister since the beginning of the year. Going forward, we believe our greatest opportunity remains in improving top-of-funnel metrics, specifically brand consideration. While it may take time for our marketing efforts to fully translate to the bottom line, we believe we're getting great traction. In addition, we recently began a Hollister price test in 11 northern UK stores where we have reticketed most of the assortment lower with these price reductions to be offset by greater percentage reductions in AUC. We will get a good read on this test during the fourth quarter. As we look to 2015, a number of factors give us confidence that we will see a significant improvement in our comp trend. This includes the abatement and neutralization of the logo headwind as we go through the year, the benefit of the broader rollout of storefront conversions, new pricing strategies in Europe and continuing to gain traction in our assortment and marketing initiatives, particularly as Fran and Christos get fully up to speed in their new roles. In the meantime, we are working hard to sustain the recent improvement in the trends over the balance of the quarter; although we continue to expect a very challenging environment. Now I will hand over to Joanne. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Thanks, Mike and good morning, everyone. To recap the third-quarter results at a high level, despite a significant sales decline for the quarter and continuing AUR pressure, significant expense reductions meant that our constant currency non-GAAP earnings were approximately in line with last year. Going into more detail, net sales for the quarter were $911 million, down 12% to last year. Including direct-to-consumer, total comparable sales were down 10%. Sales during the quarter were below expectations with comp sales in September and October being significantly weaker than August. US comp sales were down 7% while total international comp sales were down 15%. By channel, store comp sales were down 14% while direct-to-consumer comp sales were up 8%. The direct-to-consumer channel continued to outperform stores posting positive gains in all brands and all markets. Within the stores channel, continued weak traffic was the primary contributor to the lower sales trend, particularly in Europe, but average transaction value was also down driven by lower average unit retail. Within the DTC segment, an increase in conversion rate was partially offset by a decrease in average transaction value. By brand, comp sales, including direct-to-consumer, were down 6% for Abercrombie & Fitch, down 10% for abercrombie kids and down 12% for Hollister, which is disproportionately weighed by European comp sales. Comp sales by gender were approximately in line. In addition, weakness in tops, particularly fleece and male graphic tees, more than offset positive trends in jeans and dresses. Changes in foreign currency exchange rates versus a year ago also adversely impacted sales by approximately $8 million, which was greater than anticipated. The gross profit rate for the quarter was 62.2%, 80 basis points lower than last year, primarily reflecting lower international AUR and increased shipping promotions in the direct-to-consumer business, partially offset by lower average unit costs. Excluding pretax charges of $20 million this year and $96 million last year, which are detailed on page 4 of our investor presentation and primarily consists of asset impairment and Gilly Hicks restructuring charges, adjusted non-GAAP operating expense for the quarter was $515 million, down $85 million, or 14% from last year, representing 160 basis points of leverage. Expense savings were significantly greater than anticipated coming into the quarter due to continued tight expense management and the realization of significant expense savings on lower sales. On an adjusted non-GAAP basis, stores and distribution expense for the quarter was $411 million, down $69 million from last year, representing 140 basis points of leverage. The decreased expense was driven primarily by savings in store payroll and other controllable store expenses, which was partially offset by higher direct-to-consumer expense. 4 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

On an adjusted non-GAAP basis, marketing, general and administrative expense for the quarter was $104 million, down $16 million, or 13% from last year. The decline in MG&A expense was primarily due to a decrease in compensation-related expense, including incentive and equity compensation expense, partially offset by an increase in marketing expense. Other operating income was $2 million for the quarter compared to $10 million last year, which included a $6 million benefit associated with insurance recoveries. On an adjusted non-GAAP basis, operating income for the quarter was $54 million compared to $60 million last year and operating margin was 5.9%, flat to last year. The effective tax rate for the quarter, excluding the effect of charges, was 36.7% versus 31.1% last year, which included a benefit of $5 million related to certain discrete tax matters. The tax rate for the quarter was higher than anticipated reflecting a lower proportion of earnings being generated from international operations than previously expected. For the quarter, the Company reported adjusted non-GAAP net income per diluted share of $0.42 compared to adjusted non-GAAP net income per diluted share of $0.52 last