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): November 17, 2017

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 17, 2017, Abercrombie & Fitch Co. (the “Company”) issued a news release (the “Release”) reporting the Company's unaudited financial results for the third quarter ended October 28, 2017. 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.

In conjunction with the Release, the Company also made available additional unaudited quarterly financial information along with additional financial information for the fiscal years ended January 28, 2017, January 30, 2016, January 31, 2015 and February 1, 2014. The additional financial information is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

In conjunction with the Release, the Company also made available an investor presentation of results for the third quarter ended October 28, 2017. The presentation, which is available under the “Investor Presentations” tab in the “Investors” section of the Company'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 November 17, 2017 to review the Company's financial results for the third quarter ended October 28, 2017. 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 November 17, 2017
99.2	Additional unaudited quarterly and fiscal year financial information
99.3	Investor presentation of results for third quarter ended October 28, 2017
99.4	Transcript of conference call held by management of Abercrombie & Fitch Co. on November 17, 2017

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: November 20, 2017	By:	/s/ Scott Lipesky
		Scott Lipesky
		Senior Vice President and Chief Financial Officer

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	News release issued by Abercrombie & Fitch Co. on November 17, 2017
99.2	Additional unaudited quarterly and fiscal year financial information
99.3	Investor presentation of results for third quarter ended October 28, 2017
99.4	Transcript of conference call held by management of Abercrombie & Fitch Co. on November 17, 2017

EX-99.1

ABERCROMBIE & FITCH CO. REPORTS THIRD QUARTER RESULTS

Overall net sales up5%, with Hollister net sales up 10%, driving operating expense leverage and profit growth as strategic initiatives gain further traction

New Albany, Ohio, November 17, 2017: Abercrombie & Fitch Co. (NYSE: ANF) today reported GAAP net income per diluted share of $0.15 for the third quarter ended October 28, 2017, compared to GAAP net income per diluted share of $0.12 for the third quarter last year. Excluding certain items, the company reported adjusted non-GAAP net income per diluted share of $0.30 for the quarter, compared to adjusted non-GAAP net income per diluted share of $0.02 last year.

Net Income Per Diluted Share Summary
	2017 (1)	2016 (2)
GAAP	$0.15	$0.12
Excluded Items (3)	(0.15)	0.09
Adjusted Non-GAAP	$0.30	$0.02

⁽¹⁾ Excluded Items consist of legal charges of $11.1 million and store asset impairment charges of $3.5 million.

⁽²⁾ Excluded Items consist of indemnification recovery benefits of $6.0 million.

⁽³⁾ Excluded Items are net of tax effect.

The favorable impact from year-over-year changes in foreign currency exchange rates, net of hedging, was approximately $0.01 per diluted share for the quarter.

A description of the use of non-GAAP financial measures and a schedule reconciling GAAP financial measures to adjusted non-GAAP financial measures accompanies this release.

Fran Horowitz, Chief Executive Officer, said:

"We are pleased by the clear progress across all brands, delivering another quarter of sequential comparable sales improvement, and a return to positive comparable sales. This sales performance in combination with disciplined expense management drove profit growth, despite the promotional environment. Our customers remain at the center of all we do, and that singular focus continues to drive both our brands forward, with effective engagement across all channels driving positive overall traffic and conversion trends. Hollister delivered another quarter of sales growth across all channels and geographies, and Abercrombie is beginning to show signs of stabilization.

We continue to execute on our strategic plan, and we are positioned to compete in what we expect to be a challenging and promotional fourth quarter. We maintain our focus on driving operating expense leverage, while also making strategic investments in marketing and omnichannel to meet our customers' needs whenever, wherever and however they choose to engage with our brands."

Third Quarter Sales Results

Net sales for the third quarter were $859.1 million, up5% over last year, with comparable sales for the third quarter up4% and changes in foreign currency exchange rates benefiting net sales by 1%.

Fiscal 2017 Comparable Sales Summary (1)
Brand					Geography
	First Quarter	Second Quarter	Third Quarter	Year-to-Date		First Quarter	Second Quarter	Third Quarter	Year-to-Date
Hollister	3%	5%	8%	6%	United States	(3)%	0%	6%	1%
Abercrombie(2)	(10)%	(7)%	(2)%	(6)%	International	(2)%	(1)%	0%	(1)%
Total Company	(3)%	(1)%	4%	0%	Total Company	(3)%	(1)%	4%	0%

⁽¹⁾ Comparable sales are calculated on a constant currency basis.

⁽²⁾ Abercrombie includes the Abercrombie & Fitch and abercrombie kids brands.

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By brand, net sales for the third quarter increased10% to $508.1 million for Hollister and decreased2% to $351.0 million for Abercrombie over last year.

By geography, net sales for the third quarter increased4% to $554.7 million in the U.S. and increased5% to $304.4 million in international markets over last year.

Direct-to-consumer sales grew to approximately 24% of total company net sales for the third quarter, compared to approximately 23% of total company net sales last year.

Additional Third Quarter Results Commentary

The gross profit rate for the third quarter was 61.3%, 80 basis points lower than last year on a constant currency basis, as lower average unit cost was more than offset by lower average unit retail.

Stores and distribution expense for the third quarter was $375.9 million, down from $386.6 million last year, as expense reductions were partially offset by volume-related expenses from higher sales and changes in foreign currency exchange rates.

Marketing, general and administrative expense for the third quarter was $124.5 million, up from $105.3 million last year. Excluding legal charges of $11.1 million this year and indemnification recovery benefits of $6.0 million last year, adjusted non-GAAP marketing, general and administrative expense increased$2.2 million, as expense reductions were more than offset by higher performance-based compensation and marketing expenses.

Asset impairment for the third quarter was $3.5 million and was excluded from adjusted results.

Net other operating income for the third quarter was $0.1 million, compared to $0.8 million last year.

Operating income for the third quarter was $22.7 million, compared to $19.6 million last year. Excluding certain items, adjusted non-GAAP operating income for the third quarter was $37.3 million, compared to $13.6 million last year.

The effective tax rate for the third quarter was 42%. Excluding certain items, the adjusted non-GAAP effective tax rate for the third quarter was 36%.

Net income attributable to Abercrombie & Fitch Co. for the third quarter was $10.1 million, compared to $7.9 million last year. Excluding certain items, adjusted non-GAAP net income attributable to Abercrombie & Fitch Co. for the third quarter was $20.5 million, compared to $1.4 million last year.

The company ended the third quarter with $459.3 million in cash and cash equivalents, and gross borrowings under the company's term loan agreement of $268.3 million, compared to $469.7 million in cash and cash equivalents and $293.3 million in borrowings last year.

The company ended the third quarter with $570.5 million in inventory, an increase of 11% over last year.

Other Developments

As previously announced, on November 14, 2017 the Board of Directors declared a quarterly cash dividend of $0.20 per share on the Class A Common Stock of Abercrombie & Fitch Co., payable on December 11, 2017 to stockholders of record at the close of business on December 1, 2017.

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Outlook

For the fourth quarter of fiscal 2017, the company expects:

• Comparable sales to be up low-single digits, and net sales to be up mid- to high-single digits, including benefits from the 53rd week and changes in foreign currency exchange rates

• The 53rd week to benefit net sales by approximately $38 million and operating income by approximately $2 million

• Changes in foreign currency exchange rates to benefit net sales by approximately $20 million and operating income by approximately $5 million, net of hedging

• A gross profit rate down approximately 100 basis points to last year's rate of 59.3%, in line with the third quarter year-over-year decline

• Operating expense, including other operating income, to be down approximately 1% from $553.7 million last year, with expense reductions partially offset by increases in volume-related expenses from higher sales and the adverse effect from changes in foreign currency exchange rates

• The effective tax rate to be in the mid 30s

• A weighted average diluted share count of approximately 70 million shares, excluding the effect of potential share buybacks

On a full year basis, the company expects the effective tax rate to reflect a core tax rate in the mid 30s, which is highly sensitive at lower levels of pre-tax earnings. Additionally, the company expects the full year effective tax rate to reflect discrete non-cash income tax charges of approximately $11 million related to a change in share-based compensation accounting standards.

The company now expects capital expenditures to be approximately $110 million for the full year, up from the company's prior expectation of $100 million.

In addition to the five stores opened year to date, including two outlet stores, the company expects to open four new full-price stores in the fourth quarter. The company anticipates closing up to 60 stores in the U.S. by year-end through natural lease expirations, including 14 stores closed to date.

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 (877) 627-6590 and ask for the Abercrombie & Fitch Quarterly Call or go to www.abercrombie.com. The international call-in number is (719) 325-4857. 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 5771918 or through www.abercrombie.com.

An investor presentation of third quarter results will be available in the "Investors" section of the company's website at www.abercrombie.com at approximately 8:00 AM, Eastern Standard Time, today.

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 undertake no obligation to publicly update or revise any forward-looking statements. The following factors, in addition to those disclosed in “ITEM 1A. RISK FACTORS” of A&F's Annual Report on Form 10-K for the fiscal year ended January 28, 2017 and in A&F's subsequently filed quarterly reports on Form 10-Q, in some cases have affected, and in the future could affect, the company's financial performance and could cause actual results for Fiscal 2017 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 global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits, could have a material adverse effect on our business, results of operations and liquidity; our inability to anticipate customer demand and changing fashion trends and to manage our inventory commensurately could adversely impact our sales levels and profitability; our market share may be negatively impacted by increasing competition and pricing

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pressures from companies with brands or merchandise competitive with ours; direct-to-consumer sales channels are a significant component of our growth strategy, and the failure to successfully develop our position in these channels could have an adverse impact on our results of operations; our ability to conduct business in international markets may be adversely affected by legal, regulatory, political and economic risks; our inability to successfully implement our strategic plans could have a negative impact on our growth and profitability; our failure to protect our reputation could have a material adverse effect on our brands; our business could suffer if our information technology systems are disrupted or cease to operate effectively; we may be exposed to risks and costs associated with cyber-attacks, credit card fraud and identity theft that would cause us to incur unexpected expenses and reputation loss; fluctuations in foreign currency exchange rates could adversely impact our financial condition and results of operations; changes in the cost, availability and quality of raw materials, labor, transportation and trade relations could cause manufacturing delays and increase our costs; we depend upon independent third parties for the manufacture and delivery of all our merchandise, and a disruption of the manufacture or delivery of our merchandise could result in lost sales and could increase our costs; our ability to attract customers to our stores depends, in part, on the success of the shopping malls or area attractions that our stores are located in or around; 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; our reliance on DCs makes us susceptible to disruptions or adverse conditions affecting our supply chain; 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; fluctuations in our tax obligations and effective tax rate may result in volatility in our operating results; extreme weather conditions and the seasonal nature of our business may cause net sales to fluctuate and negatively impact our results of operations; 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; the impact of war or acts of terrorism could have a material adverse effect on our operating results and financial condition; changes in the regulatory or compliance landscape could adversely affect our business and results of operations; our Asset-Based Revolving Credit Agreement and our Term Loan Agreement include restrictive covenants that limit our flexibility in operating our business; and, 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.

