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): March 4, 2015

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 March 4, 2015, 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 fifty-two weeks (year-to-date period) ended January 31, 2015. 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 fifty-two week periods (quarterly and year-to-date periods) ended January 31, 2015 and February 1, 2014. 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 January 31, 2015. 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 March 4, 2015 at approximately 8:30 a.m., Eastern Daylight Saving Time, to review the Company's financial results for the thirteen and fifty-two week periods ended January 31, 2015. 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 March 4, 2015
99.2	Additional Unaudited Quarterly and Fiscal Year Financial Information made available by Abercrombie & Fitch Co. in conjunction with the News Release on March 4, 2015
99.3	Investor presentation of results for the quarterly period ended January 31, 2015 made available by Abercrombie & Fitch Co. with the News Release on March 4, 2015
99.4	Transcript of conference call held by management of Abercrombie & Fitch Co. on March 4, 2015

[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: March 5, 2015	By:	/s/ Joanne C. Crevoiserat
		Joanne C. Crevoiserat
		Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	News Release issued by Abercrombie & Fitch Co. on March 4, 2015
99.2	Additional Unaudited Quarterly and Fiscal Year Financial Information made available by Abercrombie & Fitch Co. in conjunction with the News Release on March 4, 2015
99.3	Investor presentation of results for the quarterly period ended January 31, 2015 made available by Abercrombie & Fitch Co. with the News Release on March 4, 2015
99.4	Transcript of conference call held by management of Abercrombie & Fitch Co. on March 4, 2015

EX-99.1

ABERCROMBIE & FITCH REPORTS FOURTH QUARTER RESULTS

New Albany, Ohio, March 4, 2015: Abercrombie & Fitch Co. (NYSE: ANF) today reported unaudited fourth quarter financial results that reflected GAAP net income of $44.4 million and net income per diluted share of $0.63for the thirteen weeks ended January 31, 2015, compared to GAAP net income of $66.1 million and net income per diluted share of $0.85for the thirteen weeks ended February 1, 2014. Additionally, the Company reported full year GAAP net income of $51.8 million and net income per diluted share of $0.71for the fifty-two week period ended January 31, 2015, compared to GAAP net income of $54.6 million and net income per diluted share of $0.69for the fifty-two week period ended February 1, 2014.

Excluding certain charges, the Company reported adjusted non-GAAP net income of $80.8 million and net income per diluted share of $1.15 for the fourth quarter, compared to adjusted non-GAAP net income of $104.3 million and net income per diluted share of $1.34 for the fourth quarter last year. Additionally, the Company reported non-GAAP net income of $112.3 million and net income per diluted share of $1.54 for the full year, compared to non-GAAP net income of $150.6 million and net income per diluted share of $1.91 for the full year 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.

Arthur Martinez, Executive Chairman, said:

"2014 was a year of significant change for Abercrombie & Fitch. I believe these changes put us on the right path to improve profitability and deliver value to shareholders. Our sales for the fourth quarter were somewhat below expectations, but a slightly better gross margin rate and strong expense management enabled us to deliver EPS within our guidance range. For the full year, our results came in well below our initial expectations, as an expected improvement in comparable sales did not materialize, and further progress on expense reduction was insufficient to offset weaker sales.

Our 2015 priorities are clear. First, we need to improve comparable sales trends in both our U.S. and international stores driven by an evolved assortment and an increased focus on the customer experience. Second, we will make further strategic investments in our successful DTC and omni-channel business. Third, we will continue to seek ways to reduce expenses and be more efficient. Finally, we will selectively expand our international footprint in high growth markets.

We expect the first half of 2015 to remain challenging, with declines in our logo business in 2014 persisting in the early part of 2015, but at reduced rates, as well as significant currency pressure. However, we believe that the benefits of all of the changes we have made will be reflected in improved performance in the second half of the year."

Fourth Quarter Sales Results

				Comparable Sales*
($ in millions)	Net Sales		% Change	Stores	Direct-to-Consumer	Total
U.S.	$	763	(10)%	(10)%	4%	(6)%
International	$	357	(20)%	(20)%	(5)%	(17)%
Total Company	$	1,120	(14)%	(13)%	1%	(10)%

* Comparable sales are calculated on a constant currency basis and exclude Gilly Hicks.

Net Sales for the fourth quarter decreased 14% to $1.120 billion, driven by a 10% comparable sales decline, the adverse effects of changes in foreign currency exchange rates of approximately 3%, and net store closures.

1

On a sequential basis, store comparable sales were in line with the prior quarter. However, direct-to-consumer comparable sales decelerated significantly in the fourth quarter, driven primarily by Europe, where site traffic was down and shipping and other promotions drove less of a conversion benefit than in prior quarters.

Net sales by brand for the fourth quarter were $424.1 million for Abercrombie & Fitch, $100.7 million for abercrombie kids and $593.5 million for Hollister. Comparable sales by brand, including direct-to-consumer, decreased9% for Abercrombie & Fitch, decreased6% for abercrombie kids, and decreased11% for Hollister.

Additional Fourth Quarter Results Commentary

The gross profit rate for the fourth quarter was 60.9%, 190 basis points higher than last year, driven by lower average unit cost, partially offset by the adverse effects of changes in foreign currency exchange rates.

Stores and distribution expense for the fourth quarter was $445.6 million, down from $505.6 million last year. Stores and Distribution expense included $4.0 million of charges in the fourth quarter, primarily related to lease termination and store closure costs, compared to $0.5 million of charges last year, primarily related to the Company's profit improvement initiative. Excluding these charges, the stores and distribution expense rate for the fourth quarter was 39.4% of net sales, an increase of 50 basis points, compared to 38.9% of net sales last year. Savings from the Company's profit improvement initiative, largely in store payroll and other controllable store expense, and benefits from changes in foreign currency exchange rates, were more than offset by the deleveraging effect of negative comparable sales and higher direct-to-consumer expense.

Marketing, general and administrative expense for the fourth quarter was $119.2 million, up from $118.6 million last year. Marketing, general and administrative expense included $5.3 million of charges in the fourth quarter, primarily related to CEO transition costs, compared to $3.2 million of charges last year, primarily related to the Company's profit improvement initiative. Excluding these charges, marketing, general and administrative expense for the fourth quarter decreased$1.5 million, primarily due to a decrease in compensation expense, partially offset by an increase in marketing expense.

The Company incurred restructuring charges in the fourth quarter of $2.4 million, compared to $36.8 million last year. Restructuring charges include asset impairment, lease termination and other charges related to the restructuring of the Gilly Hicks brand.

The Company incurred asset impairment charges in the fourth quarter of $28.3 million, compared to $3.1 million last year. Asset impairment charges related to store assets whose carrying value exceeded fair value and, for fiscal 2014, a decision to sell the Company owned aircraft.

Net other operating income was $5.8 million for the fourth quarter, compared to $8.0 million last year.

The effective tax rate for the fourth quarter was 49.2% compared to 39.0% last year. Excluding the effect of charges related to the restructuring of the Gilly Hicks brand, asset impairments, store closures, CEO transitions costs and the Company's profit improvement initiative, the effective tax rate for the fourth quarter was 36.5%, compared to 31.4% last year.

Full Year 2014 Sales Results

				Comparable Sales*
($ in millions)	Net Sales		% Change	Stores	Direct-to-Consumer	Total
U.S.	$	2,408	(9)%	(9)%	8%	(6)%
International	$	1,336	(8)%	(18)%	13%	(12)%
Total Company	$	3,744	(9)%	(12)%	10%	(8)%

* Comparable sales are calculated on a constant currency basis and exclude Gilly Hicks.

Net sales for the full year decreased 9% to $3.744 billion, driven by an 8% comparable sales decline, the adverse effects of changes in foreign currency exchange rates, and net store closures.

2

Net sales by brand for the full year were $1.450 billion for Abercrombie & Fitch, $321.4 million for abercrombie kids and $1.948 billion for Hollister. Comparable sales by brand, including direct-to-consumer, decreased4% for Abercrombie & Fitch, decreased7% for abercrombie kids, and decreased10% for Hollister.

Additional Full Year Results Commentary

The gross profit rate for the full year was 61.8%, 80 points lower than last year, primarily driven by increased promotional activity, including shipping promotions in the direct-to-consumer business, partially offset by lower average unit cost.

Stores and distribution expense for the full year was $1.703 billion, down from $1.908 billion last year. Stores and distribution expense included $8.3 million of charges for the full year, primarily related to lease termination and store closure costs and the Company's profit improvement initiative, compared to $1.1 million of charges last year, primarily related to the Company's profit improvement initiative. Excluding these charges, the stores and distribution expense rate for the full year was 45.3% of net sales, a decrease of 100 basis points, compared to 46.3% of net sales last year. Savings from the Company's profit improvement initiative, largely in store payroll and other controllable store expense, were partially offset by the deleveraging effect of negative comparable sales and higher direct-to-consumer expense.

Marketing, general and administrative expense for the full year was $458.8 million, compared to $481.8 million last year. Marketing, general and administrative expense included $16.4 million in charges for the full year, primarily related to CEO transition costs, corporate governance matters, and the Company's profit improvement initiative, compared to $12.7 million in charges last year, primarily related to the Company's profit improvement initiative. Excluding these charges, marketing, general and administrative expense for the full year decreased$26.7 million, primarily due to a decrease in compensation expense, partially offset by an increase in marketing expense.

Restructuring charges for the full year were $8.4 million, compared to $81.5 million last year. Restructuring charges include asset impairment, lease termination and other charges related to the restructuring of the Gilly Hicks brand.

Asset impairment charges for the full year were $45.0 million, compared to $46.7 million last year. Asset impairment charges related to store assets whose carrying value exceeded fair value and, for fiscal 2014, a decision to sell the Company owned aircraft.

Net other operating income for the full year was $15.2 million, compared to $23.1 million last year. Net other operating income included $2.0 million of foreign currency transaction losses for the full year, compared to $2.9 million of foreign currency transaction gains last year. Net other operating income also included insurance recoveries of $10.2 million in fiscal 2014 and $9.0 million in fiscal 2013.

