Abercrombie & Fitch (ANF) 8-K Board of Directors Declares Quarterly Dividend of $0.175

Exhibit 99.1

ABERCROMBIE & FITCH REPORTS THIRD QUARTER RESULTS;

THIRD QUARTER NET INCOME OF $63.9 MILLION OR $0.72 PER DILUTED SHARE;

BOARD OF DIRECTORS DECLARES QUARTERLY DIVIDEND OF $0.175

COMPANY PROVIDES UPDATE FOR 2008

New Albany, Ohio, November 14, 2008:Abercrombie & Fitch Co. (NYSE: ANF) today reported unaudited results which reflected third quarter net income of $63.9 million and net income per diluted share of $0.72 for the thirteen weeks ended November 1, 2008, compared to net income of $117.6 million and net income per diluted share of $1.29 for the thirteen weeks ended November 3, 2007.

Third Quarter Highlights

• Total Company net sales decreased 8% to $896.3; comparable store sales decreased 14%

• Total direct-to-consumer net sales decreased 6% to $57.5 million

• Abercrombie & Fitch net sales decreased 8% to $385.8 million; Abercrombie & Fitch comparable store sales decreased 8%

• abercrombie net sales decreased 14% to $109.5 million, abercrombie comparable store sales decreased 20%

• Hollister Co. net sales decreased 7% to $383.6 million; Hollister comparable store sales decreased 18%

• RUEHL net sales increased 7% to $13.5 million; RUEHL comparable store sales decreased 25%

• Net income for the third quarter was $63.9 million

• Net income per diluted share in the third quarter was $0.72

Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said:

“Our third quarter financial results reflect a pull back in consumer spending and a difficult economic environment that is having an affect on all retailers. However, during these difficult times, we remain firmly committed to the aspirational positioning of our brands, providing an unparalleled store experience for our customers and investing in initiatives that will allow us to continue the international expansion of our brands. We are mindful of the current environment and will continue to operate the business with a seasoned and disciplined approach, looking for efficiencies within our operations.”

Third Quarter Financial Results

Net sales for the thirteen weeks ended November 1, 2008 decreased 8% to $896.3 million from $973.9 million for the thirteen weeks ended November 3, 2007. Total Company direct-to-consumer

net sales decreased 6% to $57.5 million for the thirteen week period ended November 1, 2008, compared to the thirteen week period ended November 3, 2007. Total Company comparable store sales decreased 14% for the thirteen weeks ended November 1, 2008.

The gross profit rate for the quarter was 66.0%, down 20 basis points compared to last year. The decrease in gross profit rate was primarily due to an increase in the markdown rate as a result of lower than expected sales during the quarter.

Stores and distribution expense, as a percentage of sales, increased 660 basis points to 43.1% from 36.5% and marketing, general and administrative expense, as a percentage of sales, increased 100 basis points to 11.7% from 10.7%. The Company reduced its store payroll hours and home office expense in response to declining sales. However, the increase in the operating expense rate is primarily attributed to the limitation on leveraging fixed expenses due to the comparable store sales decline. This quarter’s operating expense also included expense related to minimum wage and manager salary increases and flagship pre-opening rent.

Operating income for the third quarter was $100.1 million compared to $186.6 million last year.

Interest income for the third quarter decreased to $0.6 million compared to $4.6 million last year. The decrease was attributed to a lower average rate of return on investments compared to last year.

The effective tax rate for the third quarter was 36.5% compared to 38.5% last year. The effective tax rate for the third quarter of fiscal 2008 reflects the favorable impact from the settlement of tax audits.

Net income for the third quarter was $63.9 million compared to $117.6 million last year.

Net income per diluted share for the third quarter decreased 44% to $0.72 compared to $1.29 last year.

2008 Update

The Company now expects net income per diluted share for the fourth quarter of fiscal 2008 to be in the range of $1.00 to $1.05 and net income per diluted share for fiscal 2008 to be in the range of $3.27 to $3.32. The fourth quarter earnings guidance assumes a negative 26% comparable store sales scenario (in line with the early November trend), approximately $5 million in incremental expense from minimum wage rate and manager salary increases, and approximately $6 million in pre-opening rent expense for future flagship stores.

The Company now plans total capital expenditures for Fiscal 2008 to be between $390 million and $395 million with approximately $260 million of this amount allocated to new store construction and store remodels. Approximately $50 million is allocated to “refresh” improvements and other brand enhancing investments planned for existing stores and the balance is allocated to home office, information technology, and direct-to-consumer infrastructure investments.

For Fiscal 2008, the Company now expects to increase gross square-footage by approximately 9%. In North America, the Company expects to open 94 new non-flagship stores including two new Abercrombie & Fitch stores, 63 new Hollister Co. stores, 12 new abercrombie stores, six new RUEHL stores and 11 new Gilly Hicks stores by the end of fiscal 2008. The Company also plans to open three new, non-flagship Hollister Co. stores in the United Kingdom in Fiscal 2008.

Other Developments

The Board of Directors declared a quarterly cash dividend of $0.175 per share on the Class A Common Stock of Abercrombie & Fitch Co. payable on December 16, 2008 to shareholders of record at the close of business on November 28, 2008.

The Company opened its first European Hollister Co. mall-based store at the Brent Cross shopping centre in the suburbs of London in late October.