About Abercrombie & Fitch Co.

Abercrombie & Fitch Co. (NYSE: ANF) is a leading, global specialty retailer of apparel and accessories for Men, Women and Kids through three renowned brands. For 125 years, the iconic Abercrombie & Fitch brand has outfitted innovators, explorers and entrepreneurs. Today, the brand reflects the updated attitude of the 21 to 24-year old customer, while remaining true to its heritage of creating expertly crafted products with an effortless, American style. The Hollister brand epitomizes the liberating and carefree spirit of the endless California summer for the teen market. abercrombie kids creates smart, playful apparel for children ages 5-14, celebrating the wide-eyed wonder of childhood.

The brands share a commitment to offering products of enduring quality and exceptional comfort that allow consumers around the world to express their own individuality and style. The Company operates approximately 900 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com and www.hollisterco.com.

Investor Contact:	Media Contact:
Brian Logan	Ian Bailey
Abercrombie & Fitch	Abercrombie & Fitch
(614) 283-6877	(614) 283-6192
Investor_Relations@anfcorp.com	Public_Relations@anfcorp.com

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Abercrombie & Fitch Co.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
	Thirteen Weeks Ended					Thirteen Weeks Ended
	October 28, 2017			% of Net Sales		October 29, 2016			% of Net Sales
Net sales	$	859,112		100.0	%	$	821,734		100.0	%
Cost of sales, exclusive of depreciation and amortization	332,485			38.7	%	310,995			37.8	%
Gross profit	526,627			61.3	%	510,739			62.2	%
Stores and distribution expense	375,944			43.8	%	386,609			47.0	%
Marketing, general and administrative expense	124,533			14.5	%	105,307			12.8	%
Asset impairment	3,480			0.4	%	—			0.0	%
Other operating income, net	(70		)	0.0	%	(822		)	(0.1	)%
Operating income	22,740			2.6	%	19,645			2.4	%
Interest expense, net	4,571			0.5	%	4,609			0.6	%
Income before taxes	18,169			2.1	%	15,036			1.8	%
Tax expense	7,553			0.9	%	6,762			0.8	%
Net income	10,616			1.2	%	8,274			1.0	%
Less: Net income attributable to noncontrolling interests	541			0.1	%	393			0.0	%
Net income attributable to Abercrombie & Fitch Co.	$	10,075		1.2	%	$	7,881		1.0	%
Net income per share attributable to Abercrombie & Fitch Co.:
Basic	$	0.15				$	0.12
Diluted	$	0.15				$	0.12
Weighted-average shares outstanding:
Basic	68,512					67,975
Diluted	69,425					68,277

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Abercrombie & Fitch Co.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
	Thirty-nine Weeks Ended					Thirty-nine Weeks Ended
	October 28, 2017			% of Net Sales		October 29, 2016			% of Net Sales
Net sales	$	2,299,532		100.0	%	$	2,290,377		100.0	%
Cost of sales, exclusive of depreciation and amortization	913,085			39.7	%	876,810			38.3	%
Gross profit	1,386,447			60.3	%	1,413,567			61.7	%
Stores and distribution expense	1,105,168			48.1	%	1,138,644			49.7	%
Marketing, general and administrative expense	343,779			14.9	%	331,473			14.5	%
Asset impairment	10,345			0.4	%	6,356			0.3	%
Other operating income, net	(4,555		)	(0.2	)%	(16,835		)	(0.7	)%
Operating loss	(68,290		)	(3.0	)%	(46,071		)	(2.0	)%
Interest expense, net	12,780			0.6	%	13,856			0.6	%
Loss before taxes	(81,070		)	(3.5	)%	(59,927		)	(2.6	)%
Tax benefit	(16,062		)	(0.7	)%	(17,540		)	(0.8	)%
Net loss	(65,008		)	(2.8	)%	(42,387		)	(1.9	)%
Less: Net income attributable to noncontrolling interests	2,108			0.1	%	2,448			0.1	%
Net loss attributable to Abercrombie & Fitch Co.	$	(67,116	)	(2.9	)%	$	(44,835	)	(2.0	)%
Net loss per share attributable to Abercrombie & Fitch Co.:
Basic	$	(0.98	)			$	(0.66	)
Diluted	$	(0.98	)			$	(0.66	)
Weighted-average shares outstanding:
Basic	68,347					67,848
Diluted	68,347					67,848

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Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
	October 28, 2017		January 28, 2017		October 29, 2016
ASSETS
Current assets:
Cash and equivalents	$	459,293	$	547,189	$	469,720
Receivables	78,554		93,384		71,235
Inventories, net	570,484		399,795		516,146
Other current assets	68,903		98,932		93,170
Total current assets	1,177,234		1,139,300		1,150,271
Property and equipment, net	767,930		824,738		827,996
Other assets	352,737		331,719		358,201
TOTAL ASSETS	$	2,297,901	$	2,295,757	$	2,336,468
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	248,963	$	187,017	$	228,880
Accrued expenses	292,479		273,044		266,761
Short-term portion of deferred lease credits	19,314		20,076		20,623
Income taxes payable	6,189		5,863		7,654
Short-term portion of borrowings, net	—		—		2,204
Total current liabilities	566,945		486,000		526,122
Long-term liabilities:
Long-term portion of deferred lease credits	$	74,782	$	76,321	$	77,800
Long-term portion of borrowings, net	263,910		262,992		285,029
Leasehold financing obligations	48,082		46,397		48,810
Other liabilities	174,023		172,008		179,085
Total long-term liabilities	560,797		557,718		590,724
Total Abercrombie & Fitch Co. stockholders' equity	1,160,760		1,243,435		1,211,667
Noncontrolling interests	9,399		8,604		7,955
Total stockholders' equity	1,170,159		1,252,039		1,219,622
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,297,901	$	2,295,757	$	2,336,468

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REPORTING AND USE OF GAAP AND NON-GAAP MEASURES

The company believes that each of the non-GAAP financial measures presented in this news release are useful to investors as they supplement investors' understanding of comparability across periods and provide the ability to measure the company’s operating performance excluding the effect of certain items that the company believes do not reflect its future operating outlook. Management used these non-GAAP financial measures during the periods presented to assess the company's performance, to make decisions about how to allocate resources and to develop expectations for future operating performance. The company provides certain financial information on a constant currency basis to enhance investors' understanding of underlying business trends and operating performance. The effect from foreign currency, calculated on a constant currency basis, is determined by applying current period exchange rates to prior year results and is net of the year-over-year impact from hedging. The per diluted share effect from foreign currency is calculated using a 35% tax rate. In addition, the company provides comparable sales which is defined as the aggregate of: (1) year-over-year sales for stores that have been open as the same brand at least one year and whose square footage has not been expanded or reduced by more than 20% within the past year, with prior year’s net sales converted at the current year’s foreign currency exchange rate to remove the impact of currency fluctuation, and (2) year-over-year direct-to-consumer sales with prior year’s net sales converted at the current year’s foreign currency exchange rate to remove the impact of currency fluctuation. Non-GAAP financial measures should be used supplemental to, not as an alternative to, the company's GAAP financial results, and may not be the same as similar measures presented by other companies.

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended October 28, 2017
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded Items			Adjusted Non-GAAP
Marketing, general and administrative expense (2)	$	124,533	$	11,070		$	113,463
Asset impairment (3)	3,480		3,480			—
Operating income	22,740		(14,550		)	37,290
Income before taxes	18,169		(14,550		)	32,719
Tax expense (4)	7,553		(4,117		)	11,670
Net income attributable to Abercrombie & Fitch Co.	$	10,075	$	(10,433	)	$	20,508
Net income per diluted share attributable to Abercrombie & Fitch Co.	$	0.15	$	(0.15	)	$	0.30
Diluted weighted-average shares outstanding:	69,425					69,425

⁽¹⁾ "GAAP" refers to accounting principles generally accepted in the United States of America.

⁽²⁾ Excluded Items consist of legal charges of $11.1 millionin connection with a proposed settlement of two class action claims related to alleged wage and hour practices dating back to 2009.

⁽³⁾ Excluded Items consist of asset impairment charges of $3.5 million related to store assets whose carrying value exceeded fair value.

⁽⁴⁾ The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and an adjusted non-GAAP basis.

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Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended October 29, 2016
(in thousands, except per share data)
(Unaudited)
	GAAP (1)		Excluded Items			Adjusted Non-GAAP
Marketing, general and administrative expense (2)	$	105,307	$	(6,000	)	$	111,307
Operating income	19,645		6,000			13,645
Income before taxes	15,036		6,000			9,036
Tax expense (3)	6,762		(479		)	7,241
Net income attributable to Abercrombie & Fitch Co.	$	7,881	$	6,479		$	1,402
Net income per diluted share attributable to Abercrombie & Fitch Co.	$	0.12	$	0.09		$	0.02
Diluted weighted-average shares outstanding:	68,277					68,277

⁽¹⁾ "GAAP" refers to accounting principles generally accepted in the United States of America.

⁽²⁾ Excluded Items consist of indemnification recovery benefits of $6.0 million related to certain legal settlements recognized in the second quarter of Fiscal 2015.

⁽³⁾ The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and an adjusted non-GAAP basis.

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Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirty-nine Weeks Ended October 28, 2017
(in thousands, except per share data)
(Unaudited)
	GAAP (1)			Excluded Items			Adjusted Non-GAAP
Marketing, general and administrative expense (2)	$	343,779		$	11,070		$	332,709
Asset impairment (3)	10,345			9,615			730
Operating loss	(68,290		)	(20,685		)	(47,605		)
Loss before taxes	(81,070		)	(20,685		)	(60,385		)
Tax benefit (4)	(16,062		)	(5,727		)	(10,335		)
Net loss attributable to Abercrombie & Fitch Co.	$	(67,116	)	$	(14,958	)	$	(52,158	)
Net loss per diluted share attributable to Abercrombie & Fitch Co.	$	(0.98	)	$	(0.22	)	$	(0.76	)
Diluted weighted-average shares outstanding:	68,347						68,347

⁽¹⁾ "GAAP" refers to accounting principles generally accepted in the United States of America.