The effective tax rate for the full year was 47.7%, compared to 25.5% last year. Excluding the effect of charges related to the restructuring of the Gilly Hicks brand, asset impairments, store closures, CEO transitions costs, corporate governance matters and the Company's profit improvement initiative, the effective tax rate for the full year was 36.7%, compared to 30.1% last year. The tax rate for fiscal 2013 included a benefit of $6.7 million related to certain discrete tax matters.

The Company ended the year with $530.2 million in cash and cash equivalents, and gross borrowings under the Term Loan Agreement of $299.3 million, compared to $600.1 million in cash and cash equivalents and $135.0 million in borrowings last year.

The Company ended the year with $460.8 million in inventory at cost, a decrease of 13% versus last year.

Total capital expenditures for the full year were approximately $174.6 million, which consisted of approximately $86.3 million related to new stores, store refreshes and remodels, and approximately $88.3 million related to information technology, distribution center and other home office projects.

During the fiscal year, the Company repurchased 7.3 million shares of its common stock at an aggregate cost of approximately $285.0 million. As of January 31, 2015, the Company had approximately 9.0 million shares remaining available for purchase under its publicly announced stock repurchase authorizations.

3

During the fiscal year, the Company opened seven international Hollister chain stores, three international Abercrombie & Fitch chain stores, including its first in the Middle East, and opened a Hollister chain store and an abercrombie kids chain store in the U.S. In addition, the Company opened its first Abercrombie flagship store in Shanghai and its first international abercrombie kids flagship store in London. The Company also opened nine outlet stores during the fiscal year, three internationally, in Europe and Asia, and six in the U.S. In addition, the Company closed 52 U.S. stores, including one Gilly Hicks store, seven international Gilly Hicks stores and one Hollister outlet store in Spain.

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

Other Developments

As previously announced, on February 18, 2015, 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 March 11, 2015 to stockholders of record at the close of business on March 3, 2015.

Outlook

The Company is providing the following outlook on elements of its performance for fiscal 2015. As the Company gets greater visibility to the timing and impact of its on-going strategic initiatives, it expects to resume providing comparable sales and earnings per share guidance.

The Company expects a significant headwind from foreign currency exchange rates in fiscal 2015. Recasting adjusted fiscal 2014 results using current exchange rates would have reduced sales by approximately $135 million and operating income, net of hedging, by approximately $60 million.

With regard to comparable sales, the Company expects the negative impact from reduced logo sales to modestly abate in the first half of the fiscal year and neutralize in the second half of the fiscal year.

The Company expects gross margin rate to be flat to slightly up for fiscal 2015, driven by average unit cost reductions, offset by the adverse effect from foreign currency exchange rates.

With regard to operating expense, the Company expects the benefit from the effects of foreign currency exchange rates, and savings from the profit improvement initiative, to be offset by the restoration of normal incentive compensation accruals, and increased investment in direct-to-consumer and omni-channel.

The Company anticipates the full year tax rate to be in the mid 40s, which reflects erosion in European earnings, including the effect of changes in foreign currency exchange rates.

Excluding the effect of potential share buybacks, the Company is projecting a weighted average share count of approximately 70 million shares.

Excluded from the Company's full year outlook are potential impairment and store closing charges and other potential charges related to its business transformation and restructuring efforts.

The Company plans to open 15 full-price stores in fiscal 2015 in the key growth markets of China, Japan and the Middle East and four full price stores in North America. The Company also plans to open 11 new outlet stores in the U.S. In addition, the Company anticipates closing approximately 60 stores in the U.S. during the fiscal year through natural lease expirations.

The Company is targeting capital expenditures of approximately $150 million for the fiscal year, which are prioritized toward new stores and store updates, as well as direct-to-consumer and IT investments to support growth initiatives.

4

An investor presentation of fourth quarter results will be available in the "Investors" section of the Company's website at www.abercrombie.com at approximately 8:00 AM, Eastern Standard 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 kids and Hollister Co. brands. At the end of the fourth quarter, the Company operated 799 stores in the United States and 170 stores across Canada, Europe, Asia, Australia and the Middle East. The Company also operates e-commerce websites at www.abercrombie.com, www.abercrombiekids.com and www.hollisterco.com.

Today at 8:30 AM, Eastern Standard 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 (888) 857-6930 and ask for the Abercrombie & Fitch Quarterly Call or go to www.abercrombie.com. The international call-in number is (719) 457-2646. 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 9529987 or through www.abercrombie.com.

Investor Contact:

Brian Logan

Abercrombie & Fitch

(614) 283-6877

Investor_Relations@abercrombie.com

5

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.

6

Abercrombie & Fitch Co.
Consolidated Statements of Operations
(in thousands, except per share data)
	Thirteen Weeks Ended					Thirteen Weeks Ended
	January 31, 2015			% of Net Sales		February 1, 2014			% of Net Sales
	(Unaudited)					(Unaudited)
Net Sales	$	1,119,544		100.0	%	$	1,299,137		100.0	%
Cost of Goods Sold	437,659			39.1	%	532,030			41.0	%
Gross Profit	681,885			60.9	%	767,107			59.0	%
Stores and Distribution Expense	445,629			39.8	%	505,607			38.9	%
Marketing, General and Administrative Expense	119,225			10.6	%	118,608			9.1	%
Restructuring Charges	2,378			0.2	%	36,792			2.8	%
Asset Impairment	28,282			2.5	%	3,144			0.2	%
Other Operating Income, Net	(5,795		)	(0.5	)%	(7,994		)	(0.6	)%
Operating Income	92,166			8.2	%	110,950			8.5	%
Interest Expense, Net	4,776			0.4	%	2,513			0.2	%
Income Before Taxes	87,390			7.8	%	108,437			8.3	%
Tax Expense	43,002			3.8	%	42,331			3.3	%
Net Income	$	44,388		4.0	%	$	66,106		5.1	%
Net Income Per Share:
Basic	$	0.64				$	0.86
Diluted	$	0.63				$	0.85
Weighted-Average Shares Outstanding:
Basic	69,409					76,467
Diluted	70,136					77,568

7

Abercrombie & Fitch Co.
Consolidated Statements of Operations
(in thousands, except per share data)
	Fifty-Two Weeks Ended					Fifty-Two Weeks Ended
	January 31, 2015			% of Net Sales		February 1, 2014			% of Net Sales
	(Unaudited)					(Unaudited)
Net Sales	$	3,744,030		100.0	%	$	4,116,897		100.0	%
Cost of Goods Sold	1,430,460			38.2	%	1,541,462			37.4	%
Gross Profit	2,313,570			61.8	%	2,575,435			62.6	%
Stores and Distribution Expense	1,703,051			45.5	%	1,907,687			46.3	%
Marketing, General and Administrative Expense	458,820			12.3	%	481,784			11.7	%
Restructuring Charges	8,431			0.2	%	81,500			2.0	%
Asset Impairment	44,988			1.2	%	46,715			1.1	%
Other Operating Income, Net	(15,239		)	(0.4	)%	(23,074		)	(0.6	)%
Operating Income	113,519			3.0	%	80,823			2.0	%
Interest Expense, Net	14,365			0.4	%	7,546			0.2	%
Income Before Taxes	99,154			2.6	%	73,277			1.8	%
Tax Expense	47,333			1.3	%	18,649			0.5	%
Net Income	$	51,821		1.4	%	$	54,628		1.3	%
Net Income Per Share:
Basic	$	0.72				$	0.71
Diluted	$	0.71				$	0.69
Weighted-Average Shares Outstanding:
Basic	71,785					77,157
Diluted	72,937					78,666

8

Abercrombie & Fitch Co.
Consolidated Balance Sheets
(in thousands)
	January 31, 2015		February 1, 2014
ASSETS	(Unaudited)
Current Assets
Cash and Equivalents	$	530,192	$	600,116
Receivables	52,910		67,965
Inventories	460,794		530,192
Deferred Income Taxes	13,986		21,835
Other Current Assets	116,574		100,458
Total Current Assets	1,174,456		1,320,566
Property and Equipment, Net	967,001		1,131,341
Other Assets	373,194		399,090
TOTAL ASSETS	$	2,514,651	$	2,850,997
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable and Outstanding Checks	$	151,169	$	130,715
Accrued Expenses	282,736		322,834
Deferred Lease Credits	26,629		36,165
Income Taxes Payable	32,804		63,508
Short-Term Portion of Borrowings, Net	2,102		15,000
Total Current Liabilities	495,440		568,222
Long-Term Liabilities
Deferred Lease Credits	$	106,393	$	140,799
Long-Term Portion of Borrowings, Net	291,310		120,000
Leasehold Financing Obligations	50,521		60,726
Other Liabilities	181,286		231,757
Total Long-Term Liabilities	629,510		553,282
Total Shareholders' Equity	1,389,701		1,729,493
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,514,651	$	2,850,997

9

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended January 31, 2015
(in thousands, except per share data)
(Unaudited)
	GAAP		Excluded     Charges (1)		Adjusted     Non-GAAP (2)
Stores and Distribution Expense	$	445,629	$	3,970	$	441,659
Marketing, General and Administrative Expense	119,225		5,295		113,930
Restructuring Charges	2,378		2,378		—
Asset Impairment	28,282		28,282		—
Income Before Taxes	87,390		39,925		127,315
Tax Expense	43,002		3,493		46,495
Net Income	$	44,388	$	36,432	$	80,820
Net Income Per Diluted Share:	$	0.63	$	0.52	$	1.15

⁽¹⁾Excluded charges consist of pre-tax charges of $17.0 million related to the impairment of store assets whose carrying value exceeded fair value, primarily associated with 4 Abercrombie & Fitch stores, 4 abercrombie kids stores and 9 Hollister stores, $11.3 million related to the write down of a Company owned aircraft to estimated net sales value, $3.4 million related to lease termination and store closure charges, primarily associated with two Hollister stores in Australia, $5.2 million related to CEO transition costs, $2.4 million related to the restructuring of the Gilly Hicks brand, and $0.7 million related to the Company's profit improvement initiative and certain governance matters.

⁽²⁾ Non-GAAP financial measures should not be used as alternatives to GAAP 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.

