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): May 22, 2019

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 Par Value	ANF	New York Stock Exchange

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 o

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. o

Item 2.02. Results of Operations and Financial Condition.

On May 29, 2019, Abercrombie & Fitch Co. (the “Company”) issued a news release (the “Release”) reporting the Company's unaudited financial results for the first fiscal quarter ended May 4, 2019. 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 for each of the quarters in the fiscal year ended February 2, 2019, and the first fiscal quarter in the fiscal year ending February 1, 2020, along with additional financial information for the fiscal years ended February 3, 2018, January 28, 2017, January 30, 2016. The additional financial information is included 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 first fiscal quarter ended May 4, 2019. The presentation, which is available under the “Investors” section of the Company's website, located at corporate.abercrombie.com, is included 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 May 29, 2019 to review the Company's financial results for the first fiscal quarter ended May 4, 2019. A copy of the transcript of the conference call is included as Exhibit 99.4 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 infographic, which refers to these results for the first fiscal quarter ended May 4, 2019. The infographic is available under the “Investors” section of the Company's website, located at corporate.abercrombie.com.

Item 2.05. Costs Associated with Exit or Disposal Activities.

On May 22, 2019, the Company determined that it will be ceasing operations of its SoHo Hollister flagship store in New York City, and expects to close this store in the second fiscal quarter ending August 3, 2019. In addition, on May 28, 2019, the Company exercised the kick-out clause of its Fukuoka, Japan A&F flagship store lease, and expects to close this store in the second half of the fiscal year ending February 2, 2021. These actions represent important ongoing steps in the Company’s global store network optimization efforts as it continues to pivot away from large format stores to smaller, omni-channel focused brand experiences.

As a result of these actions, the Company expects to incur pre-tax net lease-related charges of approximately $45 million during the second fiscal quarter ending August 3, 2019. The Company also expects future cash expenditures of approximately $105 million, representing payments required pursuant to the related lease agreements from the dates of the respective actions through the fiscal year ending January 30, 2029.

In the Release on May 29, 2019, the Company announced the actions described above, however, formal communication has not been made to all affected employees regarding the impact of these actions on their employment with the Company. At this time, the Company does not expect employee-related compensation costs associated with these actions to be material.

The estimated amounts for the charges and future cash expenditures described above are preliminary and actual amounts may be materially different from these estimates. The Company may also incur additional charges or future cash expenditures not currently contemplated due to events that may occur as a result of, or that are associated with, these store closures.

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 May 29, 2019
99.2	Additional unaudited financial information made available by Abercrombie & Fitch Co. on May 29, 2019
99.3	Investor presentation of results for the first fiscal quarter ended May 4, 2019 made available by Abercrombie & Fitch Co. on May 29, 2019
99.4	Transcript of conference call held by management of Abercrombie & Fitch Co. on May 29, 2019

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: May 30, 2019	By:	/s/ Scott Lipesky
		Scott Lipesky
		Senior Vice President and Chief Financial Officer

EX-99.1

ABERCROMBIE & FITCH CO. REPORTS FIRST QUARTER RESULTS

Delivers top-line growth, positive comparable sales and bottom-line improvement

New Albany, Ohio, May 29, 2019: Abercrombie & Fitch Co. (NYSE: ANF) today announced results for the first quarter ended May 4, 2019, which are compared to results for the first quarter ended May 5, 2018. 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.

A summary of results for the first quarter ended May 4, 2019:

• Net sales increased to $734.0 million, including the adverse impact from changes in foreign currency exchange rates of approximately $16 million or 2%.

• Positive comparable sales of 1%, on top of 5% last year.

• Gross profit rate of 60.5%, flat to last year.

• Operating expense, excluding other operating income, of $472.0 million leveraged 230 basis points on a GAAP basis and 160 basis points on an adjusted non-GAAP basis.

• Operating loss of $27.3 million. Operating loss margin improved 210 basis points from last year to 3.7%. Excluding certain items, adjusted non-GAAP operating loss margin improved 130 basis points from last year.

• Net loss per diluted share was $0.29 compared to $0.62 last year and was adversely impacted by year-over-year changes in foreign currency exchange rates, net of hedging, of approximately $0.02. Excluding certain items, adjusted non-GAAP net loss per diluted share last year was $0.56.

Fran Horowitz, Chief Executive Officer, said, "We achieved our seventh consecutive quarter of positive comparable sales fueled by ongoing strength at Hollister and a return to positive comps at Abercrombie. This contributed to top-line growth, operating margin improvement and a net loss reduction compared to last year."

"We are focused on our transformation initiatives, with global store network optimization a key priority. We continue to believe in stores and are committed to delivering intimate, omni-channel brand experiences that closely align with our customers’ needs. In line with our strategy, we are announcing plans to close three additional flagship locations, bringing the total to five since 2017. Except for the charges from these flagship store actions, we remain on track to achieve our previously communicated fiscal 2019 outlook and continue to lay the foundation to achieving our fiscal 2020 targets."

Details related to net loss per diluted share for the first quarter are as follows:

	2019	2018
GAAP	$(0.29)	$(0.62)
Excluded items, net of tax effect  (1)	—	(0.06)
Adjusted non-GAAP	$(0.29)	$(0.56)

⁽¹⁾  Excluded items last year consist of pre-tax legal charges of $5.6 million. There were no excluded items in the current year.

Details related to sales for the first quarter are as follows:

(in thousands)	2019		2018		% Change	Comparable sales (1)
Net sales by brand:
Hollister	$	428,448	$	423,628	1%	2%
Abercrombie (2)	305,524		307,271		(1)%	1%
Total company	$	733,972	$	730,899	0%	1%
Net sales by region:
United States	$	469,658	$	449,126	5%	4%
International	264,314		281,773		(6)%	(4)%
Total company	$	733,972	$	730,899	0%	1%

⁽¹⁾  Comparable sales are calculated on a constant currency basis. Refer to "REPORTING AND USE OF GAAP AND NON-GAAP MEASURES," for further discussion.

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

1

Capital Expenditures and Depreciation and Amortization

For the first quarter ended May 4, 2019:

• Capital expenditures were $43.9 million as compared to $23.7 million last year.

• Depreciation and amortization expense was $41.0 million as compared to $47.6 million last year.

Cash and Equivalents, Gross Borrowings and Inventories

As of May 4, 2019 the company had:

• Cash and equivalents of $586.1 million as compared to $592.0 million last year.

• Gross borrowings under the company's term loan of $253.3 million as compared to $253.3 million last year.

• Inventories of $432.4 million, an increase of approximately 7% over last year, primarily driven by a year-over-year increase in in-transit inventory.

Adoption of New Lease Accounting Standard

On February 3, 2019, the first day of fiscal 2019, the company adopted the new lease accounting standard. This standard requires the company to recognize lease assets and lease liabilities on the balance sheet in order to depict the lease rights and obligations of the company. The company adopted this standard using the modified retrospective transition method and elected the option to not restate comparative period financial statements.

Upon adoption of this standard, the company increased total assets and total liabilities each by approximately $1.2 billion, primarily due to the recognition of right-of-use assets and lease liabilities. The company also recognized a cumulative adjustment decreasing the opening balance of retained earnings by approximately $0.1 billion, primarily related to the initial impairment of right-of-use assets for certain of the company’s stores where it was previously determined that the carrying value of assets was not recoverable.

The company’s outlook provided below incorporates the estimated impacts resulting from the adoption of the new lease accounting standard.

Global Store Network Optimization

Reflecting a continued focus on global store network optimization, the company will be ceasing operations of its SoHo Hollister flagship store in New York City and has exercised the kick-out clause for its Fukuoka, Japan A&F flagship store. The company is also announcing that it exercised the kick-out clause for its Milan, Italy A&F flagship location. Today's announcements build on the closures of the Pedder Street, Hong Kong and Copenhagen, Denmark A&F flagship locations. These actions represent important ongoing steps in the company’s global store network optimization efforts as it continues to pivot away from large format stores to smaller, omni-channel focused brand experiences.

Details related to the timing of these store closures are as follows:

• Pedder Street, Hong Kong A&F flagship store closure completed in the first quarter of fiscal 2017.

• Copenhagen, Denmark A&F flagship store closure completed in the first quarter of fiscal 2019.

• SoHo Hollister flagship store in New York City is expected to close in the second quarter of fiscal 2019.

• Milan, Italy A&F flagship store is expected to close by the end of fiscal 2019.

• Fukuoka, Japan A&F flagship store is expected to close in the back half of fiscal 2020.

In aggregate, the Copenhagen, SoHo, Milan and Fukuoka locations represented less than one percent of total net sales in fiscal 2018. The SoHo and Fukuoka closures are expected to result in pre-tax lease-related net charges in the second quarter of fiscal 2019 of approximately $45 million. The charges related to the Copenhagen and Milan closures are not expected to be significant in fiscal 2019.

The company remains on track to deliver approximately 85 new experiences through new stores, remodels and right-sizes this year. The company’s outlook provided below incorporates the estimated impacts resulting from these new experiences, the flagship closures detailed above and any other potential store closures.

2

Other Developments

As previously announced, on May 22, 2019 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 June 17, 2019 to stockholders of record at the close of business on June 7, 2019.

The company has returned $13.2 million to stockholders through dividends during the first quarter. At the end of the first quarter, the company had approximately 3.6 million shares remaining available for purchase under its publicly announced stock repurchase authorization.

Fiscal 2019 Full Year Outlook

For fiscal 2019, the company expects:

• Net sales to be up in the range of 2% to 4%, driven by positive comparable sales and net new store contribution, partially offset by an adverse impact from changes in foreign currency exchange rates of approximately $30 million of which approximately $16 million was reflected in first quarter results.

• Comparable sales to be up low-single digits, on top of 3% last year.

• Gross profit rate to rise slightly from the fiscal 2018 rate of 60.2%, assuming only the current tariffs in place.

• Operating expense, excluding other operating income, to be up in the range of 4% to 5% from fiscal 2018 adjusted non-GAAP operating expense of $2.03 billion, including net lease-related charges related to the flagship store actions taken in the second quarter of approximately $45 million. If not for the $45 million resulting from these actions, the company would have expected operating expense to be consistent with previously issued expectations of up approximately 2% from fiscal 2018 adjusted non-GAAP operating expense.

• Effective tax rate to be in the mid 20s.

• Diluted weighted-average shares outstanding of approximately 68 million shares, excluding the effect of potential share buybacks.

• Capital investments of approximately $200 million.