⁽²⁾ Excluded Items consist of legal charges of $11.1 millionin connection with a proposed settlement of two class action claims related to alleged wage and hour practices dating back to 2009.

⁽³⁾ Excluded Items consist of asset impairment charges of $9.6 million related to store assets whose carrying value exceeded fair value.

⁽⁴⁾ The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and an adjusted non-GAAP basis.

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Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirty-nine Weeks Ended October 29, 2016
(in thousands, except per share data)
(Unaudited)
	GAAP (1)			Excluded Items			Adjusted Non-GAAP
Marketing, general and administrative expense (2)	$	331,473		$	(6,000	)	$	337,473
Asset impairment (3)	6,356			6,356			—
Other operating income, net (4)	(16,835		)	(12,282		)	(4,553		)
Operating loss	(46,071		)	11,926			(57,997		)
Loss before taxes	(59,927		)	11,926			(71,853		)
Tax benefit (5)	(17,540		)	1,768			(19,308		)
Net loss attributable to Abercrombie & Fitch Co.	$	(44,835	)	$	10,158		$	(54,993	)
Net loss per diluted share attributable to Abercrombie & Fitch Co.	$	(0.66	)	$	0.15		$	(0.81	)
Diluted weighted-average shares outstanding:	67,848						67,848

⁽¹⁾ "GAAP" refers to accounting principles generally accepted in the United States of America.

⁽²⁾ Excluded Items consist of indemnification recovery benefits of $6.0 million related to certain legal settlements recognized in the second quarter of Fiscal 2015.

⁽³⁾ Excluded Items consist of asset impairment charges of $6.4 million related to a store whose asset carrying value exceeded fair value.

⁽⁴⁾ Excluded Items consist of legal settlement benefits of $12.3 million related to certain economic loss claims.

⁽⁵⁾ The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and an adjusted non-GAAP basis.

11

Abercrombie & Fitch Co.

Store Count Activity

Thirteen Weeks Ended October 28, 2017
	Hollister(1)			Abercrombie(2)			Total
	United States		International	United States		International	United States		International
July 29, 2017	397		145	306		43	703		188
New	—		—	1		1	1		1
Closed	(1	)	—	(3	)	—	(4	)	—
October 28, 2017	396		145	304		44	700		189

Thirty-nine Weeks Ended October 28, 2017
	Hollister(1)			Abercrombie(2)				Total
	United States		International	United States		International		United States		International
January 28, 2017	398		145	311		44		709		189
New	1		—	3		1		4		1
Closed	(3	)	—	(10	)	(1	)	(13	)	(1	)
October 28, 2017	396		145	304		44		700		189

⁽¹⁾ Excludes five international franchise stores as of October 28, 2017 and July 29, 2017 and three international franchise stores as of January 28, 2017.

⁽²⁾ Includes Abercrombie & Fitch and abercrombie kids brands. Excludes four international franchise stores as of October 28, 2017, three international franchise stores as of July 29, 2017 and one international franchise store as of January 28, 2017.

12

EX-99.2

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data and store data)
										Fiscal 2016															Fiscal 2017
	2013			2014			2015			Q1			Q2			Q3			Q4			2016			Q1			Q2			Q3			YTD
Net sales	$	4,116,897		$	3,744,030		$	3,518,680		$	685,483		$	783,160		$	821,734		$	1,036,363		$	3,326,740		$	661,099		$	779,321		$	859,112		$	2,299,532
Cost of sales, exclusive of depreciation and amortization	1,541,462			1,430,460			1,361,137			259,762			306,053			310,995			421,362			1,298,172			262,174			318,426			332,485			913,085
Gross profit	2,575,435			2,313,570			2,157,543			425,721			477,107			510,739			615,001			2,028,568			398,925			460,895			526,627			1,386,447
Stores and distribution expense	1,907,687			1,703,051			1,604,214			369,118			382,917			386,609			439,816			1,578,460			359,929			369,295			375,944			1,105,168
Marketing, general and administrative expense	481,784			458,820			470,321			114,447			111,719			105,307			121,729			453,202			109,893			109,353			124,533			343,779
Restructuring charge (benefit)	81,500			8,431			(1,598		)	—			—			—			—			—			—			—			—			—
Asset impairment	46,715			44,988			18,209			—			6,356			—			1,574			7,930			730			6,135			3,480			10,345
Other operating (income) expense, net	(23,074		)	(15,239		)	(6,441		)	(2,933		)	(13,080		)	(822		)	(9,377		)	(26,212		)	(1,686		)	(2,799		)	(70		)	(4,555		)
Operating income (loss)	80,823			113,519			72,838			(54,911		)	(10,805		)	19,645			61,259			15,188			(69,941		)	(21,089		)	22,740			(68,290		)
Interest expense, net	7,546			14,365			18,248			4,506			4,741			4,609			4,810			18,666			4,120			4,089			4,571			12,780
Income (loss) before taxes	73,277			99,154			54,590			(59,417		)	(15,546		)	15,036			56,449			(3,478		)	(74,061		)	(25,178		)	18,169			(81,070		)
Tax expense (benefit)	18,649			47,333			16,031			(20,787		)	(3,515		)	6,762			6,344			(11,196		)	(13,052		)	(10,563		)	7,553			(16,062		)
Net income (loss)	54,628			51,821			38,559			(38,630		)	(12,031		)	8,274			50,105			7,718			(61,009		)	(14,615		)	10,616			(65,008		)
Less: Net income attributable to noncontrolling interests	—			—			2,983			957			1,098			393			1,314			3,762			691			876			541			2,108
Net income (loss) attributable to Abercrombie & Fitch Co.	$	54,628		$	51,821		$	35,576		$	(39,587	)	$	(13,129	)	$	7,881		$	48,791		$	3,956		$	(61,700	)	$	(15,491	)	$	10,075		$	(67,116	)

1

										Fiscal 2016															Fiscal 2017
	2013			2014			2015			Q1			Q2			Q3			Q4			2016			Q1			Q2			Q3			YTD
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	0.71		$	0.72		$	0.52		$	(0.59	)	$	(0.19	)	$	0.12		$	0.72		$	0.06		$	(0.91	)	$	(0.23	)	$	0.15		$	(0.98	)
Diluted	$	0.69		$	0.71		$	0.51		$	(0.59	)	$	(0.19	)	$	0.12		$	0.71		$	0.06		$	(0.91	)	$	(0.23	)	$	0.15		$	(0.98	)
Weighted-average shares outstanding:
Basic	77,157			71,785			68,880			67,625			67,944			67,975			67,970			67,878			68,073			68,456			68,512			68,347
Diluted	78,666			72,937			69,417			67,625			67,944			68,277			68,299			68,284			68,073			68,456			69,425			68,347
Hollister comparable sales	(14		)%	(10		)%	—		%	—		%	(2		)%	—		%	1		%	0		%	3		%	5		%	8		%	6		%
Abercrombie comparable sales (1)				(5		)%	(6		)%	(8		)%	(7		)%	(14		)%	(13		)%	(11		)%	(10		)%	(7		)%	(2		)%	(6		)%
Comparable sales (2)	(11		)%	(8		)%	(3		)%	(4		)%	(4		)%	(6		)%	(5		)%	(5		)%	(3		)%	(1		)%	4		%	0		%
Shares outstanding	76,402			69,352			67,348			67,605			67,666			67,683			67,758			67,758			68,012			68,092			68,116			68,116
Number of stores - end of period (3)	1,006			969			932			925			926			930			898			898			893			891			889			889
Gross square feet - end of period	7,736			7,517			7,292			7,209			7,209			7,219			7,007			7,007			6,939			6,908			6,880			6,880
(1) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.
(2) Comparable sales are calculated on a constant currency basis.
(3) Prior period store counts have been restated to count multi-brand outlet stores as a single store.

2

EX-99.3

INVESTOR PRESENTATION 2017 THIRD QUARTER

2 SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this presentation or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the company's control. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we assume no obligation to publicly update or revise our forward-looking statements. The factors disclosed in "ITEM 1A. RISK FACTORS" of A&F's Annual Report on Form 10-K for the fiscal year ended January 28, 2017 and in A&F's subsequently filed quarterly reports on Form 10-Q, in some cases have affected, and in the future could affect, the company's financial performance and could cause actual results for the 2017 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 The following presentation includes certain adjusted non-GAAP financial measures. Additional details about non-GAAP financial measures and a reconciliation of GAAP financial measures to non-GAAP financial measures is included in the news release issued by the company on November 17, 2017, which is available in the "Investors" section of the company's website, located at www.abercrombie.com. As used in the presentation, "GAAP" refers to accounting principles generally accepted in the United States of America. All dollar and share amounts are in 000’s unless otherwise stated. Sub-totals and totals may not foot due to rounding. Net income and net income per share financial measures included herein are attributable to Abercrombie & Fitch Co., excluding net income attributable to noncontrolling interests.