10

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Fifty-Two Weeks Ended January 31, 2015
(in thousands, except per share data)
(Unaudited)
	GAAP		Excluded     Charges(1)		Adjusted     Non-GAAP (2)
Stores and Distribution Expense	$	1,703,051	$	8,335	$	1,694,716
Marketing, General and Administrative Expense	458,820		16,420		442,400
Restructuring Charges	8,431		8,431		—
Asset Impairment	44,988		44,988		—
Income Before Taxes	99,154		78,174		177,328
Tax Expense	47,333		17,686		65,019
Net Income	$	51,821	$	60,488	$	112,309
Net Income Per Diluted Share:	$	0.71	$	0.83	$	1.54

⁽¹⁾Excluded charges consist of pre-tax charges of $33.7 million related to the impairment of store assets whose carrying value exceeded fair value, primarily associated with 7 Abercrombie & Fitch stores, 27 abercrombie kids stores and 17 Hollister stores, $11.3 million related to the write down of a Company owned aircraft to estimated net sales value, $8.4 million related to the restructuring of the Gilly Hicks brand, $7.5 million related to legal, advisory and other costs associated with certain corporate governance matters, $6.5 million related to the Company's profit improvement initiative, $5.6 million related to lease termination and store closure charges, and $5.2 million related to CEO transition costs.

⁽²⁾ Non-GAAP financial measures should not be used as alternatives to GAAP 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.

11

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended February 1, 2014
(in thousands, except per share data)
(Unaudited)
	GAAP		Excluded     Charges (1)		Adjusted     Non-GAAP (2)
Stores and Distribution Expense	$	505,607	$	492	$	505,115
Marketing, General and Administrative Expense	118,608		3,182		115,426
Restructuring Charges	36,792		36,792		—
Asset Impairment	3,144		3,144		—
Income Before Taxes	108,437		43,610		152,047
Tax Expense	42,331		5,453		47,784
Net Income	$	66,106	$	38,157	$	104,263
Net Income Per Diluted Share:	$	0.85	$	0.49	$	1.34

⁽¹⁾Excluded charges consist of pre-tax charges of $36.8 million related to the restructuring of the Gilly Hicks brand, $3.7 million related to the Company's profit improvement initiative, and $3.1 million related to the impairment of store assets whose carrying value exceeded fair value.

⁽²⁾ Non-GAAP financial measures should not be used as alternatives to GAAP 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.

12

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Fifty-Two Weeks Ended February 1, 2014
(in thousands, except per share data)
(Unaudited)
	GAAP		Excluded     Charges(1)		Adjusted     Non-GAAP (2)
Stores and Distribution Expense	$	1,907,687	$	1,131	$	1,906,556
Marketing, General and Administrative Expense	481,784		12,708		469,076
Restructuring Charges	81,500		81,500		—
Asset Impairment	46,715		46,715		—
Income Before Taxes	73,277		142,054		215,331
Tax Expense	18,649		46,063		64,712
Net Income	$	54,628	$	95,991	$	150,619
Net Income Per Diluted Share:	$	0.69	$	1.22	$	1.91

⁽¹⁾Excluded charges consist of pre-tax charges of $46.7 million related to the impairment of store assets whose carrying value exceeded fair value, primarily associated with 23 Abercrombie & Fitch stores, 4 abercrombie kids stores and 70 Hollister stores, $81.5 million related to the restructuring of the Gilly Hicks brand, and $13.8 million related to the Company's profit improvement initiative.

⁽²⁾ Non-GAAP financial measures should not be used as alternatives to GAAP 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.

13

Abercrombie & Fitch Co.
U.S. Store Count
(Unaudited)
Thirteen Week Period Ended January 31, 2015
Store Activity	Abercrombie & Fitch		abercrombie kids		Hollister		Total
November 1, 2014	255		127		452		834
New	2		—		1		3
Closed	(7	)	(11	)	(20	)	(38	)
January 31, 2015	250		116		433		799
Abercrombie & Fitch Co.
International Store Count
(Unaudited)
Thirteen Week Period Ended January 31, 2015
Store Activity	Abercrombie & Fitch		abercrombie kids		Hollister		Total
November 1, 2014	27		6		133		166
New	2		—		3		5
Closed	—		—		(1	)	(1	)
January 31, 2015	29		6		135		170

14

Abercrombie & Fitch Co.
U.S. Store Count
(Unaudited)
Fifty-Two Week Period Ended January 31, 2015
Store Activity	Abercrombie & Fitch		abercrombie kids		Hollister		Gilly Hicks		Total
February 1, 2014	253		131		458		1		843
New	5		1		2		—		8
Closed	(8	)	(16	)	(27	)	(1	)	(52	)
January 31, 2015	250		116		433		—		799
Abercrombie & Fitch Co.
International Store Count
(Unaudited)
Fifty-Two Week Period Ended January 31, 2015
Store Activity	Abercrombie & Fitch		abercrombie kids		Hollister		Gilly Hicks		Total
February 1, 2014	22		5		129		7		163
New	7		1		7		—		15
Closed	—		—		(1	)	(7	)	(8	)
January 31, 2015	29		6		135		—		170

15

EX-99.2

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			Q4			2014
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		$	1,119,544		$	3,744,030
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			437,659			1,430,460
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			681,885			2,313,570
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			445,629			1,703,051
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			119,225			458,820
Restructuring Charges	—			—		—			—			—			44,708			36,792			81,500			5,633			419			—			2,378			8,431
Asset Impairment	50,631			68,022		7,407			—			—			43,571			3,144			46,715			—			—			16,706			28,282			44,988
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		)	(5,795		)	(15,239		)
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			92,166			113,519
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			4,776			14,365
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			87,390			99,154
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			43,002			47,333
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			44,388			51,821
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		44,388			$	51,821

							Fiscal 2013												Fiscal 2014
	2010		2011		2012		Q1			Q2		Q3			Q4		2013		Q1			Q2		Q3		Q4		2014
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	$	0.64	$	0.72
Diluted	$	1.73	$	1.60	$	2.85	$	(0.09	)	$	0.14	$	(0.20	)	$	0.85	$	0.69	$	(0.32	)	$	0.17	$	0.25	$	0.63	$	0.71
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	$	0.64	$	0.72
Diluted	$	1.73	$	1.61	$	2.85	$	(0.09	)	$	0.14	$	(0.20	)	$	0.85	$	0.69	$	(0.32	)	$	0.17	$	0.25	$	0.63	$	0.71
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		69,409		71,785
Diluted	89,851		89,537		83,175		78,324			79,267		76,456			77,568		78,666		74,483			73,756		72,128		70,136		72,937
Comparable Store Sales	7%		5%		(5)%		(17)%			(14)%		(18)%			(16)%		(16)%		(11)%			(11)%		(14)%		(13)%		(12)%
Comparable Direct-to-Consumer Sales					24%		(6)%			14%		11%			24%		13%		27%			11%		8%		1%		10%
Comparable Sales (1)					(1)%		(15)%			(10)%		(14)%			(8)%		(11)%		(4)%			(7)%		(10)%		(10)%		(8)%
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		69,352		69,352
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		969		969
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		7,517		7,517
(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.

EX-99.3

THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call EVENT DATE/TIME: MARCH 04, 2015 / 1:30PM GMT OVERVIEW: Co. reported 4Q14 net sales of $1.120b and adjusted non-GAAP diluted EPS of $1.15. THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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 Finance & Controller Arthur Martinez Abercrombie & Fitch Co. - Executive Chairman Joanne Crevoiserat Abercrombie & Fitch Co. - EVP & CFO Jonathan Ramsden Abercrombie & Fitch Co. - EVP & COO Christos Angelides Abercrombie & Fitch Co. - President of A&F and abercrombie kids Fran Horowitz Abercrombie & Fitch Co. - President of Hollister 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 Lindsay Drucker Mann Goldman Sachs - Analyst Susan Anderson FBR Capital Markets - Analyst Thomas Filandro Susquehanna Financial - Analyst Randy Konik Jefferies & Company - Analyst Simeon Siegel Nomura Asset Management - Analyst Kimberly Greenberger Morgan Stanley - Analyst Marni Shapiro The Retail Tracker - Analyst Oliver Chen Cowen and Company - Analyst Tracy Kogan Wells Fargo Securities - Analyst Dana Telsey Telsey Advisory Group - Analyst Richard Jaffe Stifel Nicolaus - Analyst Dorothy Lakner Topeka Capital Markets - Analyst Betty Chen Mizuho Securities - Analyst Mark Altschwager Robert W. Baird - Analyst Janet Kloppenburg JJK Research - Analyst Rick Patel Stephens Inc. - Analyst Emmanuel Raymond Nomura Asset Management - Analyst John Morris BMO Capital Markets - Analyst P R E S E N T A T I O N Operator Good day and welcome to the Abercrombie & Fitch fourth-quarter fiscal year 2014 earnings call. Today's call is being recorded. (Operator Instructions). At this time I would like to turn the conference over to Brian Logan. Mr. Logan, please go ahead. Brian Logan - Abercrombie & Fitch Co. - VP Finance & Controller Good morning and welcome to our fourth-quarter earnings call. Earlier this morning we released our fourth-quarter sales and earnings, income statement, balance sheet, store opening and closing summary and an updated financial history. 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