Fiscal 2019 Second Quarter Outlook

For the second quarter of fiscal 2019, the company expects:

• Net sales to be flat to up 2%, reflecting an adverse impact from changes in foreign currency exchange rates of approximately $10 million.

• Comparable sales to be approximately flat, on 3% last year.

• Gross profit rate to be down approximately 100 basis points compared to 60.2% last year, assuming only the current tariffs in place.

• Operating expense, excluding other operating income, to be up approximately 10% from fiscal 2018 adjusted non-GAAP operating expense of $498 million, including net lease-related charges related to the flagship store actions taken in the second quarter of approximately $45 million. If not for the $45 million resulting from these actions, the company would have expected operating expense to be flat to up 1% from fiscal 2018 adjusted non-GAAP operating expense.

• Effective tax rate to be in the mid 20s.

Conference Call

Today at 8:30 AM, ET, the company will conduct a conference call. To listen to the conference call, dial (800) 458-4121 or go to corporate.abercrombie.com. The international call-in number is (323) 794-2093. 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 2088818 or through corporate.abercrombie.com. A presentation of first quarter results will be available in the "Investors" section at corporate.abercrombie.com at approximately 7:30 AM, ET, today.

3

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 February 2, 2019, in some cases have affected, and in the future could affect, the company's financial performance and could cause actual results for fiscal 2019 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; failure 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 pressures from companies with brands or merchandise competitive with ours; fluctuations in foreign currency exchange rates could adversely impact our financial condition and results of operations; 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; the impact of war, acts of terrorism or civil unrest could have a material adverse effect on our operating results and financial condition; the expansion of our direct-to-consumer sales channels and omnichannel initiatives are significant components of our growth strategy, and the failure to successfully develop our position across all channels could have an adverse impact on our results of operations; our international growth strategy and ability to conduct business in international markets may be adversely affected by legal, regulatory, political and economic risks; failure to successfully implement our strategic plans could have a negative impact on our growth and profitability; 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, data protection, credit card fraud and identity theft that would cause us to incur unexpected expenses and reputation loss; our reliance on DCs makes us susceptible to disruptions or adverse conditions affecting our supply chain; 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; we rely on the experience and skills of our senior executive officers and associates, the loss of whom could have a material adverse effect on our business; extreme weather conditions, including natural disasters, pandemic disease and other unexpected events, could negatively impact our facilities, systems and stores, as well as the facilities and systems of our vendors and manufacturers, which could result in an interruption to our business and adversely affect our operating results; fluctuations in our tax obligations and effective tax rate may result in volatility in our results of operations; our litigation exposure could have a material adverse effect on our financial condition and results of operations; failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets; changes in the regulatory or compliance landscape and compliance with changing regulations for accounting, corporate governance and public disclosure could adversely affect our business, results of operations and reported financial results; and, our Asset-Based Revolving Credit Agreement and our Term Loan Agreement include restrictive covenants that limit our flexibility in operating our business.

4

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 more than 125 years, the iconic Abercrombie & Fitch brand has outfitted innovators, explorers and entrepreneurs. Today, the brand reflects the updated attitude of the modern customer, while remaining true to its heritage of creating expertly crafted products with an effortless, American style. The Hollister brand epitomizes liberating the carefree spirit of an 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 over 850 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:
Pamela Quintiliano	Ian Bailey
Abercrombie & Fitch Co.	Abercrombie & Fitch Co.
(614) 283-6751	(614) 283-6192
Investor_Relations@anfcorp.com	Public_Relations@anfcorp.com

5

Abercrombie & Fitch Co.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
	Thirteen Weeks Ended					Thirteen Weeks Ended
	May 4, 2019			% of Net Sales		May 5, 2018			% of Net Sales
Net sales	$	733,972		100.0	%	$	730,899		100.0	%
Cost of sales, exclusive of depreciation and amortization	289,882			39.5	%	288,554			39.5	%
Gross profit	444,090			60.5	%	442,345			60.5	%
Stores and distribution expense	358,356			48.8	%	361,155			49.4	%
Marketing, general and administrative expense	111,947			15.3	%	124,897			17.1	%
Asset impairment	1,662			0.2	%	1,056			0.1	%
Other operating income, net	(617		)	(0.1	)%	(2,560		)	(0.4	)%
Operating loss	(27,258		)	(3.7	)%	(42,203		)	(5.8	)%
Interest expense, net	616			0.1	%	3,018			0.4	%
Loss before income taxes	(27,874		)	(3.8	)%	(45,221		)	(6.2	)%
Income tax benefit	(9,588		)	(1.3	)%	(3,713		)	(0.5	)%
Net loss	(18,286		)	(2.5	)%	(41,508		)	(5.7	)%
Less: Net income attributable to noncontrolling interests	869			0.1	%	953			0.1	%
Net loss attributable to Abercrombie & Fitch Co.	$	(19,155	)	(2.6	)%	$	(42,461	)	(5.8	)%
Net loss per share attributable to Abercrombie & Fitch Co.:
Basic	$	(0.29	)			$	(0.62	)
Diluted	$	(0.29	)			$	(0.62	)
Weighted-average shares outstanding:
Basic	66,540					68,500
Diluted	66,540					68,500

6

Abercrombie & Fitch Co.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
	May 4, 2019 (1)		February 2, 2019		May 5, 2018
Assets
Current assets:
Cash and equivalents	$	586,133	$	723,135	$	591,960
Receivables	82,026		73,112		72,795
Inventories	432,350		437,879		405,107
Other current assets	71,803		101,824		104,806
Total current assets	1,172,312		1,335,950		1,174,668
Property and equipment, net	633,686		694,855		709,007
Operating lease right-of-use assets	1,252,249		—		—
Other assets	364,719		354,788		381,293
Total assets	$	3,422,966	$	2,385,593	$	2,264,968
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	180,041	$	226,878	$	166,577
Accrued expenses	240,050		293,579		262,964
Short-term portion of operating lease liabilities	278,392		—		—
Short-term portion of deferred lease credits	—		19,558		19,269
Income taxes payable	16,022		18,902		12,784
Total current liabilities	714,505		558,917		461,594
Long-term liabilities:
Long-term portion of operating lease liabilities	$	1,207,103	$	—	$	—
Long-term portion of borrowings, net	250,736		250,439		249,962
Long-term portion of deferred lease credits	—		76,134		73,660
Leasehold financing obligations	—		46,337		48,955
Other liabilities	145,659		235,145		241,951
Total long-term liabilities	1,603,498		608,055		614,528
Total Abercrombie & Fitch Co. stockholders' equity	1,094,839		1,208,900		1,178,267
Noncontrolling interests	10,124		9,721		10,579
Total stockholders' equity	1,104,963		1,218,621		1,188,846
Total liabilities and stockholders' equity	$	3,422,966	$	2,385,593	$	2,264,968

⁽¹⁾  The company adopted the new lease accounting standard in the first quarter of fiscal year 2019 using the modified retrospective transition method and elected the option to not restate comparative period financial statements. See "Adoption of New Lease Accounting Standard" for further detail.

7

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 provide a measure of the company’s operating performance excluding the effect of certain items which the company believes do not reflect its future operating outlook, and therefore supplement investors' understanding of comparability of operations across periods. Management used these non-GAAP financial measures during the periods presented to assess the company's performance and to develop expectations for future operating performance. The company also provides certain financial information on a constant currency basis to enhance investors' understanding of underlying business trends and operating performance, by removing the impact of foreign currency exchange rate fluctuations. 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 27% tax rate. In addition, the company provides comparable sales, defined as the percentage year-over-year change in the aggregate of: (1) 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 foreign currency rate fluctuation, and (2) 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 foreign currency rate fluctuation. Non-GAAP financial measures should be used supplemental to, and not as an alternative to, the company's GAAP financial results, and may not be calculated in the same manner as similar measures presented by other companies.

Abercrombie & Fitch Co.
Schedule of Non-GAAP Financial Measures
Thirteen Weeks Ended May 5, 2018
(in thousands, except per share data)
(Unaudited)
	GAAP (1)			Excluded items			Adjusted non-GAAP
Marketing, general and administrative expense (2)	$	124,897		$	5,600		$	119,297
Operating loss	(42,203		)	(5,600		)	(36,603		)
Loss before income taxes	(45,221		)	(5,600		)	(39,621		)
Income tax benefit (3)	(3,713		)	(1,541		)	(2,172		)
Net loss attributable to Abercrombie & Fitch Co.	$	(42,461	)	$	(4,059	)	$	(38,402	)
Net loss per diluted share attributable to Abercrombie & Fitch Co.	$	(0.62	)	$	(0.06	)	$	(0.56	)
Diluted weighted-average shares outstanding	68,500						68,500

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

⁽²⁾  Excluded items consist of legal charges of $5.6 million in connection with a proposed settlement of a class action claim, which received final court approval and was paid in the fourth quarter of fiscal 2018.

⁽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.

8

Abercrombie & Fitch Co.

Store Count Activity

	Thirteen Weeks Ended May 4, 2019
	Hollister (1)			Abercrombie (2)				Total
	United States		International	United States		International		United States		International
February 2, 2019	393		149	270		49		663		198
New	1		—	—		—		1		—
Closed	(1	)	—	(3	)	(1	)	(4	)	(1	)
May 4, 2019	393		149	267		48		660		197

⁽¹⁾ Locations with Gilly Hicks carveouts within Hollister stores are represented as a single store count. Excludes nine international franchise stores as of May 4, 2019 and eight international franchise stores as of February 2, 2019. Excludes two U.S. Company operated Gilly Hicks pop-up stores as of May 4, 2019.

⁽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 seven international franchise stores as of each of May 4, 2019 and February 2, 2019.