year. Turning to the balance sheet, we ended the quarter with $321 million in cash and cash equivalents and borrowings outstanding of $300 million. Including amounts which could be drawn under our asset-based revolving credit facility, we ended the quarter with total liquidity in excess of $670 million. We also ended the quarter with total inventory at cost down 20% versus last year, consistent with our expectations and reflecting improved inventory management. We expect inventory at cost on a year-over-year basis to continue to be down at the end of the fourth quarter. During the quarter, we repurchased approximately 2 million shares at an aggregate cost of $75 million. This brings our total year-to-date repurchases to approximately 7.3 million shares. As of the end of the quarter, we have approximately 9 million shares remaining available for repurchase under our previously announced stock repurchase authorization. During the quarter, we closed four US stores and opened seven new stores, including two US A&F outlet stores and two international A&F mall-based stores located in China and Germany. At the end of the quarter, we operated 834 stores in the US and 166 stores in Canada, Europe, Asia, Australia and the Middle East. And with that, I will hand it over to Jonathan. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Thanks, Joanne and good morning, everyone. I'm going to start with an update on some of our strategic initiatives and will then give an update on our outlook for the remainder of the year. As Mike mentioned, we are disappointed with our results for the third quarter. While we had expected better top-line performance, it is obvious that we remain in a challenging environment and this underscores the importance of our initiatives to position the Company for improved performance. As you know, these efforts are oriented around four key drivers -- first, improving productivity and profitability in our US stores through our initiatives around our assortment, marketing and brand engagement, continued closure of underperforming stores and through opening more outlet stores. As Mike said, we remain pleased with the results of the new Hollister storefronts and expect to accelerate the rollout in both the US and Europe in 2015. Our outlet business is also performing well. US outlet stores comparable sales were up approximately 10% for the quarter and our new MFO outlet stores are performing well. Regarding store closures, we still expect to close approximately 60 stores during 2014, bringing our cumulative US closures to around 280 stores, excluding Gilly Hicks (inaudible). We anticipate a similar number of closures in each of the next few years, but retain significant flexibility given our lease expiration profile. Second, continuing to invest in DTC and omnichannel. We continued the rollout of our omnichannel efforts during the quarter. Ship from store is now live in about 370 US stores and order in store is live in 660 US stores. We expect these initiatives to be sales and margin accretive and we expect to have reserve in store and in-store pickup activated during 2015. We are also working on extending omnichannel capabilities into Europe. During the quarter, we launched localized e-commerce capabilities in Asia, including local desktop and mobile sites in Japan, China, Hong Kong, Singapore and Taiwan. Regional fulfillment from Hong Kong and local fulfillment within China and a Hollister storefront on [TMall]. It is still early 5 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

days, but we have seen a clear improvement in both conversion and traffic and did particularly well on Singles' Day in China. We also remain on track with a $50 million conversion of one of our distribution centers here in New Albany [to be a] dedicated direct-to-consumer facility. Third, continuing profitable and high return international expansion. As Mike mentioned, we are pleased with our performance in China, including our first A&F mall-based store in Chengdu. We are also excited about other initiatives to grow the international penetration of our brands, including our first franchising arrangement in Mexico, which encompasses both the A&F and Hollister brands and where our first store is set to open in late spring 2015. Fourth, lowering expenses. We continue to exceed our goals from savings from the profit improvement initiatives and our next steps include ensuring that process changes implemented during 2014 are institutionalized and continuing to drive for more efficiency in our core processes. Moving on to our earnings outlook for the rest of 2014, we now expect full-year non-GAAP adjusted diluted earnings per share in the range of $1.50 to $1.65. The guidance is based on the assumption that fourth-quarter comparable sales will be down by a mid to high single digit percentage. The guidance assumes a gross margin rate for the fourth quarter that is higher than last year, but lower than the year-to-date rate. On a sequential basis, fourth-quarter expense savings will be lower as we anniversary $25 million in savings realized from the profit improvement initiative last year. In addition, there were significant savings realized in the third quarter largely related to compensation, which will not repeat in the fourth quarter. The guidance assumes a full-year effective tax rate in the upper 30%s, which now reflects a lower proportion of earnings being generated in international operations