3 Q3 P&L SUMMARY 2017 % OF NET SALES 2016 % OF NET SALES NET SALES $859,112 100.0% $821,734 100.0% GROSS PROFIT 526,627 61.3% 510,739 62.2% OPERATING EXPENSE 503,957 58.7% 491,916 59.9% OTHER OPERATING INCOME, NET (70) 0.0% (822) (0.1)% OPERATING INCOME 22,740 2.6% 19,645 2.4% INTEREST EXPENSE, NET 4,571 0.5% 4,609 0.6% INCOME BEFORE TAXES 18,169 2.1% 15,036 1.8% TAX EXPENSE 7,553 0.9% 6,762 0.8% NET INCOME $10,075 1.2% $7,881 1.0% NET INCOME PER SHARE BASIC $0.15 $0.12 DILUTED $0.15 $0.12 WEIGHTED-AVERAGE SHARES OUTSTANDING BASIC 68,512 67,975 DILUTED 69,425 68,277

4 Q3 ADJUSTED P&L SUMMARY* * The Q3 Adjusted P&L Summary for the current and prior periods are presented on an adjusted non-GAAP basis, and excludes the effect of certain items set out on page 5. 2017 % OF NET SALES 2016 % OF NET SALES NET SALES $859,112 100.0% $821,734 100.0% GROSS PROFIT 526,627 61.3% 510,739 62.2% OPERATING EXPENSE 489,407 57.0% 497,916 60.6% OTHER OPERATING INCOME, NET (70) 0.0% (822) (0.1)% OPERATING INCOME 37,290 4.3% 13,645 1.7% INTEREST EXPENSE, NET 4,571 0.5% 4,609 0.6% INCOME BEFORE TAXES 32,719 3.8% 9,036 1.1% TAX EXPENSE 11,670 1.4% 7,241 0.9% NET INCOME $20,508 2.4% $1,402 0.2% NET INCOME PER SHARE BASIC $0.30 $0.02 DILUTED $0.30 $0.02 WEIGHTED-AVERAGE SHARES OUTSTANDING BASIC 68,512 67,975 DILUTED 69,425 68,277

5 EXCLUDED ITEMS (PRE-TAX) 2017 Q1 Q2 Q3 YEAR TO DATE LEGAL CHARGES $— $— $11,070 $11,070 ASSET IMPAIRMENT — 6,135 3,480 9,615 TOTAL $— $6,135 $14,550 $20,685 2016 Q1 Q2 Q3 YEAR TO DATE CLAIMS SETTLEMENT BENEFITS $— $(12,282) $— $(12,282) ASSET IMPAIRMENT — 6,356 — 6,356 INDEMNIFICATION RECOVERY — — (6,000) (6,000) TOTAL $— $(5,926) $(6,000) $(11,926)

6 * Comparable sales are calculated on a constant currency basis. Sales include store and DTC sales. (1) Abercrombie includes the company's Abercrombie & Fitch and abercrombie kids brands. Q3 2017 COMPARABLE SALES* Q1 Q2 Q3 YTD TOTAL COMPANY (3)% (1)% 4% 0% BRAND: HOLLISTER 3% 5% 8% 6% ABERCROMBIE (1) (10)% (7)% (2)% (6)% GEOGRAPHY: UNITED STATES (3)% 0% 6% 1% INTERNATIONAL (2)% (1)% 0% (1)%

7 * Comparable sales are calculated on a constant currency basis. Sales include store and DTC sales. (1) Abercrombie includes the company's Abercrombie & Fitch and abercrombie kids brands. COMPARABLE SALES TREND BY BRAND* HOLLISTER ABERCROMBIE TOTAL COMPANY Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 0% 1% 3% 5% 8% (14)% (13)% (10)% (7)% (2)% (6)% (5)% (3)% (1)% 4% 2% (4)% (6)% (2)% 0% (12)% (14)% (10)% (8)% 4% (1) 6% 8% 10%

8 * Abercrombie includes the company's Abercrombie & Fitch and abercrombie kids brands. Q3 2017 SALES MIX* INTERNATIONAL 35.4% UNITED STATES 64.6% INTERNATIONAL 37.6% UNITED STATES 62.4% HOLLISTER 59.1% ABERCROMBIE 40.9% HOLLISTER 57.8% ABERCROMBIE 42.2% Q3 YTD BRAN D GEOGRAPH Y

9 Q3 ADJUSTED OPERATING EXPENSE* * Q3 Adjusted Operating Expense for the current and prior periods are presented on an adjusted non-GAAP basis, and excludes the effect of certain items set out of page 5. (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. 2017 % OF NET SALES 2016 % OF NET SALES Δ bps (3) STORE OCCUPANCY (1) $165,911 19.3% $172,982 21.1% (180) ALL OTHER (2) 210,033 24.4% 213,627 26.0% (160) STORES AND DISTRIBUTION 375,944 43.8% 386,609 47.0% (320) MARKETING, GENERAL & ADMINISTRATIVE 113,463 13.2% 111,307 13.5% (30) OTHER OPERATING INCOME, NET (70) 0.0% (822) (0.1)% 10 TOTAL $489,337 57.0% $497,094 60.5% (350)

10 Q3 STORE OPENINGS BRAND CENTER CITY DATE DOMESTI C A&F Westfield Century City Los Angeles, CA 8/25/2017 OUTLE T A&F Florentia Village Tianjin, China 9/22/2017

11 Q3 STORE COUNT ACTIVITY (1) Excludes five international franchise stores as of October 28, 2017 and July 29, 2017. (2) Abercrombie includes the company's Abercrombie & Fitch and abercrombie kids brands. Locations with abercrombie kids carveouts within Abercrombie & Fitch stores are represented as a single store count. Excludes four international franchise stores as of October 28, 2017 and three international franchise stores as of July 29, 2017. (3) Includes 46 stores in Asia and 8 stores in the Middle East. ALL BRANDS TOTAL U.S. CANADA EUROPE REST OF WORLD (3) START OF Q3 2017 891 703 18 117 53 OPENINGS 2 1 — — 1 CLOSINGS (4) (4) — — — END OF Q3 2017 889 700 18 117 54 HOLLISTER (1) START OF Q3 2017 542 397 11 100 34 OPENINGS — — — — — CLOSINGS (1) (1) — — — END OF Q3 2017 541 396 11 100 34 ABERCROMBIE (2) START OF Q3 2017 349 306 7 17 19 OPENINGS 2 1 — — 1 CLOSINGS (3) (3) — — — END OF Q3 2017 348 304 7 17 20

12 OUTLOOK FOR THE FOURTH QUARTER OF FISCAL 2017, THE COMPANY EXPECTS: • COMPARABLE SALES TO BE UP LOW-SINGLE DIGITS, AND NET SALES TO BE UP MID- TO HIGH-SINGLE DIGITS, INCLUDING BENEFITS FROM THE 53RD WEEK AND CHANGES IN FOREIGN CURRENCY EXCHANGE RATES • THE 53RD WEEK TO BENEFIT NET SALES BY APPROXIMATELY $38 MILLION AND OPERATING INCOME BY APPROXIMATELY $2 MILLION • CHANGES IN FOREIGN CURRENCY EXCHANGE RATES TO BENEFIT NET SALES BY APPROXIMATELY $20 MILLION AND OPERATING INCOME BY APPROXIMATELY $5 MILLION, NET OF HEDGING • A GROSS PROFIT RATE DOWN APPROXIMATELY 100 BASIS POINTS TO LAST YEAR'S RATE OF 59.3%, IN LINE WITH THE THIRD QUARTER YEAR-OVER-YEAR DECLINE • OPERATING EXPENSE, INCLUDING OTHER OPERATING INCOME, TO BE DOWN APPROXIMATELY 1% FROM $553.7 MILLION LAST YEAR, WITH EXPENSE REDUCTIONS PARTIALLY OFFSET BY INCREASES IN VOLUME- RELATED EXPENSES FROM HIGHER SALES AND THE ADVERSE EFFECT FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES • THE EFFECTIVE TAX RATE TO BE IN THE MID 30S • A WEIGHTED AVERAGE DILUTED SHARE COUNT OF APPROXIMATELY 70 MILLION SHARES, EXCLUDING THE EFFECT OF POTENTIAL SHARE BUYBACKS THE COMPANY NOW EXPECTS FULL YEAR CAPITAL EXPENDITURES TO BE APPROXIMATELY $110 MILLION

EX-99.4

Client Id: 77 THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call EVENT DATE/TIME: NOVEMBER 17, 2017 / 1:30PM GMT OVERVIEW: Co. reported 3Q17 net sales of $859m, adjusted non-GAAP operating income of $37m and adjusted non-GAAP diluted EPS of $0.30. THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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.