9

EX-99.2

Abercrombie & Fitch Co.
Financial Information
(Unaudited)
(in thousands, except per share data and store data)
										Fiscal 2018															Fiscal 2019
	2015			2016			2017			Q1			Q2			Q3			Q4			2018			Q1
Net sales	$	3,518,680		$	3,326,740		$	3,492,690		$	730,899		$	842,414		$	861,194		$	1,155,602		$	3,590,109		$	733,972
Cost of sales, exclusive of depreciation and amortization	1,361,137			1,298,172			1,408,848			288,554			335,519			333,375			472,745			1,430,193			289,882
Gross profit	2,157,543			2,028,568			2,083,842			442,345			506,895			527,819			682,857			2,159,916			444,090
Stores and distribution expense	1,604,214			1,578,460			1,542,425			361,155			374,552			371,859			434,456			1,542,022			358,356
Marketing, general and administrative expense	470,321			453,202			471,914			124,897			123,883			117,181			118,902			484,863			111,947
Restructuring charge (benefit)	(1,598		)	—			—			—			—			—			—			—			—
Asset impairment	18,209			7,930			14,391			1,056			8,671			656			1,197			11,580			1,662
Other operating income, net	(6,441		)	(26,212		)	(16,938		)	(2,560		)	(434		)	(1,557		)	(1,364		)	(5,915		)	(617		)
Operating income (loss)	72,838			15,188			72,050			(42,203		)	223			39,680			129,666			127,366			(27,258		)
Interest expense, net	18,248			18,666			16,889			3,018			3,023			2,857			2,101			10,999			616
Income (loss) before income taxes	54,590			(3,478		)	55,161			(45,221		)	(2,800		)	36,823			127,565			116,367			(27,874		)
Income tax expense (benefit)	16,031			(11,196		)	44,636			(3,713		)	24			12,047			29,201			37,559			(9,588		)
Net income (loss)	38,559			7,718			10,525			(41,508		)	(2,824		)	24,776			98,364			78,808			(18,286		)
Less: Net income attributable to noncontrolling interests	2,983			3,762			3,431			953			1,029			857			1,428			4,267			869
Net income (loss) attributable to Abercrombie & Fitch Co.	$	35,576		$	3,956		$	7,094		$	(42,461	)	$	(3,853	)	$	23,919		$	96,936		$	74,541		$	(19,155	)

1

										Fiscal 2018															Fiscal 2019
	2015			2016			2017 (1)			Q1			Q2			Q3			Q4			2018			Q1
Net income (loss) per share attributable to Abercrombie & Fitch Co.:
Basic	$	0.52		$	0.06		$	0.10		$	(0.62	)	$	(0.06	)	$	0.36		$	1.47		$	1.11		$	(0.29	)
Diluted	$	0.51		$	0.06		$	0.10		$	(0.62	)	$	(0.06	)	$	0.35		$	1.42		$	1.08		$	(0.29	)
Weighted-average shares outstanding:
Basic	68,880			67,878			68,391			68,500			68,008			66,818			66,074			67,350			66,540
Diluted	69,417			68,284			69,403			68,500			68,008			68,308			68,071			69,137			66,540
Hollister comparable sales	0		%	0		%	8		%	6		%	4		%	4		%	6		%	5		%	2		%
Abercrombie comparable sales (2)	(6		)%	(11		)%	(2		)%	3		%	2		%	1		%	(2		)%	1		%	1		%
Comparable sales (3)	(3		)%	(5		)%	3		%	5		%	3		%	3		%	3		%	3		%	1		%
Shares outstanding	67,348			67,758			68,195			67,816			66,975			65,843			66,227			66,227			66,637
Number of stores - end of period (4)	932			898			868			869			870			879			861			861			857
Gross square feet - end of period	7,292			7,007			6,710			6,710			6,694			6,719			6,566			6,566			6,503
(1) Fiscal 2017 was a fifty-three week year.
(2) Abercrombie includes the Company's Abercrombie & Fitch and abercrombie kids brands.
(3) Comparable sales are calculated on a constant currency basis and exclude revenue other than store and online sales. Due to the 53rd week in fiscal 2017, fourth quarter of fiscal 2017 comparable sales are compared to the fourteen week period ended February 4, 2017, first quarter of fiscal 2018 comparable sales are compared to the thirteen week period ended May 6, 2017, second quarter of fiscal 2018 comparable sales are compared to the thirteen week period ended August 5, 2017, third quarter of fiscal 2018 comparable sales are compared to the thirteen week period ended November 4, 2017, and fourth quarter of fiscal 2018 comparable sales are compared to the 13 week period ended February 3, 2018.
(4) Prior period store counts have been restated to count multi-brand outlet stores as a single store.

2

EX-99.3

INVESTOR PRESENTATION FIRST QUARTER 2019

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 February 2, 2019, in some cases have affected, and in the future could affect, the company's financial performance and could cause actual results for the 2019 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 May 29, 2019 which is available in the "Investors" section of the company's website, located at corporate.abercrombie.com. As used in the presentation, "GAAP" refers to accounting principles generally accepted in the United States of America. As used in the presentation, "Abercrombie" refers to the company's Abercrombie & Fitch and abercrombie kids brands. Sub-totals and totals may not foot due to rounding. Net loss and net loss per share financial measures included herein are attributable to Abercrombie & Fitch Co., excluding net income attributable to noncontrolling interests. 2

OUR JOURNEY PHASE PHASE PHASE STABILIZING WHILE TRANSFORMING GROWING WHILE TRANSFORMING ACCELERATING GROWTH • BUILT THE FOUNDATION • COMPARABLE SALES GROWTH • EXPAND GLOBALLY • RETURNED TO GROWTH • GROSS PROFIT RATE EXPANSION • TAKE SHARE IN THE U.S. • CENTERED AROUND THE CUSTOMER • LEVERAGE EXPENSES • DEVELOPED PLAYBOOKS TO ALIGN PRODUCT, VOICE & EXPERIENCE 3

OUR TRANSFORMATION INITIATIVES OPTIMIZING OUR GLOBAL STORE NETWORK • RIGHTSIZING STORE FLEET AND ADAPTING TO THE EVOLVING ROLE OF THE STORE AS CUSTOMERS' SHOPPING PREFERENCES SHIFT ENHANCING DIGITAL AND OMNI-CHANNEL CAPABILITIES • CREATING BEST-IN-CLASS CUSTOMER EXPERIENCES WHILE GROWING PROFITABLY ACROSS CHANNELS INCREASING THE SPEED AND EFFICIENCY OF OUR CONCEPT-TO-CUSTOMER PRODUCT LIFE CYCLE • FURTHER INVESTMENT IN CAPABILITIES TO POSITION SUPPLY CHAIN FOR GREATER SPEED, AGILITY AND FLEXIBILITY • LEVERAGE DATA AND ANALYTICS TO OFFER THE RIGHT PRODUCT AT THE RIGHT TIME AND THE RIGHT PRICE IMPROVING OUR CUSTOMER ENGAGEMENT THROUGH OUR LOYALTY PROGRAMS AND MARKETING OPTIMIZATION • BETTER LEVERAGE DATA, INCLUDING OUR LOYALTY PROGRAMS, TO ENGAGE WITH CUSTOMERS ACROSS CHANNELS • DRIVE MORE EFFICIENT AND EFFECTIVE MARKETING SPEND 4

OUR FISCAL 2020 TARGETS AS PRESENTED DURING OUR INVESTOR DAY ON APRIL 25, 2018 LOW SINGLE-DIGIT SALES CAGR – POSITIVE COMPARABLE SALES – GLOBAL MARKET EXPANSION MODEST GROSS PROFIT RATE EXPANSION OPERATING EXPENSE LEVERAGE DOUBLE FISCAL 2017 ADJUSTED NON-GAAP OPERATING INCOME MARGIN OF 2.9% 5

Q1 2019 CEO COMMENTARY "We achieved our seventh consecutive quarter of positive comparable sales fueled by ongoing strength at Hollister and a return to positive comps at Abercrombie. This contributed to top-line growth, operating margin improvement and a net loss reduction compared to last year." "We are focused on our transformation initiatives, with global store network optimization a key priority. We continue to believe in stores and are committed to delivering intimate, omni-channel brand experiences that closely align with our customers’ needs. In line with our strategy, we are announcing plans to close three additional flagship locations, bringing the total to five since 2017. Except for the charges from these flagship store actions, we remain on track to achieve our previously communicated fiscal 2019 outlook and continue to lay the foundation to achieving our fiscal 2020 targets." Fran Horowitz, Chief Executive Officer 6

Q1 P&L SUMMARY (in thousands) % OF NET % OF NET 2019 SALES 2018 SALES NET SALES $733,972 100.0% $730,899 100.0% GROSS PROFIT (1) 444,090 60.5% 442,345 60.5% OPERATING EXPENSE 471,965 64.3% 487,108 66.6% OTHER OPERATING INCOME, NET (617) (0.1)% (2,560) (0.4)% OPERATING LOSS (27,258) (3.7)% (42,203) (5.8)% INTEREST EXPENSE, NET 616 0.1% 3,018 0.4% LOSS BEFORE INCOME TAXES (27,874) (3.8)% (45,221) (6.2)% INCOME TAX BENEFIT (9,588) (1.3)% (3,713) (0.5)% NET LOSS $(19,155) (2.6)% $(42,461) (5.8)% NET LOSS PER SHARE BASIC $(0.29) $(0.62) DILUTED $(0.29) $(0.62) WEIGHTED-AVERAGE SHARES OUTSTANDING BASIC 66,540 68,500 DILUTED 66,540 68,500 (1) Gross profit is derived from cost of sales, exclusive of depreciation and amortization. 7

Q1 ADJUSTED P&L SUMMARY* (in thousands) % OF NET % OF NET 2019 SALES 2018 SALES NET SALES $733,972 100.0% $730,899 100.0% GROSS PROFIT (1) 444,090 60.5% 442,345 60.5% OPERATING EXPENSE 471,965 64.3% 481,508 65.9% OTHER OPERATING INCOME, NET (617) (0.1)% (2,560) (0.4)% OPERATING LOSS (27,258) (3.7)% (36,603) (5.0)% INTEREST EXPENSE, NET 616 0.1% 3,018 0.4% LOSS BEFORE INCOME TAXES (27,874) (3.8)% (39,621) (5.4)% INCOME TAX BENEFIT (9,588) (1.3)% (2,172) (0.3)% NET LOSS $(19,155) (2.6)% $(38,402) (5.3)% NET LOSS PER SHARE BASIC $(0.29) $(0.56) DILUTED $(0.29) $(0.56) WEIGHTED-AVERAGE SHARES OUTSTANDING BASIC 66,540 68,500 DILUTED 66,540 68,500 * The Q1 Adjusted P&L Summary for the prior period is presented on an adjusted non-GAAP basis, and excludes the effect of certain items set out on page 9. (1) Gross profit is derived from cost of sales, exclusive of depreciation and amortization. 8