than previously expected. The guidance assumes a full-year weighted average share count of approximately 73.1 million shares. The guidance does not include charges relating to the Gilly Hicks restructuring, the Company's profit improvement initiative, certain corporate governance matters or other potential impairment and store closing charges. Looking to 2015, our single highest priority is improving the comparable sales trend of our business and we are confident that the steps we have outlined, including the shift to a branded organization model with seasoned and accomplished leaders for each of our brands will enable us to do that. This concludes our prepared comments. We will now be happy to take your questions. Thank you. Q U E S T I O N S A N D A N S W E R S Operator (Operator Instructions). Janet Kloppenburg, JJK Research. Janet Kloppenburg - JJK Research - Analyst Good morning, everyone. Michael, I was wondering if you could talk a little bit more about the assortment upgrades that you put in place and how that may evolve over time to affect the comp store sales trend? And secondly, I was wondering if you could discuss the timing involved in analyzing the price cuts going on in UK and if they are successful, what your strategies would be for the rest of Europe? Would you replicate that and what would the timing look like? Thanks so much. Mike Jeffries - Abercrombie & Fitch Co. - CEO Okay. I believe that we've made real progress in the current assortment that we have in place. I think it's been sequential as we've moved through the year. I feel that we have better fashion and we're gaining traction in that fashion. I think the challenge we have in fashion is being more aggressive with it and making bigger statements and having stronger points of view about it. I think the fashion has evolved very nicely. I absolutely believe it will affect comp over time. We clearly have headwind in terms of logo and the biggest factor there is that that will mitigate as we move through 2015 and will absolutely affect the comp trend. 6 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

Janet Kloppenburg - JJK Research - Analyst Mike (technical difficulty) for the fashion product in the stores? Mike Jeffries - Abercrombie & Fitch Co. - CEO I beg your pardon? Janet Kloppenburg - JJK Research - Analyst Are you seeing a good response to the fashion product in the stores? Mike Jeffries - Abercrombie & Fitch Co. - CEO Yes, yes, absolutely. Absolutely and we continue to underbuy it. Janet Kloppenburg - JJK Research - Analyst Okay, so no more changes to those investments as we go forward? Mike Jeffries - Abercrombie & Fitch Co. - CEO Yes, working very hard on that. We are in a transition period. I don't have to say this and we're not used to selling fashion as well as we are. So we have to give people more confidence. Janet Kloppenburg - JJK Research - Analyst Okay, okay. Mike Jeffries - Abercrombie & Fitch Co. - CEO Time involved in the price test in the UK, the answer is, yes, absolutely. If that is successful in the UK, we would absolutely replicate it throughout Europe. We think this is a test that will tell us what can happen with all of Europe. Thank you, Janet. Operator Kimberly Greenberger, Morgan Stanley. Kimberly Greenberger - Morgan Stanley - Analyst Great, thanks. Good morning, Mike. I have a quick question on your e-commerce margins. It looks like that's sort of the brunt of the operating margin decline. It looks like they were down 580 basis points this quarter. Is that merchandise margin or what's going on in the e-commerce business that's causing those margins to be under the kind of pressure that we're seeing here? 7 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Yes, Kimberly, I'll take that one. I think there are really three things going on there. First of all, e-comm is obviously dealing with the same overall impact of logo and the general trend of the business. I think we've historically said we did expect the e-commerce margin to moderate over time. One of the factors in that is shipping and handling revenue as a percentage of e-commerce sales continuing to decline and we do foresee that continuing. On top of that, we did have some discrete investments during the period, including some startup costs in Asia and some other things we're doing to improve the functionality of our websites, including mobile capabilities, which were investments through the P&L during the quarter, which we expect to benefit from going forward. But the biggest factors were I think the overall trend of the business, including the logo impact and then the shipping and handling revenues. That all said, we do expect that our e-comm margin, channel margin for the year to be in the low to mid 30%s. Kimberly Greenberger - Morgan Stanley - Analyst Low to mid 30%s, Jonathan? Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Yes. Kimberly Greenberger - Morgan Stanley - Analyst Okay, great. Thanks so much. Operator Simeon Siegel, Nomura Securities. Gene Vladimirov - Nomura Securities - Analyst Good morning. This is Gene Vladimirov on for Simeon. Thanks for taking our question. I was wondering if you could give any color around the impact you're seeing in the international channel, especially driven by the currency environment and would you be able to quantify any impact there? And also given the environment, are there any updated thoughts around the international expansion? Thanks. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Yes, on FX related to the international channel, I mean I think the impact that is primarily on our reported results short term because the value of those sales are getting brought back to US dollar reporting is lower because of the stronger dollar and the dollar did obviously rise significantly after our last earnings call. So that affected the earnings we reported for the quarter. I don't know that the immediate impact in terms of the local currency sales is all that significant. Generally, we're priced against the mall locally. I think your second part of the question is, if I am understanding it correctly, not related to FX, but just a broader question about international expansion given the current environment. I think a couple of points on that. First of all, we remain very pleased with what we're seeing in China. We referenced that our comps improved there from the second quarter and were positive. We're also seeing strong DTC pickup resulting from the increased store presence we have in China. So we think the return on that investment is still very strong and that will remain the primary filter through which we evaluate international expansion, that we believe the ROI based on what we believe to be conservative but sustainable volume 8 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

assumptions, including the impact of the store business on DTC, warrant that continued investment. But certainly based on what we're seeing in China currently, we continue to believe there is significant opportunity there in particular. As we've discussed in the prepared remarks, we are doing our first franchising rollout in Mexico. That's obviously a very low capital-intensive option. So we're also interested to see how that performs and how that might inform our international strategy going forward. Operator Lorraine Hutchinson, Bank of America. Lorraine Hutchinson - Bank of America Merrill Lynch - Analyst Thank you, good morning. What does the operating margin in Europe look like if lower prices are rolled out more broadly? Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO I think, as we said in the prepared remarks, our plan is to offset it by a greater percentage reduction in AUC. So gross margin rate hopefully is flat to higher and then if those lower AURs drive unit pickup, hopefully gross margin dollars are greater in total. And frankly, if they are not, then obviously we wouldn't be rolling out that pricing to Europe more broadly. Operator Matt McClintock, Barclays. Matt McClintock - Barclays Capital - Analyst Yes, good morning, everyone. I was wondering if you could discuss the range of performance across your Hollister store base just so we could potentially try to understand how much comp uplift you could have by closing stores. And then also you've made really tremendous efforts in reducing inventory levels. How much leaner do you need to get in inventory to begin to drive -- to begin to alleviate some of the AUR pressure from markdowns? Thank you. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO I can pick up the inventory question first. we are comfortable with our inventory levels and inventory management processes that we have in place. We continue to focus on chase and fabric platforming giving us much more flexibility in the supply chain and so we see inventory levels down, continuing to be down at the end of the fourth quarter, but at these levels we feel good about our position in terms of being able to get the business. And we do believe our inventory position going into the fourth quarter does give us some opportunity to look for AUR benefit as we move through the quarter. We expect margin to be up in the fourth quarter over last year. That margin improvement is driven by cost decreases. We are not anticipating AUR to be up year-over-year in the fourth quarter, but our inventory position certainly puts us in a situation where we can look for benefits as we move through the quarter. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Taking the first part of the question, Matt, I think the impact of year-to-year closing on the comp tends to be relatively insignificant. We're closing 50, 60 stores a year. They are typically low-volume stores. We do see a little bit of transfer. Those stores probably have historically comped a little lower than the rest of the chain, but not big enough a degree that that makes a significant impact. I think the important point for us as we think 9 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

about the range of store performance is the flexibility we have as a result of still a very high proportion of our fleet coming up for renewal in the US over the next two or three years. Clearly, there is a very significant channel shift that is continuing towards on line. That said, the higher echelon of our stores continue to perform very well, so I think the question for us is really about our middle group of stores that historically did pretty well, but are now underperforming and whether we can improve the performance of those stores over the next couple years with all the initiatives we're undertaking to warrant keeping them open longer term. Operator Oliver Chen, Cowen and Company. Courtney Wilson - Cowen and Company - Analyst Hi, this is [Courtney Wilson] in for Oliver. We were wondering if you could comment on the international logo strategy and if there's going to be any