Client Id: 77 C O R P O R A T E P A R T I C I P A N T S Brian P. Logan Abercrombie & Fitch Co. - VP of Finance and Controller Fran Horowitz Abercrombie & Fitch Co. - CEO & Director Joanne C. Crevoiserat Abercrombie & Fitch Co. - Executive VP & COO Scott D. Lipesky Abercrombie & Fitch Co. - Senior VP & CFO 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 Brian Jay Tunick RBC Capital Markets, LLC, Research Division - MD and Analyst Dana Lauren Telsey Telsey Advisory Group LLC - CEO & Chief Research Officer Douglas Drummond Wolfe Research, LLC - Research Analyst Gene Vladimirov Kimberly Conroy Greenberger Morgan Stanley, Research Division - MD Mark R. Altschwager Robert W. Baird & Co. Incorporated, Research Division - Senior Research Analyst Marni Shapiro The Retail Tracker - Co-Founder Paul Lawrence Lejuez Citigroup Inc, Research Division - MD and Senior Analyst Stephen Albert BofA Merrill Lynch, Research Division - Research Analyst Steven Emanuel Zaccone JP Morgan Chase & Co, Research Division - Analyst Susan Kay Anderson FBR Capital Markets & Co., Research Division - VP of Consumer Research Group & Analyst Tiffany Ann Kanaga Deutsche Bank AG, Research Division - Research Associate P R E S E N T A T I O N Operator Good day, and welcome to the Abercrombie & Fitch Third Quarter Fiscal Year 2017 Earnings Call. Today's conference is being recorded. (Operator Instructions) At this time, I'd now like to turn the conference over to Brian Logan. Mr. Logan, please go ahead. Brian P. Logan - Abercrombie & Fitch Co. - VP of Finance and Controller Thank you. Good morning, and welcome to our third quarter earnings call. Earlier this morning, we released our third quarter sales and earnings, income statement, balance sheet, store opening and closing summary and an updated financial history. Please feel free to reference these materials, which are available on our website. Also available on our website is an investor presentation, which we will be referring to in our comments during this call. Today's earnings call is being recorded, and a replay may be accessed at abercrombie.com under the Investors section. Joining me today are Fran Horowitz, Chief Executive Officer; Joanne Crevoiserat, Chief Operating Officer; and Scott Lipesky, Chief Financial Officer. After our prepared remarks, we will be available to take questions. (Operator Instructions) 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Before we begin, I'll remind you that any forward-looking statements we may make today are subject to the safe harbor statement found in our SEC filings. In addition, we will be referring to certain adjusted non-GAAP financial measures during the call. Additional details and a reconciliation of GAAP to non-GAAP financial measures are included in the release issued earlier this morning. With that, I turn the call over to Fran. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Thanks, Brian. Good morning, everyone, and thank you for joining us. I am pleased to report another quarter of meaningful progress across all our brands, as we continue to execute against our strategic plan. We delivered another quarter of sequential comparable sales improvement and a return to positive comparable sales for the quarter. We maintain strategic investment, omnichannel and marketing by managing our expenses effectively, resulting in operating expense leverage and profit growth. Putting our customers at the center of every decision we make and everything we do remains a north star for us. That singular focus is reflected in our people, our processes and our product. And we see that focus translating into positive overall traffic and conversion trends across the brands. We drove a particularly strong quarter at Hollister with sales growth across all channels and geographies. At Abercrombie, we drove further improvements and are seeing some early signs of stabilization. We continue to apply our playbook across the brands, which calls for a relentless focus on our customer. The results are clear. When we align our product, brand voice and brand experience, we see improved traffic and conversion as we did this quarter. Those areas in which we are investing our time and money are delivering and in a still promotional environment. This quarter's performance was a broad-based improvement across brands and genders' consolidation that our playbook is working. We had previously said that Hollister started its revitalization journey earlier. It is now gaining momentum and taking market share. At Abercrombie, we are encouraged that we are now seeing some of the same lead indicators that characterize the earlier part of Hollister's journey, mainly stabilizing the core U.S. business and improving conversion. We continue to make progress in DTC with an 11% increase in sales over last year. The shift to mobile continues, particularly with our customer. More than 2/3 of our DTC traffic comes from mobile. The investments we've made here are paying off, as phone and app productivity growth continues, driven by double-digit improvement in conversion on these platforms. In addition, we continue to build on our strength in omnichannel with ongoing international rollout of capability. In concert with these investments, we have made further strides with our physical stores, driving improved productivity from our new prototype and remodeled stores. We continue to retain flexibility to allow for the most effective melding of the physical and digital world, optimizing our customers' engagement with our brand. Overall, our continued focus on staying close to our customer means we must be highly responsive and adaptable. This quarter, the team continued to spend significant time in stores across the brand, leading to better testing, sharper insights and faster responses. Our read-and-react programs ensure we have our must-have items and categories available in depth in the colors and sizes we need and that we do not disappoint our customers. Leveraging these capabilities, we responded to strong third quarter impactful business to ensure we are positioned for holiday. I can confidently say that we're increasingly effective at engaging our customers whenever, wherever and, however, they choose to shop. In addition to fundamental product acceptance, that engagement is showing through improved brand health metrics, and our voice of the customer and Net Promoter Scores all trending upwards. Last week, we saw another proof point in a study by YouGov BrandIndex, which continuously measures public perception of thousands of brands. According to YouGov, millennials are more likely to recommend our brands now than any time in the past decade. Its data also shows that U.S. adults aged 18 to 34 now had a better impression of both A&F and Hollister and at any point in the past several years. In the last few months alone, both brands impression scores have improved by double digits and moved from negative to positive, meaning that more young consumers have 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 an overall positive impression of the brands as opposed to negative. We know we still have a ways to go. However, this is an important threshold for brand perception. Turning to some specific details on the brands. At Hollister, we are now in growth mode with our fourth consecutive quarter of growth and strength across genders, categories and channels. The team had a phenomenal quarter for jeans, its third consecutive record quarter for jeans across genders. We can attribute much of this success to the team's closeness to the customer, spending time in stores to better understand what they need and where we can adjust and improve our assortments. We distorted our denim assortment to incorporate more fashion, and we saw a great response. Overall, both guys' and girls' businesses accelerated, with guys continuing to lead the charge in taking market share. Guys performance in logos, fleece, pants and outerwear was extremely strong. On the girl's side, the quarter's performance was driven by strong growth in jeans, intimates and sleepwear with an improvement over the prior quarter also driven by wear now category. We continue to be pleased with strong response to Gilly Hicks and are still testing to better understand its possibilities and full potential. We've talked previously about our innovative approach to engaging with customers. Hollister continues to make strides on this front. Our marketing activities across music, video, gaming and influencer programs ensure we are embedded in our customers' daily lives in an authentic way, and that our brand is there during the discovery process necessary for engagement and purchase. Turning to Abercrombie. I am pleased with the continued improvement across geographies and genders. We saw a sequential improvement in flagship and tourist stores, although they were the primary driver of the Abercrombie comp sales declines for the quarter. We saw an improvement in traffic trends and delivered a meaningful growth in conversion rate, particularly in stores. The assortment architecture changes we've made had been a big driver to our performance. With the right depth and balance, we're able to moderate margin decline and ultimately drive improvement over the long term. This was not the case last year, when we disappointed our customers with lack of depth in key items in size and color. We have no intention of doing that again, and our inventory position reflects that intention. Turning to a few specifics. We saw the most improvement in tops across genders, and we're beginning to build a nice business there. The improvement on the men's side was driven by knit tops, logo, shorts and continued strength in pants. On the women's side, we saw strength in sweaters, jeans, fleece and sleep, with improvement over the prior's quarter also driven by wear now categories. We've also benefited from a more balanced assortment with the strategy of offering layering options in lightweight tops and fleece and the mix of tees, dresses, shorts and swim. This helps keep us relevant as customers' transition from summer to fall. The engagement we're seeing in stores and online tells us there's a positive shift underway in terms of brand perception. We know this takes time, and we're encouraged by what we're seeing in stores through our engagement in the A&F Club, online reviews and our voice of the customer and Net Promoter Score data. We've seen positive buzz and responses to This is the Time, our new brand platform, which speaks to the unique stage in the life journey of our 21- to 24-year-old customer, linking the brand heritage of 125 years of outfitting adventurous explorers, pioneers and entrepreneurs. The campaign was informed based on our very deep understanding of the way our target customers now want to engage with brands, while also following a playbook to ensure product, brand voice and brand experience are aligned. While we're analyzing the campaign's initial performance data and using that to inform and refine our ongoing activities. Now I'd like to provide an update on some of the key items in our playbook that are impacting all brands. Our digital engagement with our customers continue to be our core strength with the investments we've made early and continue to build on bearing fruit. Our purchase online, pick up in store is performing particularly strong. With 75% year-on-year growth this quarter, more customers are taking advantage of this and other aspects of our omni-functionality, such as order-in-store, which is also showing a strong customer response. These 4 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 Thomson Reuters. 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Client Id: 77 digital store-centric capabilities have the added benefit of driving attachment purchases and productivity in stores. It's a great example of how we're effective at blending digital and physical store environment, narrowing the way our customers live their lives. We were pleased to have been called out in new stores' recent omnichannel report card for this type of purchase and performance flexibility, for our overall mobile experience, specifically the ease of navigation of our A&F app, as well as ranking us first in its search-and-discover category. Hollister's streamlined mobile checkout was cited in L2's recent Mobile 2017 report as an example of advanced mobile optimization that few brands have mastered yet and which it sees as a prerequisite to driving conversion on mobile. There is no room for complacency though, and this is an area we retain a laser-like focus to ensure we are attuned to our customer's needs as their behavior and use of technology continues to evolve. Our loyalty program across the brand has also grown in scale and strength with a successful rollout in EU during the quarter, bringing Club Cali's members to more than 8 million by the end of the third quarter. The A&F Club reached 3 million by the end of the quarter, in line with our original expectation for the full year. In addition to providing a versatile platform for engaging customers in innovative ways and driving both physical and digital stores engagement across the brands, we consistently see members spending more and more often. We're seeing high levels of engagement online and in-store from our members, and our loyalty clubs continue to provide a wealth of insight and opportunities to engage directly with our customers and better understand and meet their needs. On the physical stores front, we continue to make progress, driving productivity across our fleet through an ongoing program of closures, remodels, downsizing and prototype. Joanne will speak to this in more detail. This activity is coupled with our continued work to ensure our physical state integrates seamlessly with our digital engagement and fulfillment capabilities and our associate training and development to adapt to the evolving retail landscape. We continue build on build and learn from our key partner relationship. While we don't have anything new to share today, partnering, whether from wholesale agreements, JV and franchise agreements or online platforms, they are all part of our mix. Critically, these partnerships allow us to look for and demand and refine our approach in new market, managing risks and ensuring we adopt the right investment approach to match the scale of the opportunity. On that note, last quarter, A&F launched on Alibaba's Tmall platform, and we've been encouraged by the level of engagement we've seen from this partner and from customers on this platform. We were delighted by the performance of the A&F brand for its first 11.11 Global Shopping Festival, also known as Singles' Day on the Tmall platform. While we don't expect the promotional environment in the fourth quarter to intensify with an increasing buying volume and proportion of the quarter business being done during the peak holiday season, we maintain realistic expectations of what that means for margin. We are well positioned to compete, and our focus is on offense. Our strategic investment and current inventory across brands, genders and categories with a weighting towards the top 30 items reflects that focus. We remain focused on executing our strategic plan and competing effectively in what we expect will be a challenging and promotional fourth quarter. We are committed to driving operational -- operating expense leverage, while also making the strategic investments in marketing and omnichannel to meet our customers' needs whenever, wherever and however they choose to engage with our brand, both now and in the future. With that, I hand it over to Joanne. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Thanks, Fran, and good morning, everyone. As Brian mentioned, we're joined this morning by Scott Lipesky, our new CFO. I'd like to take a moment to officially welcome him. As many of you know, Scott returns to A&F, having been with us previously for 9 years, including as our former CFO at Hollister. Welcome back, Scott. 5 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Thanks, Joanne. It's great to be here at such an exciting time for the business. I've spent my early days getting reacquainted with the team, and I am energized by the progress we've made on our strategic initiatives and our plans for the future. I look forward to getting to know many of you in the months ahead and speaking with you next quarter on our year-end call. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Thanks, Scott. As Fran mentioned, we are pleased with our third quarter results, which reflects clear progress across all brands with the continued execution of our strategic plan. We are tightly managing our business in a difficult environment, driving expense leverage, while still supporting the initiatives that are driving top line improvement. We maintain a strong balance sheet, providing us with the stability and resources to execute against our strategic plan. I'll briefly cover our third quarter results, then provide our outlook for the fourth quarter. And we'll also provide updates in our capital allocation and channel optimization strategies. Starting with the headline numbers for the third quarter. Net sales were $859 million, up 5% from $822 million last year with FX favorably impacting sales by approximately $10 million or 1%. Comp sales for the quarter were up 4%, with improvement from last quarter delivered across brands and geography. We drove growth in overall traffic and conversion with positive trends improving from last quarter. Pages 6 and 7 of the investor presentation illustrates the sequential progress in the third quarter across brands and geography. By geography, comp sales for the quarter were up 6% in the U.S. and flat in international markets. By brand, comp sales for the quarter were up 8% for Hollister and down 2% for Abercrombie. Hollister continued to gain momentum and delivered another quarter of solid comp sales growth across geographies and channels. Abercrombie also showed further improvement and signs of stabilization, including a return to positive comp sales in the U.S., excluding flagship and tourist stores. Our direct-to-consumer business delivered another quarter of solid growth in both the U.S. and international market. For the quarter, DTC grew to 24% of total sales compared to 23% last year. As we've said before, this is an area where we invested early and heavily over a number of years, and our focus is now on scaling and leveraging the investments we've already made. With robust omnichannel functionality also already in the U.K., U.S. and Canada, we are now introducing those capabilities to customers in additional international markets. Our efforts are focused on ensuring we are able to anticipate and meet our customers' needs as they continue to evolve. I'll now recap the rest of our results for the quarter compared to last year on an adjusted non-GAAP basis. Excluded from our third quarter results were pretax charges of $15 million compared to pretax benefits of $6 million last year, which are detailed on Page 5 of the investor presentation. For the quarter, this included legal charges of $11 million and store asset impairment charges of $3 million. Gross margin for the quarter was 61.3%, 80 basis points lower than last year on a constant currency basis, as lower average unit cost was more than offset by lower average unit retail. While AUR decline moderated in Abercrombie from last quarter, the environment remains highly promotional in both brands. Moving to operating expense. We are on track to deliver our targeted gross expense reduction of $100 million from last year. During the third quarter, we delivered meaningful expense reduction on higher-than-expected sales. As a result of our efforts, we drove 350 basis points of expense leverage during the quarter on an adjusted non-GAAP basis, while still supporting ongoing strategic investments in marketing and in direct-to-consumer and omnichannel capabilities. Adjusted operating income for the quarter was $37 million compared to $14 million last year with FX favorably impacting operating income by $1 million. The adjusted effective tax rate for the quarter was 36%. Adjusted net income per diluted share was $0.30 compared to $0.02 last year. 6 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Turning to the balance sheet. We remain consistent in our approach to maintaining a strong balance sheet to support our strategic goals in a still challenging market. We ended the quarter with $459 million in cash and $268 million in gross borrowings outstanding, resulting in a net cash position of $191 million this year compared to $176 million last year. Total inventory at the end of the quarter was $570 million, up 11% compared to last year's third quarter when inventory was down 14% to the prior year. The current condition reflects strategic investments in key categories as we reacted to higher third quarter sales trends, positioning us strongly to compete in the fourth quarter. Looking forward, we expect to end the year with inventory up mid-single digits as we position our assortments for the first quarter. Details of our store openings and closings for the quarter are included on Pages 10 and 11 of the investor presentation. At the end of the quarter, we operated 700 stores in the U.S. and 189 stores across Canada, Europe, Asia and the Middle East. Turning to our outlook for the fourth quarter. We expect comp sales to be up low single digits and net sale to be up mid to high single digits, including benefits from the 53rd week and foreign currency. We expect the 53rd week to benefit sales by approximately $38 million and operating income by approximately $2 million. We expect foreign currency to benefit sales by approximately $20 million in operating income by approximately $5 million net of hedging. The gross profit rate for the fourth quarter is expected to be down approximately 100 basis points compared to last year's rate of 59.3%, in line with the third quarter year-over-year decline. We expect to benefit from lower average unit cost, but to see the average unit retail pressured by competitive market environment. We expect operating expense for the fourth quarter to be down approximately 1% versus $554 million last year with expense reduction partially offset by increases in buying-related expenses from higher sales and the adverse effect from changes in foreign currencies. As I mentioned earlier, we are still on track to deliver $100 million in full year growth expense savings, helping support reinvestments in marketing and DTC and omnichannel capabilities to drive the business. These investments, with our progress on product and assortments, are driving top line growth and accelerating the significant operating expense leverage we're seeing this year. For the fourth quarter, the company expects the effective tax rate to be in the mid-30s, which remained highly sensitive at lower levels of pretax earnings. Turning to capital allocation. Our highest priority remains investing in the business during this critical period of transformation, while continuing to lay the foundation for a sustainable long-term growth. Our investments are weighted toward the continued development of highly differentiated brand offerings and staying at the forefront of customer engagement. For 2017, we now expect capital expenditures to be approximately $110 million, up from our prior expectation of $100 million, reflecting an acceleration of our ongoing programs of driving improved fleet productivity and driving customer engagement through digital channel. These investments include approximately $70 million for store updates and new stores and approximately $30 million for the continued global rollout of omnichannel and CRM capability, including our loyalty programs. Our remaining capital allocation priority is to return cash to shareholders through dividends and share repurchases. These priorities are evaluated with the board quarterly, considering both liquidity and valuation factors. Earlier in the week, we announced that our Board of Directors approved the $0.20 quarterly dividend. Coming back to our capital investments. We continue to focus on deploying capital to drive the right brand experience for our customers, maintaining the right touch points for engagement in our physical stores and through continued investment in digital and omnichannel capabilities. Through the third quarter, we have completed all but 2 of the 35 Hollister store interior remodels and 6 of the 7 smaller square foot A&F prototype stores planned for the year. In addition to the 5 stores opened year-to-date, including 2 outlet stores, we expect to open 4 new stores in the fourth quarter, including a new 6,800 square foot A&F prototype store in Hong Kong at Harbour City on December 1. 7 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 Thomson Reuters. 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Client Id: 77 Of the store investments to be completed this year, 12 of the Hollister remodels and 4 of the A&F prototype stores are downsizes of existing locations. Our experience across the brands shows that we can effectively drive store engagement and greater store productivity through an enhanced store environment and a smaller footprint. We also maintained flexibility on the physical store's front with lease maturity dates that allow us to continue to read and respond to the evolving environment in a thoughtful manner. We've leveraged this flexibility to reduce our store fleet and store footprint through both closures and downsizing. While our stores continue to play a vital role in customer engagement, store closure has been and remains an important part of our strategy to improve overall fleet productivity. Pending final lease negotiations, we expect to close up to 60 stores in the U.S. through natural lease expirations this year, including the 14 stores closed year-to-date. Moving forward, we will continue to methodically work through and assess our store fleet, both on a 4-wall and broader regional basis to ensure we're taking the right longer-term actions for our customers and our business. Overall, we're pleased with this quarter's performance. Hollister, our largest brand, has delivered another quarter of strong performance in a still tough environment. And Abercrombie is delivering measurable improvement in comp sales and product acceptance as well as in brand sentiment. We are making quantifiable progress and continue to execute against our strategic plan. As ever, we tightly manage the business, directing our resources toward strategic priorities, funding top line growth initiatives, while driving bottom line improvement. We continue to drive our brands forward and lay the foundations for sustainable long-term growth. Our third quarter performance confirms to us that we have the right plan and the right people to successfully execute against it. Now I'll turn the call back to Fran for some closing remarks. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Thank you, Joanne. I am pleased with our third quarter results. They reflect clear progress across all our brands in a still challenging market. While these results are a testament to our whole team, I do want to call out one group for special mention, our stores team. Last month, I attended our annual district and regional manager's retreat, which draws store leadership from across our brands around the world. The store teams are at sharp end of a change we're all experiencing in the world of retail. Their devotion to our brand and their excitement for the future was a sight to behold, and I was inspired and energized by their unwavering commitment to the path ahead. Yes, there is clearly still work to be done, and no, there are no silver bullets. And yes, the market remains highly competitive, yet, in such a market, we delivered another quarter of sequential comp sales improvement, a return to positive comp sales and profit growth. And Hollister delivered an 8 comp. While maintaining a strong balance sheet, we've continued to invest in marketing and omnichannel, receiving increasingly frequent praise from industry experts for our superior omni capabilities. We've managed our expenses effectively, driving operating expense leverage and profit growth. Our third quarter results speaks to continued progress and methodical execution of our strategic plan, a plan we believe is the best route to delivering value for our stakeholders. And with that, I'll hand it back to Brian. Brian P. Logan - Abercrombie & Fitch Co. - VP of Finance and Controller Thanks, Fran. That concludes our prepared comments. We will now be happy to take your questions. (Operator Instructions) Thank you. 8 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Q U E S T I O N S A N D A N S W E R S Operator (Operator Instructions) And our first question comes from Tiffany Kanaga with Deutsche Bank. Tiffany Ann Kanaga - Deutsche Bank AG, Research Division - Research Associate Would you dig a little deeper into what are the key drivers behind the change in gross margin guidance from flat in the second half prior and now down 85 bps in the third quarter and expected down 100 in the fourth? I'm specially interested in reconciling that with your comments around improved Net Promoter Scores and conversion rates and how your full price selling fared in the quarter. And additionally, as we look ahead to 2018, do you expect to drive incremental average unit cost decreases on top of what you've accomplished over the past few years? And if so, by what magnitude compared to prior years? Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Tiffany, I'm going to try to catch all of those facets of your questions, but as it relates to the margin outlook overall, our outlook reflects lower AUC offset by consistent -- what we see as consistent AUR pressure and it is informed by what we did see in the third quarter and our third quarter results, where we did have a strong top line and it was ahead of -- on the top line, ahead of our expectations. Our AUR declines moderated and our gross margin declines moderated in the third quarter, but the market remained highly competitive in both brands. Our Q4 margin outlook reflects the reality of a still promotional environment, really consistent with what we saw in Q3. In Q4, we also see peaks around promotional times, and we've seen it over the last few years. Those peaks keep getting higher every year, and we are prepared for that reality as well. And as it relates to our inventory ownership, we've positioned our inventory to be able to compete and meet our customers' demand, as we saw them respond strongly to categories in the third quarter. Longer term, as it relates to margin, the assortment architecture changes that we made. And we continue to make our important longer-term driver and staying close to our customer and reacting to what we see in terms of trend are important longer-term drivers. We did see some benefit of those changes in the third quarter as we made those changes in Abercrombie. And over the longer term, we expect that to continue to deliver benefit. Our fourth quarter outlook, though, reflects the reality of what we expect will be a competitive quarter as it always is. Operator Your next question comes from Paul Lejuez with Citi. Paul Lawrence Lejuez - Citigroup Inc, Research Division - MD and Senior Analyst Can you talk a little bit about inventory by brand, where you sit today? And also on the inventory increase, just a little bit more detail in terms of what categories are up the most year-over-year. And what piece of the business do you feel like you really missed out on last year? I'd imagine those 2 things are pretty closely tied together. And then just separately, could you just talk a little bit about the Zalando, ASOS, Tmall, maybe size up each of those businesses? How are you thinking about the long-term growth with those partners? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Paul, it's Fran. So our inventory position is intentional. It's current and it is strategic. As you recall, last year, we went into the fourth quarter down 14% in inventory and significantly disappointed our customer. So coming off of a strong Q3, we were really able to react to positive sales trend and best sellers an improved assortment is the real driver of that. The teams, as we mentioned, spend a significant time in the stores, and our insight really informed our investments. Those investments are in the top 30. They are well balanced. It's current inventory. Our key items are in color and depth, where we disappointed our consumer last year, is where we're really focused. So the continued conversation regarding staying close to the 9 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 customer and our assortment architecture is really where we made those investments. So top 30 is the key items, and we feel that the inventory is positioned to really compete and have a position for the fourth quarter. Paul Lawrence Lejuez - Citigroup Inc, Research Division - MD and Senior Analyst And Fran, you mentioned that Abercrombie missed last year, right? So would we expect a bigger improvement from the higher inventory position? Should we see that more show up in a change in trend at the Abercrombie brand versus Hollister? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director The opportunity actually was in both brands last year. Coming out of Black Friday last year -- coming out of Black Friday, we had a lot of out-of-stocks in both brands in our top 30. So it's opportunity for both brands. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO And Paul, as it relates to our third party, while we havent broken out the detail, we are seeing and expect growth across our wholesale partnerships. We're seeing nice business with them, and we're excited about our launch with the A&F brand on Tmall and continue to partner with Alibaba on that Tmall platform and leveraging strong digital growth in China. Operator Next question comes from Simeon Siegel with Nomura Instinet. Gene Vladimirov This is Gene Vladimirov on for Simeon. Hollister continues to comp nicely. Just wondering if you could give us some color on the opportunities as you look into next year and if you can give us some color on how the new store format has been doing, how that's affected the top line and maybe other learnings you've had there? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Yes, we are pleased with both of our brands coming out of third quarter. To your point, particularly, a nice comp for Hollister at a plus 8, a lot of that is being driven, Gene, by the fact that the teams are really staying very close to the consumer, spending lots of time in the stores, making sure that they're doing a good job listening. Where we need to really win in those businesses, we had a nice strength in the third quarter, was denim, outerwear, fleece and graphics. Those continue to be strong businesses, as we mentioned earlier, seeing inventory react to some of those bestsellers and heading into the fourth quarter. We feel that inventory is really positioned to help us continue to win. At this point, we are not ready to talk about 2018. Regarding our new store format impact on the top line, at Hollister, our remodels continue to perform and continue to outperform the average and, specifically in Abercrombie, those formats are still in early stages. The goal there is really to increase our productivity, which we are seeing, as well as getting really nice response through our voice of customer and store experience for our consumer. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Yes. Let me just add on to that, Simeon. We are seeing nice traffic gains at Hollister, as well. So Fran mentioned executing our playbook and staying close to our customer. But also the rollout of the loyalty program and our marketing efforts are showing nice signs of progress in our ability to drive traffic. And we expect to continue to leverage those as we move forward. 10 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Gene Vladimirov Great. And one more if I could. Just wondering if you could give us any color on impacts you saw from the hurricanes. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director I'll take that one. Yes, so first and foremost, our focus was on the safety and well-being of our associates, their families and our customers. Once we knew that they were safe, and the team has really reacted quite quickly and swiftly and got us up and running back into business, we saw really very minimal impact to our business. We do have 2 stores in Puerto Rico that do remain closed at this time. But very minimal. Operator Next question comes from Kimberly Greenberger with Morgan Stanley. Kimberly Conroy Greenberger - Morgan Stanley, Research Division - MD I had a question about inventory. It looked like the inventory coming into the third quarter was about 4% growth year-over-year, was relatively in line with third quarter revenue growth of 0.5%. It would seem to have been balanced, though I wanted to just check and see if you felt like you were properly in stock in the third quarter. And I think, even with sort of relatively matched inventory to sales growth ratio, there was, obviously, still promotional pressure, and the gross margins fell 85 basis points. So I'm just trying to reconcile the 10% increase in inventory or, gosh, 11 -- no, 10.5%, I guess, increase in inventory heading into the fourth quarter with the guidance for gross margin to only be down 100 basis points. And do you think that's a sufficiently conservative estimate? Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Yes, Kimberly, I'll jump in there. As it relates to inventory, one thing that you need to keep in mind is that where we sat last year at this time was with inventories down 14%. Our hindsight in coming out of the year was that we disappointed our customers. We didn't have the depth and size and color that we needed. We had an opportunity and we missed sales because of it in the fourth quarter. That was part of our hindsighting of the fourth quarter performance. And as we provided an outlook last quarter for our inventory, we expected that our inventories to grow because we knew we wanted to be in a better position for our customers and to drive the business coming out of Q3 and going into Q4. In addition to that, as we managed the business through Q3, our top line exceeded our expectations going into the quarter, and the teams reacted. We have a versatile and responsive supply chain, and they reacted to what we were seeing in selling, where we drove positive 4% comp. And we're able to get back in stock and get into the categories where we are seeing the customer respond. So those 2 things really informed our inventory actions. We feel well positioned for Q4 with our inventory. They are current and positioned behind the key categories and key growth drivers as we move forward. Operator Your next question comes from Stephen Albert with Bank of America Merrill Lynch. Stephen Albert - BofA Merrill Lynch, Research Division - Research Analyst I wanted to talk about the online channel a little bit, specifically profitability within that channel. How are DTC margins trending versus historically? The reason why I asked is because if you look at your DTC shipping and handling costs, they continue to deleverage further, not only as a percentage of total revenues, but online revenues. And then are online merchandise margins stable? Or are they declining? And does that mean we're shifting into a channel that's becoming less profitable? 11 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Yes, Steven, and I'll take that one. We think it's important to drive our business, regardless of where our customers choose to shop. It's the reality of our business today. We have made strategic investments in the DTC channel to be able to capture that business. And we're seeing nice returns on those investments with very strong conversion through the mobile channel. And we believe that's an element driving our growth. On an absolute basis, the DTC business, the 4-wall margins are higher than our store 4-wall margins. We continue to rigorously review our operating expenses to make sure that we drive expense reductions and are able to invest back into the DTC channel as well as in the marketing. Those investments are driving the top line and were driving expense leverage overall. Stephen Albert - BofA Merrill Lynch, Research Division - Research Analyst And I guess, a quick follow-up would be on CapEx. So I guess, what's the rate -- run rate to think about going forward? Looks like we're putting a little bit more money back into digital and omnichannel versus the prior outlook. It's still down $30 million year-over-year. What's -- how should we think about capital expenditures going into next year? Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Yes. As we've managed our CapEx budgets this year, we have accelerated some of our spend that we plan to make in 2018, as we've seen nice traction with some of our efforts. That includes some early spend on 2018 remodel activity as well as accelerating some of the deployment of technology as we've rolled out omnichannel and loyalty internationally. We'll provide more details on our CapEx expectations for 2018 on our year-end call. Operator Your next question comes from Matthew Boss with JPMorgan. Steven Emanuel Zaccone - JP Morgan Chase & Co, Research Division - Analyst This is Steve Zaccone on for Matt. So following up on some of the earlier gross margin questions, can you elaborate on the performance of gross margin in 3Q by concept? And then what's your embedded expectations for 4Q? Is the AUR pressure primarily at A&F? Or is it both brands? And then as we look to next year, do you see company-specific drivers in the business to drive AUR expansion? Or are you primarily dependent upon the promotional environment? Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Yes, Steve. The gross margin performance in the third quarter was an improvement over second quarter. We did make the progress that we expected in the A&F brand as we balanced the assortment architecture and had our assortments better positioned for business. We saw a nice improvement in A&F, but we did see pressure on AUR across both brands related to the promotional environment. And our expectation as we move into Q4 is that, that environment remains the same. We believe that's a realistic outlook for the fourth quarter. As we've said, longer term, the assortment architecture changes are important to drive stability and longer-term AUR growth as well as our execution and staying close to our customer. As we position our assortments with better balance and as we react faster and are closer to our customer, we'll see it have the ability to step away from promotions and reduce the discount to ticket as we move forward. 12 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Steven Emanuel Zaccone - JP Morgan Chase & Co, Research Division - Analyst Just following up from a category perspective, are there any categories where you're seeing the largest pressure from an AUR perspective? Is it on the top side? Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO No, I wouldn't point to any particular category where we're seeing specific pressure. Again, the more we get the products right and closer to the customer, the better our performance, both in margin and on top line. Operator Next question comes from Brian Tunick with Royal Bank of Canada. Brian Jay Tunick - RBC Capital Markets, LLC, Research Division - MD and Analyst I guess, maybe for Fran, can you maybe comment when you think about the product, marketing, store perspective, the changes made at Hollister, so that maybe where are we on the A&F brand? What do you think the time we should expect those 3 buckets to have the impact on the Abercrombie adult brand? And maybe, Joanne, on the OpEx side of the equation, can you maybe give us some sense of -- in your view, are there additional buckets beyond this year as $100 million? How should we think about opportunity on store occupancy cost? I forgot if you told us how many leases are coming due over the next 2 to 3 years. Just give us a sense if the gross margin outlook doesn't look as favorable perhaps, what is there on the OpEx side that's manageable? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Brian, it's Fran. I'll kick off. So first, starting with the Hollister-Abercrombie question. So Hollister, yes, very excited. Strong shutout to the team on really staying close to the customer and bringing in an 8 comp for the quarter, which, we believe, is really going to be one of the strongest businesses in retail for the quarter. Very excited about that. That came through our playbook. Our playbook essentially is keeping the customer at the center of everything that we do. It's aligning our brand voice, our brand experience and our product. We are obviously using our playbook for A&F as well. What we started to see in the third quarter were some initial signs that we saw early in the Hollister journey, specifically, conversion. So when we do get the product, the voice and experience right, we see the conversion, we see the customer reacting. So we were very happy to see signs of that as well as our U.S. business beginning to stabilize. So specifically, the assortment architecture, staying close to the customer, really aligning product voice and experience from Hollister as well as Abercrombie is what's driving that change. We expect to see continued progress in that brand as we head into the fourth quarter. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO And related to the OpEx question, Brian, we have had tight cost management here. We drove significant OpEx leverage in the third quarter and expect to show leverage for the year. Going forward, we do expect continued rigorous cost management. Our fleet optimization continues to be a really important part of that story. We do have continued lease flexibility. We have 50% of our U.S. leases expiring by the end of 2018. And we continue to have significant and expect to have flexibility beyond that date. But we also have a continuous improvement lens for our teams across the business. We have a very energetic and disciplined approach towards to cost management. It seems like it's always budget season here, but we are always looking at ways to improve. And we, as I said, embedded a continuous improvement lens in the business. That has enabled us to take cost out of the business in a number of areas, but also importantly reinvest back in the areas that are important to driving the top line. And we see nice traction from those investments and would expect -- you could expect us to think about managing operating expense in the same way moving forward. 13 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Operator And your next question comes from Adrienne Yih with Wolfe Research. Douglas Drummond - Wolfe Research, LLC - Research Analyst This is Doug Drummond on for Adrianne today. It looks like you saw a nice uptick in brick-and-mortar comps for the quarter. Can you talk about store traffic across the brands and geographies? And maybe can you spend a second talking about what do you attribute the sharp improvement in conversion for the quarter? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director So we did see traffic improvements across both brands, but we actually went positive in Hollister for our U.S. business. That was very exciting to see. We really believe, Doug, that that's driven through the focus on assortment architecture and that the assortments are really focused on what the consumer is looking for. So when we get our product right, our voice and our experience right, we're seeing conversion growth. It was exciting to see that, obviously, in both brands for the quarter and expect to see that as we head into the fourth quarter. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Yes. And Doug, I'll just add to the traffic improvement that we saw. I think we are -- we were very pleased with the improvement in traffic across both brands. And we did see nice traffic gains, particularly in our stores channel, which is an important place for us to begin to see productivity improvement, and that's been a focus of ours. We are investing in areas that we think will help drive traffic as well. So the investments that we've made in marketing as well as in our loyalty programs are paying dividends. And our omnichannel investments also are driving customers back to our stores. And all of those are important elements of driving traffic. Douglas Drummond - Wolfe Research, LLC - Research Analyst Okay. And just a quick follow-up. Have you seen any improvement in Europe for Abercrombie? Or is that still a bit of a source of weakness there? Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Yes. We did see improvement in the business in our flagship stores in Abercrombie in the third quarter. All of that improvement was driven by conversion. Traffic remains a significant headwind in those locations, specifically. But we have taken strong action to improve the performance of those stores, including through associate training. We've also added an improved assortment in those areas. And we've had, in some cases, some very region-specific products that we've added to those stores to help improve conversion. And we've also made some investments -- capital investments to improve the store environment. And those investments are paying off. We're seeing very nice improvements in conversion. And again, that's driving our performance improvement in the A&F flagship business. We know, though, that we need to start to move the needle on the traffic. It is -- we've rolled out or began rolling out in the third quarter our loyalty programs to international markets. And we expect that -- we expect those loyalty programs to help us cultivate a more local and loyal customer, and that should help us offset some of the traffic headwinds we're seeing. Operator Your next question comes from Marni Shapiro with Retail Tracker. 14 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Marni Shapiro - The Retail Tracker - Co-Founder Still, could we talk a little bit about your digital? You mentioned the attachment rate to the buy online. I wasn't sure if you gave out a number, what that attachment rate really looks like. And as you grow your digital across both brands, what is the return rate looking like on the apparel? And are those returns, the majority of them, coming to the store? And if they are, are you able to convert them to sales? Sorry for all those question, but it's about one basically. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Marni, thank you for the compliment on our Instagram. Thankful to our customers and, obviously, our social channels is very, very important to us. Specifically to the DTC questions, let's see. So DTC is our largest store. That's how we view it. and the customer has the opportunity to really see our entire global assortment in one view. So we have, as you know, invested heavily in that channel. That channel links to omni, which is really important for our customers to be able shop whenever, wherever and however they want to shop. So as far as the returns go, we see them across all of our channels. And we do make sure that when they come in, whether it's for a pop-in or reserve in store that we have the stores working through their training and understanding how to convert that customer and to add-ons. We have seen nice add-ons to our pop-ins, which are purchase online, pick up in store orders when they are in the store. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Yes. And it's important to us, Marni, too, that we are driving the traffic back to our stores channel, particularly as we're going through a transition phase with our brands. And it gives us an opportunity to interface with those customers and show them our new experiences and our new product. So we prioritize driving the omnichannel investments and even the returns and making sure we treat those customers well, and that they're able to come into our stores and see our new offerings. Marni Shapiro - The Retail Tracker - Co-Founder Have you talked about what rate of return is coming back to the stores? I've heard anything from 60% to 80% depending on the retailer returns or coming back to the store because that would complete that circle, so to speak. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO No, we haven't commented on those details. Operator Your next question comes from Mark Altschwager with Baird. Mark R. Altschwager - Robert W. Baird & Co. Incorporated, Research Division - Senior Research Analyst I just wanted to follow up on A&F, hoping you could talk a little bit more about some of the leading indicators you were mentioning. Just digging beneath the surface, I mean, what are you seeing in your brand engagement data and customer studies that are telling you -- or that are giving you the confidence that the new brand message is resonating and attracting new customers? Just trying to decouple that piece from the improvement that's coming from correcting some of the inventory missteps last year. And then on a related kind of question. Do those leading indicators influence how you and the board are thinking about capital allocation? And is there an opportunity to accelerate the transformation with the store repositioning in the new concept? 15 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director It's Fran. So the leading indicators, specifically, as you noted, the return to positive comp in the U.S., the conversion comps, but we also mentioned that we are seeing brand sentiment improving in several ways. So as noted from the YouGov study that we quoted a little bit earlier today, we are also seeing initial positive response in This is the Time, which is our new platform heading into the holiday season. That campaign was really put together by having extreme closeness to the customer. We've spent a lot of time this year really honing in and making sure that we understood that consumer. They're at a really unique stage of their life. They're transitioning from school and into the working world. They're very much so up for adventure and experience, which harkens back to the heritage of our brand. And we really feel that we've gotten to the bull's eye and that this campaign is beginning to resonate. But again, it's early innings. And we will continue to report out on that as we move forward. Go ahead. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO As it relates to capital allocation, Mark. we have a very disciplined approach to capital allocation. And absolutely, the returns that we see on the investments we're making do inform how we invest capital moving forward. And that's true of both capital investments as well as our marketing investments and our expense investments in the DTC channel, and those all inform how we invest. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Mark, if I could just circle back really quick, too, just to underscore that our voice of customer and our Net Promoter Scores on the Abercrombie brand are also increasing, which further shows our confidence that the consumer is resonating with the brand. Operator Your next question comes from Susan Anderson with B. Riley, FBR. Susan Kay Anderson - FBR Capital Markets & Co., Research Division - VP of Consumer Research Group & Analyst I guess, I wanted to maybe get a little bit more color on the AUR. I guess, I was kind of looking at maybe what you were -- what you think will drive AUR in fourth quarter. And then also, I think you had talked about it wasn't strong enough to offset the lower AUC. So maybe just talk about -- is it just the promotional environment that's kind of weighing on that? And is there any pricing opportunity, I guess, to drive that higher? Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO Yes. Susan, as it relates to our AUR outlook for the fourth quarter, we expect consistent -- a consistently promotional environment, basically the same as we saw in Q3. We are expecting to have AUC declines, but those declines being more than offset by AUR pressure from a generally promotional environment. And as we head into the fourth quarter, it is always the most competitive quarter of the year. And over the past few years, we have seen that those promotional peaks during the quarter continue to get higher. And our outlook reflects the reality of how we expect to do business in the quarter. Longer term, we do expect the assortment improvement to help us grow AUR over the longer term. We did see our AUR declines moderate in the third quarter as we did make changes in our assortment architecture, particularly in the Abercrombie brand. And again, as we stay close to our customer and continue to see growth in conversion, that will allow us to step away from some promotional activity moving forward and reduces the discount to ticket that we're seeing. Susan Kay Anderson - FBR Capital Markets & Co., Research Division - VP of Consumer Research Group & Analyst Great. And then if I could just add one follow-up. I was wondering if maybe you can kind of give us an update or your thoughts around the profitability of the U.S. versus international and, I guess, how it's trending over the past year and then, I guess, most recently this quarter and then your expectations going forward. 16 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