EXCLUDED ITEMS* 2018 (in thousands) Q1 Q2 Q3 Q4 FULL YEAR LEGAL CHARGES $5,600 $— $(3,005) $— $2,595 ASSET IMPAIRMENT — 8,671 — — 8,671 PRE-TAX EXCLUDED ITEMS 5,600 8,671 (3,005) — 11,266 TAX EFFECT (1) (1,541) (2,689) 1,064 683 (2,483) TAX CUTS AND JOBS ACT OF 2017 CHARGES — 2,042 405 (5,982) (3,535) TOTAL EXCLUDED ITEMS $4,059 $8,024 $(1,536) $(5,299) $5,248 * There were no excluded items in the current year. (1) The tax effect of excluded items is the difference between the tax provision calculation on a GAAP basis and an adjusted non-GAAP basis. In the fourth quarter of fiscal 2018, excluded Items consist of the impact of prior quarters' excluded items on the adjusted non-GAAP tax provision, as well as discrete net tax benefits related to the Tax Cuts and Jobs Act of 2017. 9

Q1 NET SALES INCREASED TO $734M YTD INCLUDING ADVERSE IMPACTS FROM CHANGES IN FOREIGN CURRENCY ABERCROMBIE BRAND ABERCROMBIE 41.6% 41.6% HOLLISTER ABERCROMBIE HOHOLLISTERLLISTER C CO.O. $428M $306M 58.4%58. 4% • 58.4% OF TOTAL NET SALES • 41.6% OF TOTAL NET SALES • NET SALES UP 1% FROM LAST YEAR • NET SALES DOWN 1% FROM LAST YEAR AINTERNATIONALBERCROMBIE 41.6% 36.0% GEOGRAPHY HUNITEDOLLIST STATESER CO. 64.0%58 .4% UNITED STATES INTERNATIONAL $470M $264M • 64.0% OF TOTAL NET SALES • 36.0% OF TOTAL NET SALES • NET SALES UP 5% FROM LAST YEAR • NET SALES DOWN 6% FROM LAST YEAR 10

Q1 POSITIVE COMPARABLE SALES OF 1%* YTD EXCLUDING ADVERSE IMPACTS FROM CHANGES IN FOREIGN CURRENCY EXCHANGE RATES ABERCROMBIE ABE41.6%RCRO MBIE 41.6% HOHOLLISTERLLISTER C CO.O. 58.4%58. 4% 2% 4% -4% HOLLISTER UNITED STATES INTERNATIONAL AINTERNATIONALBERCROMBIE 41.6% 36.0% 1% ABERCROMBIE HUNITEDOLLIST STATESER CO. 64.0%58 .4% * Comparable sales are calculated on a constant currency basis and exclude revenue other than store and online sales. 11

Q1 OPERATING EXPENSE GAAP % OF NET GAAP % OF NET (in thousands) 2019 SALES 2018 SALES Δ BPS (3) STORE OCCUPANCY (1) $153,015 20.8% $162,214 22.2% (140) ALL OTHER (2) 205,341 28.0% 198,941 27.2% 80 STORES AND DISTRIBUTION 358,356 48.8% 361,155 49.4% (60) MARKETING, GENERAL & ADMINISTRATIVE 111,947 15.3% 124,897 17.1% (180) ASSET IMPAIRMENT 1,662 0.2% 1,056 0.1% 10 TOTAL $471,965 64.3% $487,108 66.6% (230) NON-GAAP % OF NET NON-GAAP % OF NET (in thousands) 2019 SALES 2018* SALES Δ BPS (3) STORE OCCUPANCY (1) $153,015 20.8% $162,214 22.2% (140) ALL OTHER (2) 205,341 28.0% 198,941 27.2% 80 STORES AND DISTRIBUTION 358,356 48.8% 361,155 49.4% (60) MARKETING, GENERAL & ADMINISTRATIVE 111,947 15.3% 119,297 16.3% (100) ASSET IMPAIRMENT 1,662 0.2% 1,056 0.1% 10 TOTAL $471,965 64.3% $481,508 65.9% (160) * Q1 adjusted non-GAAP operating expense for the prior period is presented on an adjusted non-GAAP basis, and excludes the effect of certain items set out of page 9. (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. 12

SHARE REPURCHASES AND DIVIDENDS SHARE REPURCHASES (1) (in thousands, except NUMBER OF AVERAGE for average cost) SHARES COST COST DIVIDENDS TOTAL Q1 2019 — — — $13,246 $13,246 (1) At the end of the first quarter, the company had approximately 3.6 million shares remaining available for purchase under its publicly announced stock repurchase authorization. SHARE REPURCHASES (in thousands, except NUMBER OF AVERAGE for average cost) SHARES COST COST DIVIDENDS TOTAL Q1 2018 778 $18,670 $23.99 $13,642 $32,312 Q2 2018 969 25,000 25.80 13,554 38,554 Q3 2018 1,184 25,000 21.11 13,354 38,354 Q4 2018 — — — 13,164 13,164 2018 2,932 $68,670 $23.42 $53,714 $122,384 13

857 STORES GLOBALLY AS OF Q1 2019 EXCLUDING 16 INTERNATIONAL FRANCHISE STORES ACROSS BRANDS 122 18 CANADA EUROPE 660 9 48 UNITED STATES MIDDLE EAST ASIA 542 HOLLISTER 315 ABERCROMBIE 14

Q1 STORE COUNT ACTIVITY UNITED MIDDLE TOTAL COMPANY TOTAL STATES CANADA EUROPE ASIA EAST START OF Q1 2019 861 663 18 123 48 9 OPENINGS 1 1 — — — — CLOSINGS (5) (4) — (1) — — END OF Q1 2019 857 660 18 122 48 9 HOLLISTER (1) START OF Q1 2019 542 393 11 104 29 5 OPENINGS 1 1 — — — — CLOSINGS (1) (1) — — — — END OF Q1 2019 542 393 11 104 29 5 ABERCROMBIE (2) START OF Q1 2019 319 270 7 19 19 4 OPENINGS — — — — — — CLOSINGS (4) (3) — (1) — — END OF Q1 2019 315 267 7 18 19 4 (1) Locations with Gilly Hicks carveouts within Hollister stores are represented as a single store count. Excludes nine and eight international franchise stores as of May 4, 2019 and February 2, 2019, respectively. Excludes two U.S. Gilly Hicks pop-up stores as of May 4, 2019. (2) Locations with abercrombie kids carveouts within Abercrombie & Fitch stores are represented as a single store count. Excludes seven international franchise stores as of each of May 4, 2019 and February 2, 2019. 15

Q1 NEW STORE OPENINGS BRAND CENTER CITY DATE HOLLISTER LAS AMERICAS PREMIUM OUTLETS SAN DIEGO, CALIFORNIA 4/19/2019 16

GLOBAL STORE NETWORK OPTIMIZATION Q1 2019 ACTIVITY HOLLISTER ABERCROMBIE (1) TOTAL COMPANY NEW STORES 1 — 1 REMODELS 5 — 5 RIGHT-SIZES 1 3 4 TOTAL NEW EXPERIENCES 7 3 10 STORE CLOSURES (1) (4) (5) (1) Includes two right-sizes related to the abercrombie kids brand. FULL YEAR 2019 OUTLOOK (1) HOLLISTER ABERCROMBIE (2) TOTAL COMPANY NEW STORES 20 20 40 REMODELS 25 — 25 RIGHT-SIZES 10 10 20 TOTAL NEW EXPERIENCES 55 30 85 STORE CLOSURES UP TO 40 (1) Actual new store experiences for fiscal 2019 may differ from expectations. (2) Includes 15 new stores and five right-sizes related to the abercrombie kids brand. 17

FISCAL 2019 OUTLOOK PREVIOUS FULL YEAR OUTLOOK CURRENT FULL YEAR OUTLOOK NET SALES (1) UP IN THE RANGE OF 2% TO 4% * CHANGES IN FOREIGN CURRENCY $15M ADVERSE IMPACT TO NET SALES $30M ADVERSE IMPACT TO NET SALES COMPARABLE SALES (2) UP LOW-SINGLE DIGITS * GROSS PROFIT RATE (3) UP SLIGHTLY * GAAP OPERATING EXPENSE (4) UP APPROXIMATELY 2% UP IN THE RANGE OF 4% TO 5% WEIGHTED AVERAGE DILUTED SHARES (5) APPROXIMATELY 69M SHARES APPROXIMATELY 68M SHARES EFFECTIVE TAX RATE MID-TO-UPPER 20S MID 20S CAPITAL INVESTMENTS APPROXIMATELY $200M * * No change from the previous outlook. (1) Includes the adverse impact from changes in foreign currency exchange rates of approximately $30 million. (2) Comparable sales are calculated on a constant currency basis. (3) As compared to fiscal 2018 gross profit rate of 60.2%, assuming only the current tariffs in place. (4) As compared to fiscal 2018 adjusted non-GAAP operating expense of $2.03 billion. Excludes other operating income, net. Relative to previous outlook, the current outlook includes $45 million of lease-related net charges related to flagship store actions taken in the second quarter of fiscal 2019. If not for the charges resulting from these actions, the company would have expected operating expense to be consistent with previously issued expectations of up approximately 2% as compared to fiscal 2018 adjusted non-GAAP operating expense. (5) Excludes the effect of potential share buybacks. SECOND QUARTER OUTLOOK NET SALES (1) FLAT TO UP 2% CHANGES IN FOREIGN CURRENCY $10M ADVERSE IMPACT TO NET SALES COMPARABLE SALES (2) APPROXIMATELY FLAT GROSS PROFIT RATE (3) DOWN APPROXIMATELY 100 BASIS POINTS GAAP OPERATING EXPENSE (4) UP APPROXIMATELY 10% EFFECTIVE TAX RATE MID 20S (1) Includes the adverse impact from changes in foreign currency exchange rates of approximately $10 million. (2) Comparable sales are calculated on a constant currency basis. (3) As compared to fiscal 2018 gross profit rate of 60.2%, assuming only the current tariffs in place. (4) As compared to fiscal 2018 adjusted non-GAAP operating expense of $498 million. Excludes other operating income, net. The current outlook includes $45 million of lease-related net charges related to flagship store actions taken in the second quarter of fiscal 2019. If not for the charges resulting from these actions, the company would have expected operating expense to be flat to up approximately 1% as compared to fiscal 2018 adjusted non-GAAP operating expense. 18

APPENDIX 19

Q1 ADJUSTED NON-GAAP RECONCILIATION 2018 EXCLUDED 2018 GAAP ITEMS NON-GAAP MARKETING, GENERAL & ADMINISTRATIVE (1) $124,897 $5,600 $119,297 OPERATING LOSS (42,203) (5,600) (36,603) LOSS BEFORE INCOME TAXES (45,221) (5,600) (39,621) INCOME TAX BENEFIT (2) (3,713) (1,541) (2,172) NET LOSS $(42,461) $(4,059) $(38,402) NET LOSS PER DILUTED SHARE $(0.62) $(0.06) $(0.56) DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 68,500 68,500 (1) Excluded items consist of charges of $5.6 million related to certain legal matters. (2) The tax effect of excluded items, calculated as the difference between the tax provision on a GAAP basis and an adjusted non-GAAP basis. 20