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 Arthur Martinez, Executive Chairman; Jonathan Ramsden, Chief Operating Officer; and Joanne Crevoiserat, Chief Financial Officer. Also joining me today are Christos Angelides, President of A&F and abercrombie kids; and Fran Horowitz, President of Hollister, who will be available to answer questions. 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 hand the call over to Arthur for some opening remarks. Arthur Martinez - Abercrombie & Fitch Co. - Executive Chairman Thank you, Brian. Good morning, everyone, and thank you for joining us today. I would like to make a few brief introductory remarks this morning. First, it is clear that our Company has gone and is going through a period of significant transition as we respond to major changes and challenges in the macro environment. In 2014 we reconstituted the Board of Directors, with seven new directors all with significant retail experience. We initiated a transformational change to a brand driven organization, recruited two highly skilled brand presidents to lead that transformation and of course Mike Jeffries departed at the end of the year. While our efforts may take some time to show meaningful results, the Board of Directors and management are fully aligned in being confident that we are taking the right steps to enable our brands to deliver their full potential. Strategically what are we doing? First, evolving our merchandise assortment and particularly our in-store customer experience. Rationalizing our store fleet while reinvesting in stores that should remain open. We are investing in our successful DTC and omni-channel initiatives and we are continuing to reduce expenses and making productivity a way of life for this Company. Organizationally we are completing our transition to a fully branded model, we are ensuring that the right teams are in place beneath our brand presidents to lead these brands, and we are increasing both accountability and opportunity throughout our organization. While our team is fully aware of the challenges we face, there is optimism across the organization that we are on the right track. Let me say a couple of things about 2015. As you all well know, it remains a challenging consumer and competitive environment and we expect the first half of the year to be challenging. This includes continued logo headwinds for the first two quarters and a major currency headwind throughout the year. However, we are implementing many changes that we believe will be significant in driving the business forward. And as we don't yet have total visibility as to the timing or magnitude of the impact of these initiatives, we won't be providing specific sales or EPS guidance at this point, but we do expect to resume doing so when we have greater visibility. Now I'd like to hand it over to Jonathan Ramsden, but we look forward to taking your questions later in the call. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Thanks, Arthur, and good morning, everyone. I want to start by echoing Arthur's comments about strategic and organizational changes we are making at A&F. The challenges in the current environment make these all the more important and we believe we are taking the right steps. 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

A critical objective is to arrest the comp declines in both our US and international stores, many of our initiatives are targeted at that objective. These include: first, evolutions in our merchandise assortments; second, continuing the successful rollout of new Hollister storefronts. In 2014 we rolled out the new storefronts to about 50 US stores and four UK stores and we are pleased with the results. Third, improving our in-store customer experience which will be supported by a new store management incentive plan giving our store and district managers a greater stake in the performance of their stores. Fourth, continuing to grow our US outlet business. US outlet stores comparable sales were up around 20% for the quarter and we are pleased with the performance of our new stores and the margins they are achieving. Fifth, closing underperforming stores. Excluding Gilly Hicks we closed 51 US stores in 2014 bringing our cumulative closures since 2010 to around 275 stores. We expect to maintain this rate of closures and have nearly 70% of our US leases expiring over the next three years. Last, adjusting international pricing. As you know, we began a Hollister price test in the UK during the fourth quarter where we re-ticketed most of the assortment lower. Based on the test results, which were margin dollar accretive, and our most recent competitive benchmarking, we plan to roll out lower pricing across all European Hollister stores in the coming months. Investing in DTC and omni-channel is another critical component of our plans. We now have ship from store in 375 US stores and order in-store in 650 US stores, and we will continue the rollout in 2015. We are also working on adding omni-channel capabilities in Europe. We are pleased with our DTC localization efforts in Asia. Hollister DTC sales in China were up 250% for the quarter, also reflecting growing brand awareness driven by our store openings. Selective international expansion remains an important part of our plans. In the past year we have opened four stores in China including a flagship store in Shanghai and our first A&F mall-based store in Chengdu, two Hollister stores in Japan, our second Hollister store in UAE and our first A&F store in Kuwait. For 2015 we will continue opening in high-quality locations in these markets. We also continue to pursue other opportunities to increase our brand reach. During the quarter we entered a fragrance license agreement with Inter Parfums to create new perfumes and fragrance products. Inter Parfums will distribute these fragrances internationally in specialty retailers, high-end department stores and duty-free shops, and in the US in duty-free shops. While we already have a successful fragrance business, we believe that we can leverage this into a much larger global opportunity. Turning to our profit improvement initiative, cumulative savings have now reached approximately $250 million, a portion of which we have reinvested in initiatives such as DTC, omni-channel and marketing. Process and expense efficiency will be an ongoing part of our plans. Finally, our move to a branded organizational model is now complete with remaining customer and product facing functions having moved to a branded model in the past couple of months. We are confident that the aggregate effect of all of these changes will enable us to improve our performance as we go forward. I'm now going to hand it over to Joanne to go through our results for the fourth quarter and outlook for 2015. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Thanks, Jonathan, and good morning, everyone. I will start with a brief recap of our fourth-quarter results and then talk about our outlook for 2015. For the quarter net sales were $1.120 billion, down 14% last year. Changes in foreign currency exchange rates versus the year ago accounted for approximately 270 basis points of the sales decline. Including direct-to-consumer total comp sales were down 10%, somewhat below expectations. By region comp sales were down 6% in the US and down 17% in international markets. By channel store comp sales were down 13%, which represents a slight sequential improvement over third quarter. However, direct-to-consumer comp sales were up 1%, a considerable deceleration 4 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