Client Id: 77 Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO As we look at our business by geography, our international businesses and international stores, specifically, have -- are highly productive and more profitable -- have been historically more profitable. What's been nice to see in our results is a balanced approach to driving our business, including improving performance of our U.S. store fleet. We continue to maintain a lot of flexibility with our lease expiration dates that allows us to downsize our stores, renegotiate the economic terms of those leases. We're also investing in better store experiences to drive improved performance. We are seeing some results from that. So we'll continue to work on improving profitability in the fleet across the board. But it's been nice to see the traction that we've had in the U.S. Operator Your next question comes from Dana Telsey with Telsey Advisory Group. Dana Lauren Telsey - Telsey Advisory Group LLC - CEO & Chief Research Officer As you think about the supply chain, how do you look at the next steps in the advancement of supply chain and the speed model applied to each of your brands? And then any update on Gilly Hicks and the Intimates category, overall, and how it's performing? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Dana, it's Fran. I'll start -- actually backwards. I'll start with the Gilly question. As you know, we've launched Gilly globally this year at the beginning of the year. We are pleased with its performance. We continue to see positive performance. We're also running several tests this year as far as carve outs and side-by-sides go. But the Gilly performance is strong. We'll continue to evaluate it as we move forward. Regarding next steps for the supply chain, our supply chain today is well positioned. It is fluid. We do have an ability to have a nice read and react business. I'll give you an example. Coming out of the third quarter, we were able to react to some of our best sellers. For example, we do both -- in platforming fabrics and without platforming fabrics. So where we platform fabrics, for example, in denim, in Hollister girls, we read our back-to-school business and we reacted to several hundred thousand units heading into the fourth quarter, which has us well positioned in our assortments. In areas where we don't position fabric, like in the tops area, we were able to get back in within 6 weeks into some of our best-selling tops. So we do feel we have a nice agile supply chain working for our business. Joanne C. Crevoiserat - Abercrombie & Fitch Co. - Executive VP & COO And just to say going forward, we're not satisfied with where we are. We continue to look, I mentioned the continuous improvement lens that we have on our business going forward. We believe we have continued opportunity to improve our processes and tighten our strategic relationships with our suppliers to continue to improve on the supply chain advancements that we've already made. Operator And we have no further questions at this time. I'd like to turn the conference back over to Fran Horowitz for any additional or closing remarks. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Thank you. We are pleased with our progress this past quarter. We have a talented team, a playbook that's working, and as we head into the all-important holiday season, I'm confident the team is prepared and well equipped to compete. Have a good holiday break, everyone, and we look forward to speaking with you about our fourth quarter results next time. 17 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 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. NOVEMBER 17, 2017 / 1:30PM, ANF - Q3 2017 Abercrombie & Fitch Co Earnings Call

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