RELAUNCH OF ICONIC FIERCE FRAGRANCE THE CAMPAIGN HAS GARNERED OVER 300 MILLION MEDIA IMPRESSIONS SINCE ITS FEBRUARY INTRODUCTION. FIERCE HAS ALWAYS BEEN POPULAR, BUT AFTER THE RELAUNCH, THE COMPANY SAW ITS BEST COMP PERFORMANCE IN OVER FIVE YEARS. 21

EX-99.4

Client Id: 77 THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call EVENT DATE/TIME: MAY 29, 2019 / 12:30PM GMT OVERVIEW: Co. reported 1Q19 net sales of $734m, adjusted non-GAAP operating loss of $27m and adjusted non-GAAP net loss per diluted share of $0.29. Expects FY19 net sales growth to be 2-4%. Also expects 2Q19 net sales to be flat to up 2% from last year. THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call CORPORATE PARTICIPANTS Fran Horowitz Abercrombie & Fitch Co. - CEO & Director Pamela Nagler Quintiliano Abercrombie & Fitch Co. - VP of IR Scott D. Lipesky Abercrombie & Fitch Co. - Senior VP & CFO CONFERENCE CALL PARTICIPANTS David Loughran Buckley BofA Merrill Lynch, Research Division - Analyst Dylan Douglas Carden William Blair & Company L.L.C., Research Division - Analyst Janet Joseph Kloppenburg JJK Research Associates, Inc. - President Kate Bridget Fitzsimons RBC Capital Markets, LLC, Research Division - Associate VP Mark R. Altschwager Robert W. Baird & Co. Incorporated, Research Division - Senior Research Analyst Marni Shapiro The Retail Tracker - Co-Founder Omar Regis Saad Evercore ISI Institutional Equities, Research Division - Senior MD and Head of Softlines, Luxury & Department Stores Team Paul Lawrence Lejuez Citigroup Inc, Research Division - MD and Senior Analyst Steven Emanuel Zaccone JP Morgan Chase & Co, Research Division - Analyst Susan Kay Anderson B. Riley FBR, Inc., Research Division - Analyst Tiffany Ann Kanaga Deutsche Bank AG, Research Division - Research Associate PRESENTATION Operator Good day, and welcome to the Abercrombie & Fitch First Quarter Fiscal Year 2019 Earnings Call. Today's call is being recorded. (Operator Instructions) At this time, I'd like to turn the conference over to Pam Quintiliano. Please go ahead. Pamela Nagler Quintiliano - Abercrombie & Fitch Co. - VP of IR Thank you. Good morning, and welcome to our first quarter 2019 earnings call. Joining me today on the call are Fran Horowitz, Chief Executive Officer; and Scott Lipesky, Chief Financial Officer. Earlier this morning, we issued our first quarter earnings release, which is available on our website at corporate.abercrombie.com under the Investors section. Also available on our website is an investor presentation. Please keep in mind that any forward-looking statements made on the call are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions we mention today. A detailed discussion of these factors and uncertainties is contained in the company's filings with the Securities and Exchange Commission. In addition, we will be referring to certain non-GAAP financial measures during the call. Additional details and a reconciliation of GAAP to adjusted non-GAAP financial measures are included in the release issued earlier this morning. With that, I will turn the call over to Fran. 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Thanks, Pam. Good morning, everyone, and thank you for joining us today to discuss our first quarter results. Throughout the quarter, we remained focused on our core customer and on executing against our strategic initiatives. This resulted in a solid start to the second full year of our growing-while-transforming phase. In the first quarter, we grew the top line; we posted our 7th consecutive quarter of positive comparable sales; Abercrombie rebounded from Q4 with return to positive comps; while Hollister achieved its 10th consecutive quarter of positive comps. We held gross profit rates flat to last year. We had operating expense leverage, and we delivered 130 basis points of adjusted operating loss margin improvement and a net loss reduction. We continue to make progress on our transformation initiatives we outlined at our April 2018 Investor Day: optimizing our global store network; enhancing our digital and omnichannel capabilities; increasing the speed and efficiency throughout our concept to customer product life cycle; and improving our customer engagement through our loyalty programs and marketing optimization. Importantly, we remain on track across all 4 initiatives. And following my discussion of Q1 results, I have exciting developments to share on global store network optimization. So let's discuss our first quarter. The brands have become increasingly differentiated in their product, voice and experience. We continue to interpret product trends for each respective target audience. What's increasingly clear at both is that the customer demands newness and when we deliver that, they respond. At Hollister, we had a plus 2% comp on top of a plus 6% last year. On the guy side, bottoms remained strong, especially jeans and pants, while fleecetops, wovens and outerwear were also solid. Guys achieved several records, including its highest ever first quarter sales in jeans, pants, outerwear and sweaters. Girls also experienced strength in outerwear and bottoms, with pants, shorts and skirts resonating. We had record first quarter sales in pants and outerwear as well as 2 of our must-grow categories: swim and Gilly Hicks. Our Hollister marketing campaign serves as a key complement to our product and brand positioning. We just wrapped up our High School Nation tour, where we had active in-person dialogues with over 100,000 teens. On the digital side, Hollister had its 5 most engaged Instagram posts of all-time in the first quarter, including 2 from our swim collective. The collective had a total reach of approximately 22 million people and total campaign likes, comments and shares up approximately 300% from last year. At Abercrombie, comps returned to positive territory. We posted a plus 1% comp on top of the plus 3% last year. The story here is about the progress we made in womens. Last quarter, Abercrombie comps were negative on a miss in women's tops and dresses. The teams quickly identified the opportunities and took advantage of our agile supply chain to update spring deliveries wherever possible. During the first quarter, we provided newness in tops and dresses. Both categories registered a significant trend change, with dresses recording its highest first quarter sales ever. In addition to tops and dresses, women's bottoms was another highlight. Jeans, shorts and skirts all performed well and pants posted its best first quarter sales number in company history. I'm excited about the direction that our women's business is heading. We are listening and responding to our customer and look forward to building on recent successes. I spent a lot of time talking about women's, but men's had several highlights as well, with strength in knits, joggers and outerwear. Our Abercrombie marketing team has been rolling out updated digital campaigns which speak directly to our target mid-20s customer and their lifestyle. We've been highlighting our most fashion-forward product, and we are seeing results with year-over-year growth and traffic. Our recent Fierce relaunch is a great example of our new integrated approach to marketing. The campaign has garnered over 300 million media impressions since its February introduction. While Fierce has always been popular, after the relaunch, it had its best comp in over 5 years, with about half of recent identified purchases coming from customers that we believe are new to the brand, which is very exciting. Shifting gears to our transformation initiative. In the first quarter, we built on the progress we made in 2018 and hit the ground running for the second full year of our growing-while-transforming phase. Thus far, a critical part of our transformation has been the optimization of our global store network, opportunistic closures, rightsizes, remodels and select openings. While I've said before, it is worth repeating: stores matter. In this increasingly omnichannel world, the customer continues to value the ability to shop across channels, and we remain focused on providing them a brand-appropriate experiences whenever, wherever and however they choose to engage with us. Global store optimization is a key component 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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. 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Client Id: 77 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call of our ongoing operating margin expansion story and critical to achieving our previously stated fiscal 2020 goal. We ended fiscal 2018 with 861 stores across brands, of which, 19 were considered flagship. We have, and continue to be, focused on reducing our reliance on large format stores and transitioning to smaller, more omnichannel spaces in the best locations that cater to both local and tourist customers. In line with that strategy, earlier today, we announced our plans to close 3 additional flagships: Hollister SoHo in the second quarter of fiscal '19; Milan A&F by the end of fiscal '19; and Fukuoka A&F in the back half of fiscal '20. When including the recent A&F Copenhagen closure this March and the Pedder Street, Hong Kong A&F closure in 2017, this will bring our total recent flagship closure count to 5 and takes out over 140,000 square feet of real estate that had below-company average productivity. By excluding the recent and announced closures, there are 15 global flagships. Looking ahead, we do expect additional closures through a combination of natural lease expirations, the exercise of kick-out clauses and negotiation with our landlords. These actions as well as the ongoing repositioning of our fleet, keep us on track for our long-term 2020 targets. I want to end the conversation of real estate with one final thought. While I'm extremely proud of the over $1 billion in digital sales that we achieved in fiscal 2018, we are a modern omnichannel retailer. In this age, where it seems like every headline references a retail apocalypse, we continue to invest in our global store base. We have solid partnerships with our landlords, and that is because we are one of the few retailers that remain committed to opening and remodeling stores. That has not changed. We remain on track to provide approximately 85 new experiences for our customer this year and are committed to finding additional opportunities that align with our strategy. Beyond global store optimization, we also made progress on our remaining 3 transformation initiatives. Our teams are highly focused on: building our digital and omnichannel capabilities; increasing our efficiency and speed to market throughout our concept-to-customer product life cycle; and improving our customer engagement through our loyalty programs and marketing optimizations. Digital grew to 30% revenues compared to 27% last year with broad based strength across the Hollister and combined Abercrombie brands. As we continue to evolve with our customer, we saw ongoing double-digit growth in our purchase online pickup in store. Within our efficiency and speed-to-market initiatives, we continue to fine-tune our lead times and find ways to expand our chase capabilities. While this focus has been unwavering, we've added more tools to our arsenal with the recent rollout of markdown and size optimization. Lastly, on improving customer engagement. The growth of our loyalty programs has enabled us to have a customer identification rate of approximately 80%, more than double from where we first -- when we first introduced loyalty in Q1 '16. A critical next phase of our customer engagement initiatives is to leverage this data to better personalize experience for each of our customers, and we recently launched key investments into systems and tools to help bring this to life. Before I turn it over to Scott, I want to give an update on a couple of current events in our industry. The first is the potential tariffs on China stores apparel. Over the past several years, we have been proactively reducing our dependence on China. We have long-standing partners in the region, and they too have been shifting production out of China. These relationships to provide us with flexibility as we continue to maintain an active and open dialogue with our vendor partners. As a reminder, roughly 25% of merchandise received was sourced from China and imported to the U.S. in fiscal 2018, and we plan to be below 20% for this year. In addition to the China tariffs, we're also closely monitoring the retail landscape. In the U.S., post Easter traffic trends from the malls have been challenging. In Europe, the macro situation remains in flux. And in Asia we have a looming trade war. So where does leave us? We have not been immune to the mall traffic trends seen post Easter. We believe that the U.S. consumer, which makes up the majority of our sales, remains healthy. Our traffic has tracked above the mall average, but we do not operate in a bubble. We anticipate a competitive environment, and we have plans in place to read and react, if necessary, throughout the summer selling season. Whatever the environment, I am confident in our ability to execute, and I'm excited about our summer assortments, which build on the newness in silhouettes, fabric and details that our customer responded so favorably to in the first quarter. In conclusion, our hard work is paying off. This is evidenced by our first quarter results, which built on recent momentum and provided additional support for our growing-while-transforming phase. With a strong U.S. consumer backdrop, Kristin Scott and her team providing differentiated product that is resonating across brands and effective relevant marketing campaigns, I am excited about the future. Our flagship update is yet 4 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 Thomson Reuters. 