from the prior quarter primarily driven by the European business where site traffic was down and shipping and other promotions drove less of a benefit than in prior quarters. Within the stores channel, continued weak traffic was the primary contributor to the sales trend, particularly in Europe. By brand, comp sales were down 9% for Abercrombie & Fitch, down 6% for abercrombie kids and down to 11% for Hollister, which continues to be weighed disproportionately by European comp sales. By gender, comp sales for male outperformed female. Within male weakness in tops, particularly fleece and graphic tees, more than offset positive trends in bottoms and outerwear. Within female positive trends in jeans, dresses and outerwear were more than offset by weakness in tops. Reduced logo business continues 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. The gross profit rate for the quarter was 60.9%, 190 basis points higher than last year. Benefits from lower average unit costs were partially offset by net negative effects from foreign currency exchange rates. On a constant currency basis average unit retail was up slightly year over year. Excluding pretax charges of $40 million this year and $44 million last year, adjusted non-GAAP operating expense for the quarter was $556 million, down $65 million or 10% from last year, which was on top of a $71 million reduction last year. I'd like to take a moment to review the excluded pretax charges for the quarter, which are detailed on page 5 of our investor presentation. These include $17 million of store-related asset impairment charges which includes the A&F Seoul flagship store and our two stores in Australia. The performance of our Australian stores has been disappointing, even after allowing for the seasonality challenge of operating in the southern hemisphere. We therefore decided during the quarter to activate the provision in our leases which enables us to make a country exit and close those stores around the end of fiscal 2015. As a result of this decision we also incurred lease termination charges of just over $2 million during the quarter. During the quarter we also decided to put the Company's aircraft on the market and this triggered an impairment write-down of $11 million to the estimated net sales value. We also incurred $5 million in transition costs related to the former CEO separation agreement and the current CEO selection process. Finally, we incurred $2 million in charges related to the impairment of Gilly Hicks assets as we decided during the quarter that we would wind down that business in 2015. Excluding charges overall expense savings were significantly greater than anticipated coming into the quarter due to continued tight expense management and the realization of expense savings on lower sales. On an adjusted non-GAAP basis stores and distribution expense for the quarter was $442 million, down $63 million from last year and benefited from the effects of FX. 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. On an adjusted non-GAAP basis marketing, general and administrative expense for the quarter was $114 million, down $1 million from last year. A decrease in compensation-related expense was partially offset by an increase in marketing expense. On an adjusted non-GAAP basis operating income for the quarter was $132 million compared to $155 million last year. And operating margins was 11.8%, roughly flat to last year. The tax rate for the quarter excluding the effect of charges was 36.5% versus 31.4% last year, reflecting a lower proportion of earnings being generated from international operations this quarter. For the quarter the Company reported adjusted non-GAAP net income per diluted share of $1.15 compared to adjusted non-GAAP net income per diluted share of $1.34 last year. 5 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Turning to the balance sheet, we ended the quarter with $530 million in cash and cash equivalents and gross borrowings outstanding of $299 million for a net cash balance of $231 million. We also ended the quarter with total inventory at cost down 13% to last year. Moving forward we continue to expect improvement in inventory productivity and turnover. Details of our store openings for the quarter are included on page 11 of the investor presentation. At the end of the year we operated 799 stores in the US and 170 stores in Canada, Europe, Asia, Australia and the Middle East. Moving to 2015, we are providing an outlook on elements of our performance for the year. As we get greater visibility to the timing and impact of our strategic initiatives we expect to resume providing comp sales and EPS guidance. As Arthur noted earlier, foreign-currency exchange rates are expected to be a significant headwind to our results in 2015. Recasting adjusted 2014 results using current exchange rates would have reduced sales by approximately $135 million and operating income by approximately $60 million net of a benefit from inventory hedges currently in place. In addition, we expect a negative impact from reduced logo sales to modestly abate in the first half of the year and then neutralize in the second half. We expect gross margin rate to be flat to slightly up for 2015 driven by AUC reductions offset by adverse currency effects. With regard to operating expense, we expect the benefit from FX and expected savings from the profit improvement initiative to be offset by the restoration of normal incentive compensation accruals and increased investment in DTC and omni-channel. Excluded from our operating expense outlook are potential impairment and store closing charges and other potential business transformation and restructuring charges. We expect the tax rate to be in the mid-40s, which reflects erosion in European earnings including the effect of changes in foreign currency. In addition, we are projecting weighted average account of approximately 70 million shares excluding the effect of potential share buybacks. Turning to capital allocation for 2015, our philosophy remains to be highly disciplined in allocating capital to where it will derive the greatest return on a risk-adjusted basis. We are targeting capital expenditures of around $150 million for the year which are prioritized towards new stores and store updates as well as DTC and IT investments to support our growth initiatives. In 2015 we expect to roll out the new Hollister store fronts to about 50 additional stores in the US and about 20 additional stores in Europe. In addition, we plan to expand our omni-channel capabilities and are close to completion on the conversion of one of our distribution centers here in New Albany to be a dedicated direct-to-consumer facility. With regard to real estate plans for the year, we plan to open 15 full price stores in key international growth markets of China, Japan and the Middle East and four full price stores in North America. We also plan to open 11 new outlet stores in the US. In addition, we currently expect to close approximately 60 stores in the US during 2015 through natural lease expirations. With that I will hand it back over to Arthur. Arthur Martinez - Abercrombie & Fitch Co. - Executive Chairman Thank you, Joanne. I'd like to say a final word on the selection process for a new CEO. First to tell you that the process for this selection continues at pace and there is full Board engagement in the process. We are confident that we will identify and select the right candidate and, as we have previously disclosed, we are considering both internal and external candidates. The overall process is moving at an acceptable pace, but it is important to note that these things take time and it is more important for us that we get the right person than to move quickly. The Board has a very high level of confidence in the existing leadership team within the Company during this period of time. Thank you and we are now available to take your questions. 6 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Q U E S T I O N S A N D A N S W E R S Operator (Operator Instructions). Lindsay Drucker Mann, Goldman Sachs. Lindsay Drucker Mann - Goldman Sachs - Analyst I have a question about international, Jon, and it is good to hear that the initial tests that you have done about lower prices in Hollister UK are dollar margin accretive. But I actually was curious if we sort of normalize for when your hedges roll off, how should we think about the percentage margin profile of that division? We have always talked about it as being a much higher margin division. I think it is 10 points ahead of the US this year. So if the strategy works to take price points lower, what will the margin profile be, especially when you normalize for the move in currency? Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Well, let me bracket, Lindsay, the currency piece first and just be clear what we are saying. So the AUR reductions drove sufficient incremental units in local currency to make the overall impact gross margin dollar accretive. We have said previously that the AUR reductions, setting aside currency for a second, we would expect to at least offset by AUC reductions. So that's been our -- I think that is what we have said in prior calls. With regard to currency, we haven't been specific with regard to the ongoing margin effect, but I think you have a pretty good sense of what our gross margins are in Europe and you can apply that rate change effect to the cost of goods component since, as you know, that cost of goods component is denominated in dollars. Lindsay Drucker Mann - Goldman Sachs - Analyst So if we were to normalize for spot rates of currency today, then you talked about the $60 million drag on 2015, what is that? How much more is there left to do if spot rates hold in 2016? And then just a quick follow-up -- are there any additional restructuring savings that we should be looking forward to just to help continue to right size the cost base? Thanks. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO So, on the first part, Lindsay, netted in the $60 million impact in 2015 is a $15 million hedging benefit. So if rates stayed where they are today rolling into 2016 we would have a further $15 million impact when we exhausted our current hedges. I think the second part of your question was about continuing restructuring actions generally or specific to offsetting the currency impact? Lindsay Drucker Mann - Goldman Sachs - Analyst Do you have more cost savings to announce to offset some of the margin pressures? Or just generally are there more cost savings we can look forward to? 7 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Well, I think as Arthur put it earlier on in the prepared remarks, we regard ongoing process efficiency and expense reduction as being a way of life going forward. So we are never going to sit here and say we are done. Lindsay Drucker Mann - Goldman Sachs - Analyst Thanks so much. Operator Susan Anderson, FBR Capital Markets. Susan Anderson - FBR Capital Markets - Analyst So it sounds like the logo business in fourth quarter, the impact improved minus 12%. Should we expect about the same in the first half? And then also, could you update us on what percent this business is it now versus last year? Thanks. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Hi, Susan, this is Joanne. The logo impact was 12 -- contributed 12 points to our negative 10 comp, which was consistent actually with third quarter. And to your question in terms of penetration to the total business, historically this business has been in the mid to high 20s in terms of penetration to the total business. We've brought that down now to the low to mid teens and we think that is about the right level. So as we move into the -- 2015 we do expect at these levels to have some headwind in the first half of the year, but somewhat abated from where we were Q3 and Q4. And as we get to the back half of 2015 we think that will neutralize. Christos Angelides - Abercrombie & Fitch Co. - President of A&F and abercrombie kids If I could just interject, Susan, for a second, it is Christos. It is one thing talking about the quantity of logo, but what's very important, and something that Fran and I are focused on here, is the quality of the logo. And actually we feel that is more important than getting the relative quantity correct. And that is something we are very focused on. So I just wanted to kind of make that point. In addition, every part of our business is as important as logo, it is important we get that point across to you as well. Dresses are very important, denim is very important. So the time and effort we will be spending on logo we will equally be spending that time and effort on other parts of the assortment. Operator Thomas Filandro, Susquehanna International Group. Thomas Filandro - Susquehanna Financial - Analyst I want to say welcome to Arthur, Christos and Fran. We do look forward to your collective impact alongside with the rest of the team. So I actually -- my question is both from Christos and Fran. So when can we see a definitive impact on the product and the customer experience? And maybe you guys could just tell us what we should be looking for that sort of marks your respective stamps on the brands? Thank you. 8 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Christos Angelides - Abercrombie & Fitch Co. - President of A&F and abercrombie kids So I think the first introductions of new product will happen in back-to-school and moving into Labor Day. So that is the first time you can walk into a store or go onto DTC and see some real difference in the product. From an Abercrombie perspective our priorities are very much focused around design and the product content. And we are making sure that that content reflects trends. So if I can give you an example, we are focusing on the very best prints, the latest prints, whether that is lenticular or sublimated. We are looking at sweater dresses, the 1970s trend. That is product content, but we're also making sure that the variety and styling is different. So in Abercrombie we have never offered zips in jeans before, it is only been -- jeans have only been available in button fly. So you will now be able to purchase zips. We're specifically making sure that products in Abercrombie are original, iconic, new -- and new is a very, very important word here. And also aspirational. So you will see the introduction of hand-painted prints, for example. We are going to make sure that we tap into Abercrombie's heritage and particularly focus on attention to detail, products that hopefully take your breath away. What I do have to make clear though is that in the assortment for back-to-school and Labor Day I am sure we have made mistakes as well as successes and we are quite open about that. We don't know what those mistakes are and we don't know what the successes are either. But either way we will react quickly to rectify either the mistakes or the areas where we have been successful. Fran Horowitz - Abercrombie & Fitch Co. - President of Hollister Hey, Thomas, thanks for the welcome, it is Fran. Just to echo or reiterate a little bit from the Hollister perspective, the teams are working extremely hard on evolving our product. We have tremendous, tremendous opportunity here at the Hollister brand both in logo and non-logo merchandise. We are looking to strike a balance in our assortments between fashion, logo, core, must haves. We are also looking to put together a global assortment here that appeals to our customer around the world. So lots of work in progress here. The teams are really working extremely hard. They are very energized and very excited about what we are doing. Operator Randy Konik, Jefferies. Randy Konik - Jefferies & Company - Analyst I just want to go over just a couple things just on the international side. I think when you spoke about how you are getting of Australia, are there other areas of the world internationally where you have lease terms where you can get out of I guess onerous stores or leases, etc.? Can you kind of go over what the picture looks like there? And then just following up on -- I'm just trying to get a sense of answering the question on where these four wall international margins should sit if we are going to lower pricing. How much lower are we going to potentially lower pricing internationally? And just think -- so we can get a sense of how that four wall margin would look would be very helpful. 9 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