changes there going forward. And also if you could give any additional color on the brand differentiation between Abercrombie and Hollister and where you're seeing the most success there. Thanks. Mike Jeffries - Abercrombie & Fitch Co. - CEO Let's talk a little about logo. I'll embellish this conversation because I know there's lots of conversation there. And there's no disputing that it's been a big headwind for us, but we absolutely believe that deemphasizing logo is strategically the right thing to do as we listen to our customers' change in preferences. We'll continue to review our assortment on an ongoing basis to determine the optimal mix of logo by brand, by geography and by channel. We think that there could be some opportunity as we look at the business that way. We are looking at it in great detail, but the headline is that logo is declining. We're looking to manage our way out of it as efficiently as possible. Color on brand differentiation, I think that we're starting to see more differentiation by brand, but not enough. The concept of adding Christos and Fran will really help us in this endeavor. So expect to see more differentiation as we go forward. Operator Jennifer Black, Jennifer Black & Associates. Jennifer Black - Jennifer Black & Associates - Analyst Good morning, Mike. I wondered if you could talk about your learnings on the test stores you've put with kids into the adult stores and what your strategy is going forward. And then if you could give a little bit more color about the kids business, that would be awesome. Thank you. Mike Jeffries - Abercrombie & Fitch Co. - CEO Sure. The kids carve-outs we're looking at very carefully. We have a great deal of attention being paid to this. We're not seeing increases in the total store business yet. The kids business is healthy in the stores. We are not producing the volume that we need to be in the reduced square footage in the adult store. So we have a big group of people headed by Joanne, as a matter of fact, looking at this, how can we be more productive in the adult space, how can we merchandise that store more intensely. We've practically eliminated clearance. That's not helped us, but we are dedicated to make this work because we think the kids business in this carve-out strategy makes a huge amount of sense. Kids business I think is starting to look better and better. I have to say that opening the London kids store helped us in terms of reimagining that business in terms of content and marketing. I'm very optimistic about the kids business, but we've got to make this carve-out strategy work. 10 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

Jennifer Black - Jennifer Black & Associates - Analyst Great, thank you so much. Mike Jeffries - Abercrombie & Fitch Co. - CEO And we will. Operator Neely Tamminga, Piper Jaffray. Neely Tamminga - Piper Jaffray - Analyst Great, good morning. I just wanted to ask a little bit more specific around the timeline of two factors -- one, the logo abatement. How should we be thinking about that as we course through 2015 and then also timing on that pricing strategy you're working on in Europe? When could we see either a next layer of test hit the market and when would that be deployed within 2015? Thank you. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Hi, Neely, it's Joanne. In terms of logo abatement, we do see the headwinds moderating through the spring season, but we still expect headwinds in the spring and the logo headwinds will be largely behind us as we get to the back half of the year and anniversary what we experienced in the third quarter. As it relates to the timing of the Europe pricing strategy, we are reading that pricing through the first quarter and certainly depending on the results that we read, we expect to more broadly roll that out for back-to-school and in the back half of the year. Operator Tom Filandro, Susquehanna International Group. Tom Filandro - Susquehanna International Group - Analyst Hi, thanks. I want to just ask a question, a couple of questions on this reticketing test if I can. First, I was hoping you guys could actually quantify what the pricing adjustments are that you've made. Second, I was hoping you can tell us a little bit about how you are marketing those adjustments in store. Are they different than how you previously marketed pricing? And finally, I think you mentioned that you're going to offset that with a greater reduction in AUC. Is that exclusive to this test or is that just a broader comment? Thank you. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO I will kick it off with the AUC comment. The AUC effort is broad-based and we're leveraging the work we're doing in AUC to allow us to make specific investments in retail where we think we're going to get a return. So the AUC efforts are definitely broad-based. 11 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