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Client Id: 77 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call another in a series of important steps that keeps us on track to achieve our fiscal 2020 operating margin target. And with that, I'm going to turn the call over to Scott. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Thanks, Fran. I'll kick it off with a discussion of our first quarter results. From there, I'll touch on the impact of our flagship and lease accounting updates before ending with our outlook. Turning to the first quarter, net sales of $734 million were up slightly to last year. Results reflected a $16 million adverse impact from changes in foreign currency. Comps came in at a plus 1% on top of a plus 5% last year, marking our seventh consecutive quarter of positive comparable sales. Consistent with the last several quarters, positive cross channel traffic was the key driver of our comp growth, with the customer continuing to respond well to our product and to our compelling branded marketing campaigns. At Hollister, we posted a plus 2% comp on top of a plus 6% last year, while Abercrombie returned to positive territory with a plus 1% comp on top of the plus 3% last year. By geography, we had comp sales of plus 4% in the U.S. with both Hollister and Abercrombie contributing to the result. International comps were negative 4%. Europe experienced sequential comp improvement from the fourth quarter, while Asia weakened. We attribute a portion of our Asia weakness to internal missteps, including product acceptance of key categories as well as not taking advantage of certain selling events in the region. We continue to have an opportunity to get closer to our Asian and European customers, and we look forward to building out our playbooks in these regions in fiscal 2019 and beyond. Our gross profit rate of 60.5% was flat to last year as we cleared through the majority of underperforming women's tops and dresses at Abercrombie. The year-over-year change reflects lower AUR, which was offset by reduced AUC. I'll cover the rest of our results for the quarter on an adjusted non-GAAP basis. Adjusted operating expense, excluding other operating income, was $472 million, down 2% from last year, which was better than our expectation coming into the quarter and resulted in 160 basis points of leverage over last year. The decrease in operating expense compared to last year was primarily due to the impact from changes in foreign currency rates, decreased compensation expense and a reduction and depreciation on store and IT assets. This was partially offset by volume-related expenses from higher digital net sales. There were no excluded items in Q1 this year. As a reminder, in our Q -- in our first quarter 2018 results, approximately $6 million of pretax charges related to certain legal matters were excluded. Other operating income was down $2 million compared to last year, contributing 30 basis points of deleverage. Our adjusted operating loss was $27 million compared to a loss of $37 million last year and included a $2 million adverse impact from changes in foreign currency. Adjusted operating loss margin improved 130 basis points compared to last year. The adjusted effective tax rate for the quarter was 34%, which on a pretax loss was slightly better than our mid-20s guidance, reflecting benefits related to stock-based compensation awards exercised in the quarter and changes in certain valuation allowances. Adjusted net loss per diluted share was $0.29 compared to a loss of $0.56 last year and included the adverse impact from changes in foreign currency of approximately $0.02. We ended the quarter with total inventories up approximately 7% to last year. Of the increase, approximately 5 percentage points was driven by higher in-transit inventory and lower inventory reserves. We plan to end the second quarter with inventory up mid-single digits, reflecting an increase in forecasted in-transit inventory flows due to the updates to our August and September floorset strategy compared to last year. Before turning to our outlook I want to take a few minutes to go through some new items. I'll start with today's flagship news and the resulting impact on our P&L. As Fran mentioned, we have identified 3 flagship locations that will be closing over fiscal 2019 and 2020. We also closed our Copenhagen Abercrombie flagship this past March. As a reference, these 4 locations combined represented under 1% of our fiscal 2018 revenues. So the impact on top line going forward is minimal. In the second quarter, we expect to take net lease-related charges of approximately $45 million due to the SoHo and Fukuoka closures. We expect to have more flagship closure announcements in the future. Each store situation is unique, and therefore, the top line and expense commentary 5 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call provided today should not be extrapolated to our other flagships. Given the delicate nature of exit negotiations, we are not prepared to discuss details of potential future closures at this time. Next up is lease accounting. At the beginning of this fiscal year, we adopted the new lease accounting standard. We are using the modified retrospective transition method and have chosen not to restate prior periods. Upon adoption of the new lease standard on February 3, our total assets and total liabilities each increased by approximately $1.2 billion. These increases primarily reflect the recognition of right-of-use assets and liabilities. In addition, we also recognized a cumulative adjustment decreasing the opening balance of retained earnings of approximately $75 million. The majority of this adjustment was related to an initial impairment of right-of-use assets for stores where the carrying value of assets was not recoverable. I'll finish up with our outlook for the full year and the second quarter. Regarding fiscal 2019, we expect net sales growth of 2% to 4% driven by comparable sales and net new store contribution, partially offset by an adverse impact of changes in foreign currency exchange rates. We now expect the adverse impact of FX to be $30 million, up from our prior expectations of $15 million; comparable sales to up in the low single-digit range; gross profit rate to be up slightly to the 2018 rate of 60.2% with higher average unit retail; net of adverse foreign currency impacts to be partially offset by higher average unit costs; operating expense, excluding other operating income, to be up 4% to 5% from fiscal 2018, adjusted non-GAAP operating expense versus our prior outlook for a 2% rise. This change reflects approximately $45 million or 220 basis points in net lease-related charges due to the SoHo and Fukuoka flagship closures. And finally, a full year tax rate to be in the mid-20s versus our prior mid- to upper 20s expectations. We are closely monitoring China trade talks and our outlook at this time assumes only current tariffs in place. Regarding our second quarter, our outlook assumes net sales to be flat to up 2% from last year, reflecting a $10 million adverse impact from FX. Comp sales to be approximately flat; gross profit rate to be down approximately 100 basis points from last year's 60.2% rate on expectations for continued FX pressure in a heightened promotional environment; operating expense, excluding other operating income, to be up approximately 10% from 2018 adjusted operating expense of $498 million, including net lease-related charges of approximately $45 million. If not for the $45 million, we would have expected operating expense to be flat to up 1%.; and an effective tax rate in the mid-20s. With that, let me turn the call back over to Fran. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Thank you, Scott. I'd like to thank our global team of associates for their contributions. In Q1, we continue to make progress towards our fiscal 2020 financial goals, and this could not have been done without all of you. I'd also like to thank Joanne Crevoiserat. Joanne joined us about 5 years ago as the CFO and was promoted to COO in early 2017. She's been a great partner as we stabilized the business and moved into our growing-while-transforming phase. During her time here, she's built a strong team and I'm confident that we have the right talent in place to build on her important work. We wish her the best of luck on her future endeavors. Pamela Nagler Quintiliano - Abercrombie & Fitch Co. - VP of IR Thanks, Fran. That concludes our prepared comments. We will now be happy to take your questions. (Operator Instructions) QUESTIONS AND ANSWERS Operator (Operator Instructions) We'll take our first caller, Omar Saad from Evercore ISI. 6 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call Omar Regis Saad - Evercore ISI Institutional Equities, Research Division - Senior MD and Head of Softlines, Luxury & Department Stores Team I wanted to understand the higher OpEx planned and the closing of the flagships. Could you give us more detail around that? How many are closing? What the decision process looked like? How big of a factor is that? Is that the key factor driving the higher SG&A line and the lack of margin upside from that side? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Omer, it's Scott. Yes, that is the key driver. The flagships -- the $45 million charge that we talk about for Q2 is the driver of the change in the OpEx outlook for the full year. That added about 220 basis points to our -- up approximately 2%, so just putting us in that range of 4% to 5% that we laid out. We are closing 3 stores, and we've announced the closure of 3 stores. They'll close within the 2019 and 2020 period. This is a really nice step forward for the company. We've been on this path for a while now, and so it's nice to come to you with some nice progress in this area. And we look forward to looking to reposition within some of these markets and really move to the smaller, more intimate omnichannel spaces as we move forward. So we also mentioned that there will be additional closures coming in the future, and we look forward to bringing news in the future. Omar Regis Saad - Evercore ISI Institutional Equities, Research Division - Senior MD and Head of Softlines, Luxury & Department Stores Team Have these flagships been net drags? And should we expect a lift as you work through them on the P&L? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Yes. In total, the flagship business -- the global flagship business, it was drag on the top line and a drag on the bottom line. So while each one in itself is small, in the future, over the many years it's going to take us to get out of these things, they'll add up. We mentioned that the 4 that we're closing were less than 1% of our sales in 2018. So like I said, incremental improvement is what we're expecting over the years. There's not a silver bullet whenever it comes to these flagships by closing 1 or 2 or 3 that's going to save the day, but it's just going to be a methodical approach to get through these things over the years. Operator Next we'll go to Paul Lejuez with Citi. Paul Lawrence Lejuez - Citigroup Inc, Research Division - MD and Senior Analyst Just given the flat comp guidance in the second quarter and some commentary on the promotional environment, could you just elaborate how much of that is driven by the competitive set? And how much is that related to inventory levels coming out of the first quarter? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director So I'll take the first half of that question. So we're excited about our business for the first quarter. We comped the comp. We had our seventh consecutive quarter of positive comps for the company, 10th for Hollister and exciting that we took Abercrombie from negative to positive from Q4 to Q1. The consumer voted on our assortments. We had some exciting records this quarter as well. We went from a best quarter in swim for Hollister girls to a best quarter in Hollister guys for outerwear. So balance assortments that our consumer's voting on, we believe that what we learned from this quarter will help us drive our business for the second quarter. With that said, we have seen a little bit of weakness as we headed into the quarter with mall traffic, our mall traffic actually continued to trend above the total mall traffic. So we are still very confident in our assortments for the second quarter. 7 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO From an inventory perspective, we're comfortable with the inventory coming in. The print looks a little high at plus 7%, but there's a couple big items driving that. So we have about 5 percentage points that are coming from in-transit and some lower reserves year-over-year. So we are comfortable with the inventory position. As Fran mentioned, we're acknowledging what's happening around us. It's been a slow start in the mall, in the U.S. in the -- to start May. And so our gross margin guidance for Q2 of the -- down 100 basis points, it gives us that flexibility to be competitive if the promotional environment heats up in the quarter. Operator Next we'll go to Kate Fitzsimons with RBC Capital Markets. Kate Bridget Fitzsimons - RBC Capital Markets, LLC, Research Division - Associate VP I guess just expanding on the gross margin commentary, sounds like you're still planning for AURs to be up into the back half to reach that slightly up gross margin guidance. Could you just speak to what give you the confidence there on that back half improvement? And then secondly, the international business was down 4% from down 2% last quarter. You called out some issues maybe in Asia, but could you just elaborate on some more regional commentary? That would be helpful as well. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Ill kick it off, Kate. So our business has always been back half weighted. Obviously, back to school and holiday are very important times for us. And from a product perspective, we are staying very close to our customer. We're learning every day. I think that's quite evidenced in the change we saw from Q4 to Q1 in our Abercrombie women's dress business, which went from negative to record-setting in the quarter. So as we continue to focus on the consumer, continue to focus on the product, that in conjunction with our marketing campaigns that continue to show that these integrated campaigns are resonating with our consumer, really gives us the confidence as we head into the back half. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Yes. I'll pick up the international side. So a little bit of a mixed bag here internationally. In Europe, we did see sequential improvement off of Q4. The Hollister trend was very consistent with Q4 and then the A&F business, which is primarily a flagship business, picked up a little bit versus Q4. Really tracking what happened in the U.S. when we see that women's product turnaround within the quarter. We continue to focus on transitioning away from those flagships based on our announcement today as well as the couple of stores that we opened in Q4, and we continue to keep an eye on the macro environment in Europe. It is certainly dynamic and tracking Brexit and the European elections and everything else that's happening through the key countries in Western Europe, so definitely keeping an eye there. From an Asia perspective, we did see sequential weakness in Q4. We expected some of this quarter-over-quarter as the Chinese New Year shifted between the month of January and February but we did have some self-inflicted issues here. We didn't maximize the Tmall event in February and [I] mentioned that we saw some product acceptance issues in summer products. So that was really -- the key drivers that we saw in Asia. We're keeping our eyes there on the looming trade war. Everyone's keeping an eye on that, it's in the headlines every day. So again, tracking that and how that's impacting our future customer -- our current future customer. If we take a step back from the international business, we still feel that we have a great long-term opportunity here. We are underpenetrated in our key markets across Europe and in China. And so we're continuing to, what we call, export our playbooks. We have a great team in place here in the U.S. that's digging into the customer. It's aligning that product and voice -- and experience with our customer. And we're building out those teams in Europe and in Asia. And we're optimistic that as we get those teams and those processes in place, that we're going to be able to attack that growth long term. 8 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call Operator We'll go next to Matthew Boss with JPMorgan. Steven Emanuel Zaccone - JP Morgan Chase & Co, Research Division - Analyst This is Steve Zaccone on for Matt today. Within the second quarter guidance, can you just elaborate a little bit more on comp expectations by brand? Is one brand seeing more softness than the other quarter to date? And then as we look to the second half of the year, can you just speak to the drivers of expected comp improvement? Do you still see comps up low single digits for the full year? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Yes. I'll grab the first part. For Q2, we don't go into a brand basis, our goal is to manage the total. I would say that we've all seen the traffic reports that have come out over the last 3 weeks and both of our brands exist primarily in malls. So neither brand would be immune to that traffic that's coming into the mall. But we're optimistic that as we get in the peak summer selling period, that all the learnings we have from the spring season in the peak selling periods of Easter and Spring Break will translate into the summer, and that's what's baked into our flat for Q2. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Steve, it's Fran. I'll get to the second half of that question. So as we head into the back half, just to reiterate, we do expect continued sales growth. The Hollister momentum has continued. We are pleased with our results from the first quarter. Particularly our North America business is, and continues to be, strong. We have stabilized Abercrombie. We saw a nice shift from Q4 to Q1 by identifying those product opportunities. We believe if we stay close to the customer, we will continue to make sure that our products resonate. We talked a bit about our supply chain and the agility in our supply chain that was clearly demonstrated by the Q1 change in tops and dresses for our brands. And again, we've also made some transformation initiative investments. We talked about that a little bit earlier today so for example, marketing investments, we're working through personalization, we'll start to see that kickoff in the back half. Markdown and size optimization are also tools that we've embedded. So we have a lot of momentum heading into the back half of the year. Steven Emanuel Zaccone - JP Morgan Chase & Co, Research Division - Analyst Great. Then just one question on the flagships. While the 15 flagships remaining, is there any way to conceptualize how much these stores account for in terms of revenue? Or maybe how much they are in overall a drag to the overall operating margin for the company? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Steve. Yes we're not going to provide that detail at this point. I would say, in total they are a drag to comps and profitability. It's going to take us a while to get out of this thing, so we've been clear on that. And so year-by-year, we're looking to pick these things off one by one and long term we will have some of these flagships, because they're in the right place in the right shopping areas within the cities that we're in. But each store has its own story, and we're going to work through them month-after-month, year-after-year. Operator Your next question comes from the line of Mark Altschwager with Baird. 9 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call Mark R. Altschwager - Robert W. Baird & Co. Incorporated, Research Division - Senior Research Analyst Exciting to see the return to positive comps at Abercrombie, great to hear the turn in women's. I'm wondering -- I mean do you feel that you've hit a turning point there? Given the easier comparison through the year, how confident are you that A&F can maintain positive comps from here? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Mark, it's Fran. The comps for both brands are built into our outlook. I am pleased obviously, and have confidence in the assortments and what the team has been able to do in the short term. Kristin and her impact on the A&F team is clearly resonating. Our playbook is working. We talk a lot about product voice and experience coming together. So as long as we stay on that path, it's all reflected in our outlook. Mark R. Altschwager - Robert W. Baird & Co. Incorporated, Research Division - Senior Research Analyst Got it. And if I could quickly follow-up on the SG&A. I think outlook is unchanged excluding the lease charges, but presumably there would be some benefit on the occupancy cost savings given the flagship closures. So I'm wondering if you could discuss any other changes to your SG&A plans that are maybe offsetting lower occupancy cost? Any callout on the marketing or distribution front or just any changes there? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO No. No change on the OpEx outlook for the year. We would pick up a little bit of occupancy on the SoHo store that will close at the end of Q2. The Milan closure is pretty much at year-end, so there's not a pickup there and then the Fukuoka closure is out in 2020. So it's really coming down to the SoHo where we pick up a little bit of OpEx and we lose a little bit of the top line. So not a material impact to the OpEx for the back half. Operator Now we'll go to Susan Anderson with B. Riley FBR. Susan Kay Anderson - B. Riley FBR, Inc., Research Division - Analyst I was wondering if you can maybe just give some thoughts -- you talked about, I think still feeling confident about achieving the 2020 targets. So maybe if you could kind of talk about the path from here to there particularly, I guess in terms of the EBIT margin from '17 levels and I think you had laid out a $1.5 billion opportunity in Europe and China, and just curious if maybe that's changed at all given the macro events out there? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO The path of 2020 hasn't changed. We've been pretty consistent since the 2018 Investor Day. It's about top line growth, some modest gross margin expansion and then OpEx leverage to get us there. 2018 was a good first step. We picked up 100 basis points of the 290-or-so basis points that we need. And that's really the path that we're on. Q1 was another step forward. We saw leverage -- or we saw expansion on the operating margin line at the bottom. As we think about the path from here to the remaining 2020, we remain confident that we're on that track. It's about growing the top line. It's about leveraging the expenses and getting some gross margin in the middle. The transformation initiatives that we've talked about are so important to get us there. Each one of the 4 that we talk about each quarter are all about driving one of those levers to get us to that formula. On the $1.5 billion opportunity in Europe and Asia, that's truly a longer-term aspiration. It wasn't baked in that we needed that $1.5 billion to get to our 2020 target. So while we expand our store count slowly and our digital business in the European and Asia markets, it's not the $1.5 billion that we need for 2020. But again, a very optimistic long term that we can further penetrate those markets. 10 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call Susan Kay Anderson - B. Riley FBR, Inc., Research Division - Analyst Great. That's really helpful. And maybe if you could touch a little bit more on inventory. It sounds like the higher inventory is mainly just in-transit. I guess are there any pockets of higher inventory globally though that you're seeing? Or is it main -- or is it really just a higher in-transit? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Yes. It's really just those 2 pieces that we called out. We remain comfortable with the inventory levels. The gross margins -- the gross margin outlook that we have for Q2 is really about the competitive landscape and the FX and not an inventory forced gross margin outlook. Operator We'll next go to Janet Kloppenburg with JJK Research. Janet Joseph Kloppenburg - JJK Research Associates, Inc. - President Just a couple of questions, Fran. First of all, if you could give us a little bit more clarity on current transit? Sounds like from one of your prior answers that maybe Hollister's okay, but it's been a slow down at A&F. And we've heard more about the weather being the culprit as opposed to the competitive environment. So maybe you could just talk a bit about that and what's embedded in your guidance. In other words, do you think that as weather improves that the comp will improve as we go through the quarter? Just a little bit more clarity on this slowdown and the outlook for the gross margins to be of more pressure than we had expected. And also on the tariff outlook, if tariff -- higher tariffs do become a reality, then should we expect some adjustment on the current gross margin outlook? And just for Scott, on the $45 million real estate charge, I assume that's -- it sounds like it's a GAAP charge, so do you want us to be modeling on a GAAP basis or a non-GAAP basis for the second quarter? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO I'll grab the last part of that multipart question first. The $45 million is a GAAP charge. I would say it's GAAP and non-GAAP, it's not going to be excluded from our results. So you should model that into the results for the year and the quarter. Janet Joseph Kloppenburg - JJK Research Associates, Inc. - President So it's going to be in a non-GAAP P&L? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO That is correct, yes. Because it's a lease-related cash charge, it will be in our results. It's very similar if you look back to 2016 for us the way we treated Pedder Street, so it's something we'll continue to call out, but it will be in our results. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Sorry. So going back to the top, we do not give specific brand trend. So not sure what you've heard Janet, but what I can tell you is that again to reiterate, very pleased with our first quarter performance. Both brands were positive, both brands comp-to-comp. Definitely pleased with the turn that we saw in A&F from negative to positive. The specificity on weather, it's an interesting question everybody asks. We had 2 records in the first quarter: one was guy's outerwear; and the other was girl's swimwear. It is very important for the teams to keep balance in their assortments. Balance is the word I use with them all the time, it's actually my favorite word. And staying close to the customer and keeping those balance assortments give us the confidence in our outlook that we've already expressed earlier today. So I think there's one more question. 