And then lastly, lastly -- when you gave your CapEx guidance for 2015 of $150 million and you gave us the breakdown of what the CapEx was for 2014 in terms of $88 million related to IT, home office, etc., longer-term where should that CapEx number kind of set would be very helpful. Thank you. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Okay, so let me take the first couple of parts of that, Randy, then maybe Joanne will pick up the last part. Starting with real estate, as we went through Europe and now as we have gone through Asia, wherever we have been able to we have negotiated those country exit options into our leases. So particularly with a market like Australia, which we always knew was a test, we wanted to make sure that if the test didn't perform we had the ability to exit fairly quickly, which is what we have done. I think that is consistent with a long pattern of us being disciplined about knowing when it is time to exit a particular brand or store or operation. So turning to Australia specifically, it was a test, we always knew it would be challenging because of the southern hemisphere component. I think even above and beyond that it was more challenging than we expected. So we decided to exit that market in the last couple of months. With regard to four wall international margins, I will bifurcate that between Europe and Asia. Europe, if you look at 2014, our EBITDA margins were still around 30%, so notwithstanding the comp declines we have seen for several years, still a very healthy cash generative business. We are going to take some impact from that in 2015 and the $60 million of EBIT impact that Joanne referred to is primarily coming within Europe, so you can model that into thinking about the margin rate for Europe. Asia EBITDA margins are currently a little bit lower, but I think we've said consistently over time that we expected more of a build there. In both markets it is important to bear in mind that on top of the store performance our new store openings drive the e-commerce business very significantly. So if you add in the e-com business that European four wall EBITDA margin will do the same in Asia, those margins look relatively more attractive. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO And, Randy, just to follow up on your question regarding the components of our CapEx for 2015. The number for DTC and omni-channel is slightly lower just based on the fact that we had most of the cost of the distribution center here in New Albany in 2014, there will be some of the cost that will carry forward into 2015. But the DTC and the IT spend, omni-channel spend is very consistent in those categories alone. Year over year and combined with the remaining distribution center expense it's about 40% of our CapEx budget for the year. So we continue to prioritize a high percentage of our CapEx spend on that initiative specifically. As you look at new stores, we have about the same spend in new stores with a focus on the growth markets in Asia that Jonathan mentioned earlier. And then also included in our new store build and CapEx are the 11 outlet stores in the US that we announced. There is a higher penetration of CapEx spend in remodels and store conversion and testing. We are investing in our existing store base as well evidenced by the performance we have seen in the Hollister storefronts that we are rolling out. We are also testing new formats for improved customer experience, so there is a little bit -- very small piece of capital for those tests as well. Moving forward on our CapEx budget, I think our position has always been to invest in those projects that generate the highest risk-adjusted return. We maintain a high hurdle for those -- for that and have been consistent in our application of that and the projects in which we invest. I think we continue to see CapEx spend in the range that we have this year -- in the $150 million to $200 million range, we are not thinking differently about that moving forward. 10 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO And, Randy, I just want to come back to the first part of your question. We have very few -- setting aside Australia which we exited or are exiting, we also have the Seoul flagship which we impaired this quarter. Other than those stores we have very few, literally a handful or less, of international stores that are even close to being negative from a cash flow standpoint. Operator Simeon Siegel, Nomura Securities. Simeon Siegel - Nomura Asset Management - Analyst Can you talk about segment margins? Let's leave the international side for a second. You referenced the online investments and the DTC margins compressed, but the US four wall has been showing nice expansion over the past two quarters. I guess how much of the online compression was FX related, how much of the US improvement was outlet versus profit savings? More broadly how should we think about those segment margins playing out over the next year and beyond? And then just a quick clarification on the commentary behind the cost savings versus the increased investment. Does that suggest flat OpEx dollars for next year? Thanks. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO So, Simeon, I will take the first part. With regard to DTC margins for the quarter, clearly they did come in somewhat below what we had been referencing earlier in the year. There was an FX impact in there; I think it was 100 to 120 basis points of DTC margin for the fourth quarter. Other than that our sales in Europe in the December timeframe were somewhat below what we projected and that was obviously a critical period of time from an overall DTC business standpoint for the quarter. We think that our shipping and some of our promotional messaging was not as effective as it could have been during that timeframe and that caused our DTC volume to come in somewhat below what we expected. We are obviously going to work to better that when we lap that next year. There are also continuing investments which account for some erosion including our configuration to be operative in Asia from an e-com standpoint. We also continue to invest in online marketing to drive the business on a long-term basis. That was the DTC part of the equation; I think part of the question was on the US four wall. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Yes, on the US four wall business, much of that was driven by our profit improvement initiative. We definitely leveraged expense better year over year. But we also were able, particularly in the fourth quarter, to stabilize AUR in the US and our AUC efforts helped drive some margin improvement and we continue to see those opportunities as we move forward. Operator Kimberly Greenberger, Morgan Stanley. 11 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Kimberly Greenberger - Morgan Stanley - Analyst I wanted to ask about e-commerce. Can you comment, with e-commerce still positive in Europe you mentioned there was a large deceleration. And then, Arthur, I think you discussed investments you are making in e-commerce including Europe. Do you think that the investments are sort of just necessary to maintain progress on that platform going forward? Or is there something about the investments that you think could actually cause an inflection in the sales trend there? Thanks. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Let me take the first part, Kimberly. So international DTC comps were down 5 for the quarter as reflected in the press release. Asia performed relatively well, so Europe was down somewhat more than that down 5. I think as well as some of the headwinds I just referenced we obviously have a significant impact of the logo business in the DTC channel. And to some degree that skews more significantly internationally, so that was certainly weighing on the DTC comp in the fourth quarter. Arthur Martinez - Abercrombie & Fitch Co. - Executive Chairman Kimberly, with respect to your question about the investments in e-com, they are mutually synergistic with our store efforts and you can't really do one today without doing the other. There is no question that our position in e-com is an admirable one in terms of the percentage of our business we do today in e-commerce. But to rest on that particular position is to invite falling behind a competitive set who are moving very quickly in this area. So we will continue to invest in the people and resources necessary to maintain our leading position in e-com both domestically and internationally. Operator Marni Shapiro, Retail Tracker. Marni Shapiro - The Retail Tracker - Analyst I guess a couple of quick questions. Can you just talk about -- you talked about the pricing in Europe and the changes there. As you have open stores in China and to continue to, can you talk about the pricing strategy there? What is the premium there or are you going to roll out the same lower pricing strategy there? And can you also just touch on -- as product begins to improve and you put some muscle behind that improved product in the back -- let's assume back half of the year, will you start to increase marketing to support this? Or are you going to keep kind of a tight hold on the marketing spend for the full year? Fran Horowitz - Abercrombie & Fitch Co. - President of Hollister Hey, Marni, it is Fran. So first, as far as the pricing goes, we are approaching pricing from a global perspective. So as we are moving to bring our pricing closer to our US pricing. That will happen across the world. And as we move towards back to school, you will see that in most of our assortments. As far as the assortment goes, and yes, as we get the muscle behind it as the year progresses, we will make those determinations about marketing as time goes on and we see the customer's acceptance to what we are doing. 12 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Operator Oliver Chen, Cowen and Company. Oliver Chen - Cowen and Company - Analyst Regarding the evolution of product and what we are looking for, what are your thoughts on women's tops and what kind of detail it may take to evolve that category? And then I had a question about as we look for the changes, what is happening with the SKU breadth? Some of the stores we check look like there is quite a wide variety. I am just curious about where you are feeling about good, better, best. And we have noticed some of the fashion product on markdown as well. And then lastly, this is also a predicate question and brand question. Can you just update us on the differentiation amongst the banners and where your head is with the progress you are making there? Thank you. Christos Angelides - Abercrombie & Fitch Co. - President of A&F and abercrombie kids So, it is Christos. So in terms of tops, every category has been treated exactly the same way, and we are giving a lot of attention to each category and its relevance to trends. So I don't want to be specific, Oliver, about the exact changes we are making, other than to say that we are spending a lot of time on attention to detail, fabric, wash and fit, and then making sure they are trend relevant. Each trend relevant garment, though, will be supported by core classics that the Company is known for, and it is important we price those competitively in the market. So that is kind of the overall view of how we are working. In terms of the SKU breadth, sorry, Oliver, do you mean you feel you are seeing a widening of the breadth? Oliver Chen - Cowen and Company - Analyst The breadth has widened, and then we have also seen product which we thought was good fashion like on markdown. So I'm just curious about the hit rate, especially as you innovate and take on more fashion risk, and then also how you are feeling about the state of the breadth or if what we are observing now is indicative of what is going to happen later? Christos Angelides - Abercrombie & Fitch Co. - President of A&F and abercrombie kids Okay, so firstly I can tell you that there are lots of new product opportunities. So in some categories, there will be a widening of the breadth to allow for more choice. In terms of fashion, you are right, the risk does go up but so do the positive returns and the success if you get it right, and that is what we are focused on. Part of our collection is in the fashion business, which means we need to take risks. The most important thing we need to do is have courage to back the winners we feel are going to be successful. If we do that then we will succeed. The third part of the question, I missed that actually. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Brand differentiation. 13 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Fran Horowitz - Abercrombie & Fitch Co. - President of Hollister I'll jump in -- hi, Oliver. On the brand differentiation question I think our move to a branded organization is one of the best things that we could have done for the Corporation. The teams have been sitting and their seats for less than -- about six months now. And as we see them working every day towards the focus on the brands the differentiation becomes clearer and clearer for them. And the products in time as well will move towards that place. We are very excited about branded; it's going to work in our favor. Operator Paul Lejuez, Wells Fargo. Tracy Kogan - Wells Fargo Securities - Analyst Hey, it's Tracy Kogan filling in for Paul. I wanted to ask about traffic versus ticket internationally. What's been the biggest component of that comp decline and how has it trended this year? And then I just wanted to follow up on something somebody asked about operating expenses. Were you saying that you expect operating expenses to be flattish next year? I guess maybe if you could give a little more detail there. Thanks. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO I think on the traffic part of the question, Tracy, the consistent biggest driver of the comp declines in our international stores has been traffic. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO And on the operating expense lines, yes we expect it to be flat. We expect the benefits we are seeing from the profit improvement initiative and expense savings to be offset with investments in normalizing our compensation accruals next year primarily and investments in DTC and omni-channel initiatives. So we are investing in our growth areas which will offset our profit improvement initiative and other productivity savings. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO And the only comment to add to that, Tracey, is that since we haven't guided to comp, obviously comp is a significant factor in expense, so where that ends up will drive a component of expense year over year. Operator (Operator Instructions). Dana Telsey, Telsey Advisory Group. Dana Telsey - Telsey Advisory Group - Analyst Arthur, as you talked about productivity as a way of life, what should we be looking for to show the pace of improvement as you go through 2015 and towards 2016? And then, Jonathan, as you think about the continued expense reduction efforts, where are the expense reductions going to be coming from now and do they have the opportunity to be a similar magnitude of what you have achieved in the past? Thank you. 14 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Yes, Dana, I think we haven't been specific typically on a forward-looking basis and I don't think we are ready to give specific numbers today as to what we think the incremental opportunity is. I think it is a continuous process going forward where are going to look to be more efficient in how we operate as a Company. I also don't think at this point we can point to specific areas; there are things that we are looking at. But I think you can just count on it being an ongoing area of focus, part of the Company's way of life as Arthur referenced earlier on. Yes and just to recap, we have hit $250 million of cumulative savings and we have accomplished a huge amount I think over the past 18 months. And I think people across the Company have done an outstanding job of implementing changes to our model that have enabled us to achieve those savings. Operator Richard Jaffe, Stifel. Richard Jaffe - Stifel Nicolaus - Analyst A follow-on question about expenses and then a quick question on the fragrance business. As the expenses continue to contract and the business continues to contract, how much further to you want to go or do you think you need to go to right size the expense structure for the business as you see it today, or as you see it in the near future, in terms of dollars or percent of sales? And then in terms of fragrance, the distribution and the payment schedule for Abercrombie & Fitch. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO So Richard just on the first part, I think as we just said, we really can't give specifics as to quantum how much further we are going to go. I think the important point is there is always opportunity to be more efficient and we're going to continue working on a constant basis to find those opportunities and to take cost out of the business and to be more efficient. But we can't say more than that at this point about specifically where that is going to take us. I'm not sure I understood the second part of your question, Richard. Can you maybe just elaborate on that? Richard Jaffe - Stifel Nicolaus - Analyst How do you get paid by allowing your name to be used in a fragrance that will be distributed in other channels? Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Well, we get a license fee from our partner as they sell that product. Operator Dorothy Lakner, Topeka Capital Markets. 15 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Dorothy Lakner - Topeka Capital Markets - Analyst I wondered if you could elaborate a little bit about the outlet opportunity as you continue to build that business. And just talk a little bit about what the mix of that business is, that would be great. Thank you. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Hey, Dorothy, so we did open a number of outlets during 2014 and, as we referenced in the prepared remarks, we are pleased with the performance of those stores. They're in some of the newer highly productive outlet malls, but even within those malls we are pleased with our performance relative to the mall. I think we are taking a balanced approach to outlet expansion. We want to make sure we maintain an appropriate mix and balance between our full price chain stores and our outlet stores. But we are pleased with how that has unfolded over the past year and we expect to continue expansion in outlet in 2015, particularly in the US. Operator Betty Chen, Mizuho Securities. Betty Chen - Mizuho Securities - Analyst I am sorry if I missed it earlier, but it sounds like the new [holiday] store format is doing well and clearly we are planning to roll that out to more stores in 2015. Could you quantify what was the difference in the performance of those stores versus the rest of the chain? And then my second question was regarding the customer experience or in-store experience. What are some changes that we could be looking for at the store level? And if you could give us some examples of whether that includes retraining of the staff, etc. Thanks. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO I can jump in on the performance of the Hollister storefronts. We have consistently seen the storefronts drive incremental traffic over the control stores. So we are seeing double-digit improvements in traffic and mid- to high-single-digit improvement on the sales line, which gives us confidence to commit more capital to that effort in 2015. Fran Horowitz - Abercrombie & Fitch Co. - President of Hollister For the in-store shopping experience, Betty, we have clearly many opportunities to make our experience both easier, more friendly. So we are currently considering all options. We are out talking to our stores trying to understand what the customers are looking for. And specifically, yes, we are looking to retrain our selling associates and that is a work in progress. Christos Angelides - Abercrombie & Fitch Co. - President of A&F and abercrombie kids If I can just give you some specifics, Betty, in Abercrombie on store experience. We are playing around with different variations. We are changing the content of the music, we are looking at different levels of -- at music levels, we are looking at the navigation experience as you go through the store, we're looking at the darkness, we are looking at whether fit rooms should be locked or unlocked. We are looking at the way we lay the product out, whether it should be hanging or flat folded. So we are leaving no stone unturned. We will never find the exact experience that we think is right, it is going to be an evolving process that we will just get better and better and better at. 16 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Operator Mark Altschwager, Robert W Baird. Mark Altschwager - Robert W. Baird - Analyst Can you update us on your thoughts on the wholesale opportunity for each brand, any takeaways from the test so far? And then separately, can you talk a bit more about the store manager incentive plan you referenced earlier? What are the key metrics that the managers will be focused on and how are those different from the prior (inaudible) thank you. Christos Angelides - Abercrombie & Fitch Co. - President of A&F and abercrombie kids Mark, it is Christos, I will pick up the wholesale opportunity. It is very early days. Clearly we have -- the Company has two very strong brands that resonate with consumers. And at some point we want to see if we can leverage the strength of those brands and wholesaling would be one of those opportunities. We have a few things we are looking at, it is not our priority, but it is definitely something we are focused on increasing. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO On the second part of the question, historically our store managers were not incentivized on the performance of the store. So we are implementing a sales based incentive plan for our store managers going forward. Operator Anna Andreeva, Oppenheimer. Unidentified Audience Member Hi, thanks, guys this is (multiple speakers) on for Anna. We were wondering if you could comment on some of the trends you are seeing quarter to date at the brands and if the ports have affected the product or inventory levels going into spring. If you could quantify that, if there is an impact, that would be great. Thanks. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Yes, I will take the first part because we generally don't comment on current quarter trends. And I'll toss it over to Jonathan for the port update. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Yes, on the port impact, I think our supply chain teams again have done an outstanding job of managing through that. We don't believe it is had a material impact on our business or even a significant impact on our business. Operator Janet Kloppenburg, JJK Research. 17 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Janet Kloppenburg - JJK Research - Analyst Joanne, if you could clarify on the expense line if you -- if we should we be forecasting MG&A flat in dollars as well in addition to the stores and distribution, that would help. And for Fran and Christos, I was wondering -- could you talk a little bit more about the tops business? I understand that the logo part of that business is down. Perhaps you could talk a little bit about any progress you are seeing in the fashion component of the top category. And if you could help us understand this new very sharp pricing strategy on the basic tees in the stores, the must haves and the essentials and if that strategy is resonating with the consumer. Thank you. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO On the MG&A line, Janet, the way to think about that, we do have incremental expense modeled in 2015 related to incentive compensation normalized, having normalized accrual rates on incentive compensation. For the year that is a little over $20 million as a Company. A large portion of that will be in the MG&A line as well as a slight increase in marketing spend as we dedicate more growth to digital marketing. Fran Horowitz - Abercrombie & Fitch Co. - President of Hollister Hi, Janet, it is Fran. To answer your featured question, let's start with the top piece. And just to reiterate kind of where we went before, each and every category that we currently have we are looking at for opportunity. There is clearly a big opportunity in tops and we need to strike a balance, which brings me to your question on the must haves. We are looking to do a good, better, best pricing. We like to give the consumer an opportunity to enter an opening price point for us. So we have had very good success to that so far. And fashion will always be a piece of our business, it's a matter of figuring out what percentage that needs to be. Operator Rick Patel, Stephens. Rick Patel - Stephens Inc. - Analyst Sorry if I missed this, but can you provide more insight on the decline in Europe e-commerce sales? I am curious if there are specific countries where things went south or if it was related to certain product (multiple speakers) or it was a marketing issue -- just some help there. And anything -- any color on what you can do differently specific to that channel as we think about 2015. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Sure, I think what we said earlier was that to begin with the logo impact that we felt across the business certainly weighed on the e-com business in the fourth quarter and so did the international component of that. We also said that we felt we left some business on the table in December in Europe where our promotional and shipping messaging was probably not as compelling as it could have been and that is something we will work to rectify as we lap that in 2015. 18 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Operator (Operator Instructions). Emmanuel Raymond, Nomura Asset Management. Emmanuel Raymond - Nomura Asset Management - Analyst It is a bit unusual for the new CFO to report to the old CFO, so I was wondering if you could explain the reason for that. And then secondly, you were happy to buy back shares above $40. And I wondered why you didn't buy back any shares in the fourth quarter when they were much lower. Arthur Martinez - Abercrombie & Fitch Co. - Executive Chairman Well, Emmanuel, I will speak to your first question. Jonathan is -- may be the old CFO, but he is currently our Chief Operating Officer. And the structure that we have has him responsible for a wide range of functions inside the Company. So that seems to be working very well. I will turn the question on the buyback back to Jonathan. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Yes, I mean, Emmanuel, we have always said that we make decisions on buybacks quarter by quarter taking into account both liquidity and valuation. We don't comment on the specifics of that discussion either in advance or typically after-the-fact. So it is what it is as we go quarter by quarter through the year. Operator John Morris, BMO Capital Markets. John Morris - BMO Capital Markets - Analyst Incentive comp -- I think you had mentioned in the prepared remarks looking to change the incentive comp structure at the store level I think among the managers in order to get them more motivated -- more invested in the business. So if you could give us a little bit more color there and also to the extent that you had tested that at all and what results you've been seeing from that prior (technical difficulty) in place? And is that pretty much going in across the board? Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Yes, John, it really wasn't a change in the plan. We've introduced a plan really for the first time that on an ongoing basis will provide incentives for store management based on the performance of their store, primarily measured around the sales performance of the store. So we are doing that on a quarter-by-quarter basis as we go through 2015 which gives us the opportunity to adjust it as we need to to make sure it is being effective in achieving that objective. But we think it is important that the store management has a stake in the performance of their store and that is essentially what we have put in place. Arthur Martinez - Abercrombie & Fitch Co. - Executive Chairman John, I would only add that we didn't feel the test was necessary because there was a deep belief that engaging our store management teams and the results of their own units would produce positive energy and tangible results over time. So we were all in on going forward with the whole Company right away. 19 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