In terms of the pricing, quantifying the adjustments, it really varies on a category-by-category basis. We're studying the competition and managing the pricing at a category down to an item level to understand the elasticity and the response we're seeing to the pricing. I don't have one number that I can point to on --. Mike Jeffries - Abercrombie & Fitch Co. - CEO I might help a little there. I think in total it's probably down about 15%. We've ticketed the whole assortment lower, but then we've taken key items with really compelling price points and that's how we're marketing it. We're marketing it front of store, key items, killer price points. We're doing some targeted GL marketing as well. So we'll see. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO If I may stay on that topic, I think it is a great question because I think as we talked about earlier on, we are getting very good metrics on brand engagement, brand sentiment, but our big opportunity really is to drive brand consideration, i.e. getting new customers or lapsed customers back into our stores. And we think marketing around these AUR efforts, as well as using the new converted storefronts as we also roll those out into Europe, is a great opportunity to really reach a new cohort of customers. Tom Filandro - Susquehanna International Group - Analyst Thank you very much. Best of luck and happy holidays. Operator Jennifer Davis, Buckingham Research Group. Jennifer Davis - Buckingham Research Group - Analyst Hey, good morning. I was wondering if you could talk a little bit about Europe, the store volumes there related to the US or relative to the US and four-wall profitability in Europe. I know international is down 200 basis points, but I assume Europe is the drag on that. And then, secondly, I was just wondering if you could talk a little bit more on Black Friday, what you saw in a little more detail and general trends and your thoughts on Black Friday, especially given that NRF survey and the controversy around that. Thanks. Mike Jeffries - Abercrombie & Fitch Co. - CEO Okay, let me try the Black Friday weekend because we were all very engaged. Jennifer Davis - Buckingham Research Group - Analyst You always are, Mike. Mike Jeffries - Abercrombie & Fitch Co. - CEO I didn't see any of you out there. When we net it all out, the trend was consistent with the rest of November which, as we said, showed improvement over the third quarter. However, the cadence within the week shifted with pull-forward of online from Cyber Monday to Black Friday. That was a 12 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

big deal. In addition, the channel shift continued with a greater mix to DTC which -- and I have to say there, we're well-positioned given our investments we've made in DTC, reduced store count and flexibility that Jonathan has talked about. Interestingly, Black Friday became a big deal in the UK this year and we were well-positioned to do well. Our regional fulfillment gave us an opportunity to fill demand quickly. But interestingly enough, Black Friday UK store comp plus 23%, DTC orders plus [263%], for a total of 63%. I think this conversation reinforces the fact that we live in a global society, and that's what this business is about today. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Coming back to the other part of your question about international stores, the margin erosion you're seeing there is primarily driven by the deleverage on the negative comps as well as the point Joanne referenced earlier about the international AUR coming down. We did have some fairly significant profit improvement initiative expense savings that offset that. So clearly, that margin rate has come down, but it's still on a full-year basis going to be we think at a pretty healthy place. But it does underscore the importance of stabilizing our comps in Europe and hopefully improving them over time to sustain margins, which at this point remain healthy and certainly much healthier than the US four-wall margins. Jennifer Davis - Buckingham Research Group - Analyst Is the sales volume in Europe still well above the US average? Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO The average store productivity, yes, absolutely. Jennifer Davis - Buckingham Research Group - Analyst All right, thanks. Best of luck for holiday. Operator Marni Shapiro, The Retail Tracker. Marni Shapiro - The Retail Tracker - Analyst Hey, guys, good morning, everybody. So I guess could we focus a little bit on the fashion? It sounds like the fashion is selling and it looks fantastic in the stores, but you own four pieces of each item. Mike Jeffries - Abercrombie & Fitch Co. - CEO You are right. Marni Shapiro - The Retail Tracker - Analyst As I look forward, could we possibly see inventory and some muscle behind these buys by spring and what would that say for sales? Is there a different percentage of fashion online and are you seeing consistency that the fashion is selling online and do you need to promote the fashion 13 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

as much? And then finally around denim and fashion, you said that denim actually did well. Was it the fashion that was doing well or was it the very well- priced core items that were doing well? Mike Jeffries - Abercrombie & Fitch Co. - CEO Let me start with the bottom and we'll work our way up. In denim, it was fashion and core. Let's go to the top of your question list. Can we put some muscle behind the fashion and I'm going to turn this over to Joanne. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Yes, the answer to that question is absolutely. We've been working on driving more depth behind our fashion buys since we saw the reaction, the customer reaction through back-to-school. We definitely will have more behind fashion items in the spring. We do think it will be a benefit to sales. And in terms of the online business, we have an expanded assortment online. The fashion does sell well online and we continue to look for opportunities to have Web-exclusive items offered to our customers through the online channel. Marni Shapiro - The Retail Tracker - Analyst As I'm looking forward to spring, if you could increase the percentage of fashion, will there or is there an opportunity to pull back on some of the blanket promotions so that you don't have to promote the fashion, but you can promote the stuff that isn't selling as well? Mike Jeffries - Abercrombie & Fitch Co. - CEO From your lips to God's ears. Marni Shapiro - The Retail Tracker - Analyst Best of luck for the holidays, guys. I'll take the rest offline. Operator Anna Andreeva, Oppenheimer. Anna Andreeva - Oppenheimer - Analyst Great, thanks so much. Good morning, guys. I was hoping you could talk about performance of non-logo business in Europe. Are you adjusting the mix of non-logo in the region? In other words, did you guys pull back a little too fast in non-logo? And curious on the store rationalization opportunity there. I think you have some of the stores with kickout options now. Are you looking to rationalize any of the real estate in Europe? Thanks. Mike Jeffries - Abercrombie & Fitch Co. - CEO The non-logo business in Europe is performing. I think it's difficult to say where we're adjusting the mix in total because it's different by channel, by geography, by brand. But we're making adjustments, some up, some down, but it's not significant. 14 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO On the other part of your question, Anna, the great majority of our stores in Europe continue to operate at healthy four-wall margin rates, so the majority of them are north of 20%. We have a very small number of cash flow negative stores in Europe and literally less than a handful. So there are a couple of those that we will contemplate closing, but at this point we do not foresee a significant reduction in our real estate footprint in Europe. That all said, we do have significant lease flexibility also in Europe because of some of the provisions we built into our leases as we expanded into Europe. But, at this point, we don't foresee -- expecting to use them. Operator Susan Anderson, FBR Capital. Susan Anderson - FBR Capital Markets - Analyst Hi, thanks for taking my questions. I was wondering if you can give us some more color on your omnichannel initiatives, where you are at with that and then also have you seen any benefit yet in sales and margins. And then just in terms of AUC in Europe, if you do bring them down, would they be brought down more than in the US or should we think about those margins becoming closer to the US? Thanks. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO So just starting with the omnichannel, as we said in the prepared remarks, we have order in store live in 660 US stores, ship from store live in 370 stores. So it really only went live in the last few weeks. So frankly, it's too early to give a meaningful read on it. What we are seeing though is a nice week-to-week build as that starts to ramp up. I think we'll certainly have a much clearer view on that by the time we get to the February earnings call. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO On the question on AUR in Europe, we are investing in price in Europe, but we do expect average unit costs to come down to maintain our margins in Europe, so we expect to maintain a spread in terms of four-wall margin in our international business versus our US business. Susan Anderson - FBR Capital Markets - Analyst Great, thanks. That's helpful. Good luck next quarter. Operator Lindsay Drucker Mann, Goldman Sachs. Lindsay Drucker Mann - Goldman Sachs - Analyst Thanks. Good morning, everyone. I wanted to ask about, in Europe, we heard a number of retailers complain about weather-driven softness. Do you attribute the sequential deterioration in your business -- did weather play a role in that or is it more some of your specific issues? And then, secondly, Jonathan, you talked about cost-savings program coming in generally ahead of expectations. I was hoping you could give us an update on cumulatively where you expect to end fiscal 2014 with in terms of your total cost savings and whether there's more we can look forward to in 2015. Thank you. 15 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

Mike Jeffries - Abercrombie & Fitch Co. - CEO Let me take the top of the question. The answer is we think weather played a factor in the sequential decline from August to September and October. And I don't think it was just Europe. I think it included the US, but extreme in Europe. And as we entered November, as I said in the opening comments, our business as the weather got cooler clearly improved. So how much was weather-driven, I can't tell you, but there was a weather factor and quite honestly we don't like to talk about weather as a factor in our business, but it was there. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO On the profit improvement initiative, Lindsay, we're now well north of $200 million in identified annualized savings. Some of that will flow through as already identified for 2015. I think the more important point though is that we're not done. We need to continue to find efficiencies in our model going forward and we certainly think there is ongoing opportunities. So that is going to remain a focus. Lindsay Drucker Mann - Goldman Sachs - Analyst If I could just get one more in. On tax rate, I know you haven't given 2015 guidance, but based on the shift in your business mix where Europe has come under some more pressure and we're seeing it seems like better flowthrough from the stores in the US, should we be looking for a tax rate next year to be consistent with what you're guiding for for this year? Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO I think it's a little early to say. Frankly, it's going to depend on lots of other assumptions that we'll roll into our budget when we get to February and talk about our guidance for 2015. So I think at this point there's not a whole lot we can add to that. Operator Dorothy Lakner, Topeka Capital Markets. Dorothy Lakner - Topeka Capital Markets - Analyst Thanks, yes. I had a question for Jonathan on the omnichannel efforts. I think you'd said reserve in store and then in-store pickup would be something that you'd have in place sometime in 2015, if I'm not mistaken. I just wondered if we should assume that's a back-half thing. And then I also wondered if you could give a little bit of color on US comps for Hollister given that there is so much pressure there from the European part of the business, which is more heavily weighted to logo. I know the US obviously had an overall comp decline of 7%, but just if you could provide a little bit more color on how Hollister is doing here. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO So I will take the first part then. So reserve in store and in-store pickup we do expect to have activated in 2015 and it will likely be in the back half of the year, Dorothy, to your question. Dorothy Lakner - Topeka Capital Markets - Analyst Great, thanks. 16 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO And in terms of the comps for Hollister, the spread to A&F is one way we measure the Hollister business and the spread to A&F in US was about half of what it was in the international business. So we do attribute a large portion of the Hollister difficulty to the European market and the European business. Dorothy Lakner - Topeka Capital Markets - Analyst Great, thanks so much for that clarification. Good luck for holiday. Operator Christian Buss, Credit Suisse. Christian Buss - Credit Suisse - Analyst Yes, I was wondering if you could talk about changes you're making on the supply chain to improve speed to market. Could you talk about where you are in that process and how you expect that to develop in 2015? Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Yes, we are continuing to make progress in speed to market. The two initiatives that we've spoken to that are meaningfully moving the needle there are both fabric platforming and our chase process and we are on target. Chase in the female business is between 10% to 20% of the business today. We do expect to double that in the spring season. So we expect to continue to make improvements on the amount of chase that we have dedicated in our assortments and our open to buy. It is a bigger piece of the female business right now, a smaller piece in male, but we expect male to also increase in penetration as we move into 2015. And fabric platforming continues to be a focus. We're getting tremendous support from our vendor base. They've been terrific partners with us with both chase and fabric platforming -- we're platforming fabric across multiple categories and multiple fabrics, but we expect to increase that as we move into 2015 as well. Christian Buss - Credit Suisse - Analyst That's very helpful and could I ask one last question about SG&A? How much of a benefit to the SG&A dollar spend this quarter was a reversal of incentive compensation? Mike Jeffries - Abercrombie & Fitch Co. - CEO Let us check that figure and we will come back to it. Brian Logan - Abercrombie & Fitch Co. - VP, IR & Controller I think it was about $9 million. Operator Rebecca Duval, BlueFin Research Partners. 17 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

Rebecca Duval - BlueFin Research Partners - Analyst Hi, great, thanks for taking my call. My question was also kind of along the lines of the supply chain initiatives that you're working on. And I'm wondering since you're still in the preliminary stages of a lot of your fabric platforming, do you expect to see improved IMU opportunity going into 2015? Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Average unit cost is definitely something that has been a focus of ours through 2014 and into 2015. Fabric platforming is definitely an element of that and certainly the ability to have more flexibility closer in gives us an opportunity to avoid markdowns and get the product right. But we continue to work with our suppliers and look for average unit cost reductions and believe we've made progress in 2014 and believe there's more there in 2015. Rebecca Duval - BlueFin Research Partners - Analyst Great, thanks so much. It's very helpful. Happy holidays to you guys. Operator There are no further questions at this time, so that does conclude today's conference. We thank everyone for their participation. D I S C L A I M E R Thomson Reuters reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON REUTERS OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. ©2014, Thomson Reuters. All Rights Reserved. 5534862-2014-12-04T01:17:51.500 18 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 03, 2014 / 1:00PM, ANF - Q3 2014 Abercrombie & Fitch Co Earnings Call

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