11 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Yes, on tariffs. Yes, nothing baked into our outlook. We're still dealing in the world of hypothetical here. We remain very engaged with our sourcing partners. We actually just had a vendor conference in Vietnam recently where we sat down with 100 of our closest friends from a vendor perspective and obviously, this was a topic of consideration, and we have a playbook in place if the hypothetical becomes reality. We continue to engage with those those vendors, and we'll have more to say then. Operator All right. And we'll next go to Dylan Carden with William Blair. Dylan Douglas Carden - William Blair & Company L.L.C., Research Division - Analyst Just curious if you could unpack some of the operational efficiencies and where we are that you've kind of built into the model here over the last couple of years dynamic pricing, European merchandise team independence, collective bargaining on fulfillment? Anything to add there as far as sort of how much more and how quickly that sort of impacted the Abercrombie recovery and, sort of, the stability that, that lends to the overall model would be appreciated. Lead times, things like that would be great. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO I'll kick it off with some of the more expense side efforts. The path we've been on around store occupancy, I'd say is the biggest callout. This is a multiyear journey. So we've been trying to grow sales while taking out square footage, we've been successful with that over the past couple of years. And that's really the path that we're going to stay on. We have a couple of tools in our toolbox there. One is store closures and that's a path we've been on, but another one is rightsizing of our store base. A great stat that we like to talk about internally is over the last couple of years, we've rightsized or downsized over 30 stores, and we've taken out over 30% of the square footage of those stores and held the top line. So these are just little nuances of productivity that are going to add up to our longer-term targets. And unfortunately, it takes us a while to get there, but it's a path we've been on and a path we're going to stay on. Rolling out new prototypes is also something that's helped our business. These are smaller stores, more efficient stores, more omnichannel-based stores, and they've been more productive than our baseline stores. So that's kind of the store occupancy in a nutshell, and that's been a big structural change for us over the last couple of years. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director On -- and on the lead time, Dylan, we have a very seasoned sourcing team, and we have very strong relationships with our vendor community. In fact, we just held a vendor conference in Vietnam a few weeks ago talking about strategy and opportunities for us to go forward. We have taken out several weeks in our concept-to-customer lead times over the past few years, and we continue to stay focused on that. The teams hold open-to-buy each week, and they respond to the business. Just as one example, our fastest category today is cut and sew knits. We can turn this domestically in 4 to 6 weeks in that particular category, but it does differ by category and by region. But we've made a lot of progress on lead times, we're excited about what's happening with our sourcings team. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO I'll just circle back, you did mention dynamic pricing. In the Investor Day in 2018, we laid out that we have a big opportunity to be smarter with data and analytics and how we embed that into our business. The couple of tools that we talked about then were rolling out size and markdown optimization. It took us 2018 to get these programs in place. We've rolled them out at the start of Q2, so the models will continue to live and learn as we go through Q2 and Q3. So we expect some benefit as we get into the back half of '19 into '20. The other one that we talked about today was investing in some personalization tools. So this is the next phase of how we're going to leverage that data from a loyalty perspective to better 12 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call personalize the customer experience on more of a one-on-one basis. So these are key investments. They take a little bit of time, they take some organizational change. But we're on track. And those are going to be drivers of our top line, we believe. Dylan Douglas Carden - William Blair & Company L.L.C., Research Division - Analyst Sorry, Scott. Second quarter of '19, you rolled out the, sort of, data analytics tool or... Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO That is correct, yes. We were in implementation mode through 2018, and then we went live in the beginning of Q2 here with markdown and size optimization. Dylan Douglas Carden - William Blair & Company L.L.C., Research Division - Analyst And if I could just sneak a quick one in. Just trying to square the omnichannel, sort of, capabilities being added to the smaller Abercrombie footprint, how does that work? And sort of what efficiences are being built in to sort of make those more omni-friendly? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Within the stores -- so we -- for Abercrombie specifically, we've been shrinking this box from in the past, call it, 8,000 to 10,000 square feet into more of a 5,000 to 6,000 square feet. Within the store itself, we put handheld devices in. We've updated the fitting room experience. We've put pop ins, closets, So purchase online pickup in-store closets to make that a more efficient experience for the customer. We're still in the early innings of rolling out that omnichannel experience, and that's a key focus of all of our brand teams and our store design teams to make sure that, that experience gets better and better as we go forward. Operator And your next question comes from the line of David Buckley with Bank of America. David Loughran Buckley - BofA Merrill Lynch, Research Division - Analyst I -- could you share inventory positioning by brand entering the second quarter? And then any commentary on foreign tours and trends you're seeing? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO From a brand perspective, we're comfortable across brands. We don't usually get that level of detail. On the tourism basis, we've talked about this for the last couple of quarters, and it's been a consistent story that the U.S. tourism has been soft. We expect it to remain soft based on where the currency levels are, both within Europe and within South America. So we see this concentrated on the coasts, mainly East Coast from Europe and then down into Florida from South America and Europe. So those trends have continued. In light of that, we continue to have a very strong U.S. business with a plus 4% comp in Q1 on top of a plus 8% last year. So in light of that tourism softness, we're driving a nice solid U.S. business. Operator And next we'll go to Tiffany Kanaga with Deutsche Bank. 13 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call Tiffany Ann Kanaga - Deutsche Bank AG, Research Division - Research Associate You touched on it, but would you dig a little more into the drivers behind your second quarter expectation for gross margin down 100 bps, breaking it down with some color around currency impact? Additionally, would you discuss what kind of currency impact is folded into your gross margin full year plan since we saw that 60 basis point depression of 2016 when there was also about $30 million in currency headwind? And considering the greater FX sales headwinds, but reiterated margin guidance, perhaps you could also elaborate a bit more around what might have bolstered your confidence in second half offsetting benefits? Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO Okay. I will try to unpack that. So FX, yes. I'll start at the top line here. So for the year, we've taken it from a $15 million adverse impact of $30 million. From a margin perspective that will be a little bit of a hurt. We still see the majority of that coming in the front half. We have that in Q1 where it was about $16 million hurt on the top line and $10 million that we're -- our outlook covers for Q2. So those are going to be a bit of a margin drag here in Q1 and Q2. For the back half, the -- and the currency year-over-year will be a little bit more stable. Those key European currencies where we have the majority of our business, we can pretty significantly in the back half of last year. So we'll start to comp that. So that's part of the reason why we have more confidence in the back half as we'll lap some of that issue. For our Q2 specifically, 2 ways to unpack that 100 basis point down gross margin outlook. We will have some of that FX hurt, I'll call that 20, 30 basis points. The remaining is giving us the ability to operate in the competitive environment. So while the -- we see the soft start here in the U.S. If if inventory start to pile up across the industry, we expect people to get more promotional and more aggressive, and we're going to be playing in that environment. So that's why we have the outlook of down 100 for Q2. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director But from a confidence perspective, Tiffany, our consumer continues to react to newness. We saw a lot of newness in Q1. A great example of that is the category that I call one-and-done for the female consumers, that's rompers and jump suits. We had a very strong response to that. We are able to react to things like that and get back into them as we head into the back half of the year. Another opportunity is waist details and tie details. So our consumer is responding to fashion. She's -- she and he are responding to newness. With the agility of our supply chain that we just talked about a few minutes ago, we can respond to those in real time. And so we continue to be focused on our assortment going forward in our consumer. Operator All right. And we'll take our last question from Marni Shapiro with Retail Tracker. Marni Shapiro - The Retail Tracker - Co-Founder Actually, congratulations on what's been a very choppy environment. The stores do look really great. I have 2 quick ones. Since we're in the public forum, would you guys give any insights around a pickup, if there was any, around the Memorial Day weekend? And then, Fran, if you could just talk about marketing expenses for the second quarter and particularly, the back half of the year? You've had very high social media engagement. You have 30% direct-to-consumer, that's where your customer's gravitating. So how should we think about your marketing spend to the back half of the year? Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Okay. So first part of question, on Memorial Day, you're right. We don't comment on interquarter. What I can tell you though is that the first few weeks of May are the smallest part of the quarter for us. We are prepared to see the majority of our -- of the quarter ahead of us and based on what we're seeing from our consumer and the response to key categories that gain importance in the second quarter, that's where we feel confident in 14 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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 MAY 29, 2019 / 12:30PM, ANF - Q1 2019 Abercrombie & Fitch Co Earnings Call our assortments. I mean -- I'll let Scott talk specifically about the expense piece of it, but yes. We have had a very strong social engagement with our consumer. We intend to continue on that. Excited about the plans that the team has in place for some of our campaigns in the back half. Building on things like our Fierce campaign, which we just came off of, which was very successful, to your point. So lots of excitement. Then I'll let Scott speak to the specific numbers. Scott D. Lipesky - Abercrombie & Fitch Co. - Senior VP & CFO The marketing will be a key area of investment for the back half. In 2018, we took a nice step-up for the year in terms of our marketing investments. We'll continue to build on that for this year. It'll be a slightly lesser rate with that nice step we took last year. Within the marketing spend though, one of our key transformation initiatives has been optimizing that spend. So our teams have done an amazing job putting tools in place and putting processes in place to make sure that we're investing the dollars that we are spending in the right channels. So what that has resulted in, as you mentioned, some strong social media engagements because we're putting the money in the right places. So even within a flat environment from a marketing spend perspective, we would expect our performance to be better because our teams are getting smarter and putting the money in the right place. Operator And it looks like there are no further questions at this time. So I'd like to turn the call back over to Fran for any additional or closing remarks. Fran Horowitz - Abercrombie & Fitch Co. - CEO & Director Thank you. So we are pleased with our first quarter performance and the progress in our transformation initiatives. I look forward to updating you further as the year progresses, and thank you for your continued interest and support. DISCLAIMER Thomson Reuters reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON REUTERS OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. ©2019, Thomson Reuters. All Rights Reserved. 12521728-2019-05-29T22:56:34.993 15 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 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.