Operator And that does conclude our question-and-answer session and that does conclude our conference call for today. We do thank you for your participation. Arthur Martinez - Abercrombie & Fitch Co. - Executive Chairman Thank you. Jonathan Ramsden - Abercrombie & Fitch Co. - EVP & COO Thank you. Joanne Crevoiserat - Abercrombie & Fitch Co. - EVP & CFO Thank you. 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. ©2015, Thomson Reuters. All Rights Reserved. 5620645-2015-03-04T17:43:09.873 20 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 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. MARCH 04, 2015 / 1:30PM, ANF - Q4 2014 Abercrombie & Fitch Co Earnings Call

EX-99.3

INVESTOR PRESENTATION 2014 FOURTH QUARTER

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 2015 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. 2

Q4 ADJUSTED P&L SUMMARY* * The Q4 Adjusted P&L Summary for the current and prior period is presented on a non-GAAP basis and excludes the charges set out on page 5. 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 $1,119,544 100.0% $1,299,137 100.0% GROSS PROFIT 681,885 60.9% 767,107 59.0% OPERATING EXPENSE 555,589 49.6% 620,541 47.8% OTHER OPERATING INCOME, NET (5,795) -0.5% (7,994) -0.6% OPERATING INCOME 132,091 11.8% 154,560 11.9% INTEREST EXPENSE, NET 4,776 0.4% 2,513 0.2% INCOME BEFORE TAXES 127,315 11.4% 152,047 11.7% TAX EXPENSE 46,495 4.2% 47,784 3.7% NET INCOME $80,820 7.2% $104,263 8.0% NET INCOME PER SHARE BASIC $1.16 $1.36 DILUTED $1.15 $1.34 WEIGHTED-AVERAGE SHARES OUTSTANDING BASIC 69,409 76,467 DILUTED 70,136 77,568 3

FULL YEAR ADJUSTED P&L SUMMARY* * The Full Year Adjusted P&L Summary for the current and prior period is presented on a non-GAAP basis and excludes the charges set out on page 5. 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 $3,744,030 100.0% $4,116,897 100.0% GROSS PROFIT 2,313,570 61.8% 2,575,435 62.6% OPERATING EXPENSE 2,137,116 57.1% 2,375,632 57.7% OTHER OPERATING INCOME, NET (15,239) -0.4% (23,074) -0.6% OPERATING INCOME 191,693 5.1% 222,877 5.4% INTEREST EXPENSE, NET 14,365 0.4% 7,546 0.2% INCOME BEFORE TAXES 177,328 4.7% 215,331 5.2% TAX EXPENSE 65,019 1.7% 64,712 1.6% NET INCOME $112,309 3.0% $150,619 3.7% NET INCOME PER SHARE BASIC $1.56 $1.95 DILUTED $1.54 $1.91 WEIGHTED-AVERAGE SHARES OUTSTANDING BASIC 71,785 77,157 DILUTED 72,937 78,666 4

EXCLUDED CHARGES (PRE-TAX) 2014 Q1 Q2 Q3 Q4 FULL YEAR ASSET IMPAIRMENT, LEASE TERMINATION AND STORE CLOSURE CHARGES — — $18,958 $31,641 $50,599 PROFIT IMPROVEMENT INITIATIVE AND CORPORATE GOVERANCE 9,964 1,964 1,310 718 13,956 GILLY HICKS RESTRUCTURING CHARGES 5,633 419 — 2,378 8,431 CEO TRANSITION COSTS — — — 5,188 5,188 TOTAL $15,597 $2,383 $20,268 $39,925 $78,174 2013 Q1 Q2 Q3 Q4 FULL YEAR ASSET IMPAIRMENT, LEASE TERMINATION AND STORE CLOSURE CHARGES — — $43,571 $3,144 $46,715 PROFIT IMPROVEMENT INITIATIVE 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

* Comparable store sales are calculated on a constant currency basis and exclude Gilly Hicks. Sales mix includes store and DTC sales. COMPARABLE SALES* Q4 SALES MIX Q4 TOTAL COMPANY -10% GEOGRAPHIC: US -6% INTERNATIONAL -17% BRAND: ABERCROMBIE & FITCH -9% abercrombie kids -6% HOLLISTER CO. -11% INTERNATIONAL 31.8% U.S. 68.2% 6 YTD TOTAL COMPANY -8% GEOGRAPHIC: US -6% INTERNATIONAL -12% BRAND: ABERCROMBIE & FITCH -4% abercrombie kids -7% HOLLISTER CO. -10% YTD SALES MIX INTERNATIONAL 35.7% U.S. 64.3%

Q4 ADJUSTED OPERATING EXPENSE* * Q4 adjusted operating expense excludes the charges set out on page 5. 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. Q4 2014 % OF NET SALES Q4 2013 % OF NET SALES Δ bps (3) STORE OCCUPANCY (1) $185,012 16.5% $192,533 14.8% 170 ALL OTHER (2) 256,647 22.9% 312,582 24.1% (120) STORES AND DISTRIBUTION 441,659 39.4% 505,115 38.9% 50 MARKETING, GENERAL & ADMINISTRATIVE 113,930 10.2% 115,426 8.9% 130 TOTAL $555,589 49.6% $620,541 47.8% 180 7

Q4 ADJUSTED P&L ANALYSIS* * Q4 adjusted operating income excludes the charges set out on page 5. 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) $554,475 $107,886 $646,105 $104,420 19.5% 16.2% INTERNATIONAL STORES (1) 263,962 73,250 337,700 92,300 27.8% 27.3% DIRECT TO CONSUMER 301,107 99,326 315,332 118,158 33.0% 37.5% MARKETING, GENERAL & ADMINISTRATIVE EXPENSES - (113,930) - (115,426) STORE PRE-OPENING COSTS (2) - (1,959) - (4,738) ALL OTHER, NET (3) - (32,482) - (40,154) TOTAL $1,119,544 $132,091 $1,299,137 $154,560 8

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 9

Q4 STORE OPENINGS BRAND CENTER CITY DATE Hollister Yas Mall Abu Dhabi, UAE 11/19/2014 A&F Gotemba Premium Outlet Shizuoka, Japan 11/22/2014 A&F Westgate Outlets Glendale, AZ 11/26/2014 Hollister Lalaport Koshein Hyogo, Japan 12/6/2014 A&F Kingston Collection Outlet Kingston, MA 12/6/2014 Hollister Taikoo Li Chengdu Chengdu, China 12/13/2014 Hollister Seattle Premium Outlets Tulalip, WA 12/13/2014 A&F The Avenues Kuwait City, Kuwait 12/23/2014 10

Q4 STORE COUNT ACTIVITY * Includes Asia, Australia and the Middle East. ALL BRANDS TOTAL U.S. CANADA EUROPE REST OF WORLD* START OF Q4 2014 1,000 834 18 122 26 OPENINGS 8 3 — — 5 CLOSINGS (39) (38) — (1) — END OF Q4 2014 969 799 18 121 31 A&F START OF Q4 2014 282 255 4 16 7 OPENINGS 4 2 — — 2 CLOSINGS (7) (7) — — — END OF Q4 2014 279 250 4 16 9 abercrombie kids START OF Q4 2014 133 127 2 4 — OPENINGS — — — — — CLOSINGS (11) (11) — — — END OF Q4 2014 122 116 2 4 — HOLLISTER CO. START OF Q4 2014 585 452 12 102 19 OPENINGS 4 1 — — 3 CLOSINGS (21) (20) — (1) — END OF Q4 2014 568 433 12 101 22 11

APPENDIX: RECONCILIATION OF Q4 2014 NON-GAAP FINANCIAL MEASURES GAAP EXCLUDED CHARGES (1) ADJUSTED NON-GAAP (2) STORES AND DISTRIBUTION EXPENSE $445,629 $3,970 $441,659 MARKETING, GENERAL AND ADMINISTRATIVE EXPENSE 119,225 5,295 113,930 RESTRUCTURING CHARGES 2,378 2,378 — ASSET IMPAIRMENT 28,282 28,282 — INCOME BEFORE TAXES 87,390 39,925 127,315 TAX EXPENSE 43,002 3,493 46,495 NET INCOME $44,388 $36,432 $80,820 NET INCOME PER DILUTED SHARE $0.63 $0.52 $1.15 (1) Excluded charges consist of pre-tax charges of $17.0 million related to the impairment of store assets whose carrying value exceeded fair value, primarily associated with 4 Abercrombie & Fitch stores, 4 abercrombie kids stores and 9 Hollister stores, $11.3 million related to the write down of a Company owned aircraft to estimated net sales value, $3.4 million related to lease termination and store closure charges, primarily associated with two Hollister stores in Australia, $5.2 million related to CEO transition costs, $2.4 million related to the restructuring of the Gilly Hicks brand, and $0.7 million related to the Company's profit improvement initiative and certain governance matters. (2) Non-GAAP financial measures should not be used as alternatives to GAAP 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 JANUARY 31, 2015 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) 12

APPENDIX: RECONCILIATION OF FULL YEAR NON-GAAP FINANCIAL MEASURES (1) Excluded charges consist of pre-tax charges of $33.7 million related to the impairment of store assets whose carrying value exceeded fair value, primarily associated with 7 Abercrombie & Fitch stores, 27 abercrombie kids stores and 17 Hollister stores, $11.3 million related to the write down of a Company owned aircraft to estimated net sales value, $8.4 million related to the restructuring of the Gilly Hicks brand, $7.5 million related to legal, advisory and other costs associated with certain corporate governance matters, $6.5 million related to the Company's profit improvement initiative, $5.6 million related to lease termination and store closure charges, and $5.2 million related to CEO transition costs. (2) Non-GAAP financial measures should not be used as alternatives to GAAP 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. FIFTY-TWO WEEKS ENDED JANUARY 31, 2015 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) GAAP EXCLUDED CHARGES (1) ADJUSTED NON-GAAP (2) STORES AND DISTRIBUTION EXPENSE $1,703,051 $8,335 $1,694,716 MARKETING, GENERAL AND ADMINISTRATIVE EXPENSE 458,820 16,420 442,400 RESTRUCTURING CHARGES 8,431 8,431 — ASSET IMPAIRMENT 44,988 44,988 — INCOME BEFORE TAXES 99,154 78,174 177,328 TAX EXPENSE 47,333 17,686 65,019 NET INCOME $51,821 $60,488 $112,309 NET INCOME PER DILUTED SHARE $0.71 $0.83 $1.54 13

APPENDIX: RECONCILIATION OF Q4 2013 NON-GAAP FINANCIAL MEASURES (1) Excluded charges consist of pre-tax charges of $36.8 million related to the restructuring of the Gilly Hicks brand, $3.7 million related to the Company's profit improvement initiative, and $3.1 million related to the impairment of store assets whose carrying value exceeded fair value. (2) Non-GAAP financial measures should not be used as alternatives to GAAP 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 FEBRUARY 1, 2014 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) GAAP EXCLUDED CHARGES (1) ADJUSTED NON-GAAP (2) STORES AND DISTRIBUTION EXPENSE $505,607 $492 $505,115 MARKETING, GENERAL AND ADMINISTRATIVE EXPENSE 118,608 3,182 115,426 RESTRUCTURING CHARGES 36,792 36,792 — ASSET IMPAIRMENT 3,144 3,144 — INCOME BEFORE TAXES 108,437 43,610 152,047 TAX EXPENSE 42,331 5,453 47,784 NET INCOME $66,106 $38,157 $104,263 NET INCOME PER DILUTED SHARE $0.85 $0.49 $1.34 14

APPENDIX: RECONCILIATION OF FULL YEAR 2013 NON-GAAP FINANCIAL MEASURES (1) Excluded charges consist of pre-tax charges of $46.7 million related to the impairment of store assets whose carrying value exceeded fair value, primarily associated with 23 Abercrombie & Fitch stores, 4 abercrombie kids stores and 70 Hollister stores, $81.5 million related to the restructuring of the Gilly Hicks brand, and $13.8 million related to the Company's profit improvement initiative. (2) Non-GAAP financial measures should not be used as alternatives to GAAP 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. FIFTY-TWO WEEKS ENDED FEBRUARY 1, 2014 (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) GAAP EXCLUDED CHARGES (1) ADJUSTED NON-GAAP (2) STORES AND DISTRIBUTION EXPENSE $1,907,687 $1,131 $1,906,556 MARKETING, GENERAL AND ADMINISTRATIVE EXPENSE 481,784 12,708 469,076 RESTRUCTURING CHARGES 81,500 81,500 — ASSET IMPAIRMENT 46,715 46,715 — INCOME BEFORE TAXES 73,277 142,054 215,331 TAX EXPENSE 18,649 46,063 64,712 NET INCOME $54,628 $95,991 $150,619 NET INCOME PER DILUTED SHARE $0.69 $1.22 $1.91 15