The Company has recently received final approval to open an Abercrombie & Fitch flagship on the Champs Elysees in Paris in 2011.

The Company remains on schedule to open flagship locations around the world in 2009, including a Hollister flagship in New York, abercrombie flagships in New York and Milan, and Abercrombie & Fitch flagships in Copenhagen, Milan and Tokyo. The company continues to pursue lease arrangements for additional store locations in Europe and Asia.

The Company will report November sales results on Thursday, December 4th, 2008.

The Company operated 353 Abercrombie & Fitch stores, 209 abercrombie stores, 495 Hollister Co. stores, 27 RUEHL stores and 13 Gilly Hicks stores in the United States at the end of fiscal October. The Company operates three Abercrombie & Fitch stores, one abercrombie store, three Hollister Co. stores in Canada, and one Abercrombie & Fitch store and one Hollister Co. store in London, England. The Company operates e-commerce websites at www.abercrombie.com, www.abercrombiekids.com, and www.hollisterco.com and www.RUEHL.com.

Today at 8:30 AM, Eastern Time, the Company will conduct a conference call. Management will discuss the Company’s performance, its plans for the future and will accept questions from participants. To listen to the live conference call, dial (800) 811-0667 or internationally at (913) 981-4901. To listen via the internet, go to www.abercrombie.com, select the Investors page and click on Calendar of Events. Replays of the call will be available shortly after its completion. The audio replay can be accessed for two weeks following the reporting date by calling (888) 203-1112 or internationally at (719) 457-0820 followed by the conference ID number 8532483; or for 12 months by visiting the Company’s website at www.abercrombie.com.

# # # #

For further information, call: Eric Cerny
Manager, Investor Relations
(614) 283-6385

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 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. The following factors, in addition to those included in the disclosure under the heading “FORWARD-LOOKING STATEMENTS AND RISK FACTORS” in “ITEM 1A. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended February 2, 2008, in some cases have affected and in the future could affect the Company’s financial performance and could cause actual results for the 2008 fiscal year 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 consumer spending patterns and consumer preferences; the effects of political and economic events and conditions domestically and in foreign jurisdictions in which the Company operates, including, but not limited to, acts of terrorism or war; the impact of competition and pricing; changes in weather patterns; postal rate increases and changes; paper and printing costs; market price of key raw materials; ability to source product from its global supplier base; political stability; currency and exchange risks and changes in existing or potential duties, tariffs or quotas; availability of suitable store locations at appropriate terms; ability to develop new merchandise; ability to hire, train and retain associates; and the outcome of pending litigation. Future economic and industry trends that could potentially impact revenue and profitability are difficult to predict. Therefore, there can be no assurance that the forward-looking statements included in this Press Release will prove to be accurate. In light of the significant uncertainties in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company, or any other person, that the objectives of the Company will be achieved. The forward-looking statements herein are based on information presently available to the management of the Company. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
(Unaudited)
Thirteen Weeks Ended November 1, 2008 and Thirteen Weeks Ended November 3, 2007
(in thousands, except per share data)

	ACTUAL						ACTUAL
	2008			% of Sales			2007			% of Sales
Net Sales	$	896,344			100.0	%	$	973,930			100.0	%
Cost of Goods Sold		304,401			34.0	%		328,887			33.8	%
Gross Profit		591,943			66.0	%		645,043			66.2	%
Total Stores and Distribution Expense		386,545			43.1	%		355,770			36.5	%
Total Marketing, General and Administrative Expense		104,959			11.7	%		103,996			10.7	%
Other Operating Income, Net		299			0.0	%		(1,310	)		-0.1	%
Operating Income		100,140			11.2	%		186,587			19.2	%
Interest Income, Net		(560	)		-0.1	%		(4,618	)		-0.5	%
Income Before Income Taxes		100,700			11.2	%		191,205			19.6	%
Income Tax Expense		36,800			4.1	%		73,620			7.6	%
Effective Rate		36.5	%					38.5	%
Net Income	$	63,900			7.1	%	$	117,585			12.1	%
Net Income Per Share:
Basic	$	0.73					$	1.35
Diluted	$	0.72					$	1.29
Weighted-Average Shares Outstanding:
Basic		87,034						86,895
Diluted		88,806						91,133

Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
(Unaudited)
Thirty-Nine Weeks Ended November 1, 2008 and Thirty-Nine Weeks Ended November 3, 2007
(in thousands, except per share data)

	ACTUAL						ACTUAL
	2008			% of Sales			2007			% of Sales
Net Sales	$	2,542,321			100.0	%	$	2,520,878			100.0	%
Cost of Goods Sold		823,243			32.4	%		835,128			33.1	%
Gross Profit		1,719,078			67.6	%		1,685,750			66.9	%
Total Stores and Distribution Expense		1,089,052			42.8	%		998,425			39.6	%
Total Marketing, General and Administrative Expense		318,681			12.5	%		292,611			11.6	%
Other Operating Income, Net		(3,396	)		-0.1	%		(8,715	)		-0.3	%
Operating Income		314,741			12.4	%		403,429			16.0	%
Interest Income, Net		(9,963	)		-0.4	%		(12,472	)		-0.5	%
Income Before Income Taxes		324,704			12.8	%		415,901			16.5	%
Income Tax Expense		120,856			4.8	%		156,960			6.2	%
Effective Rate		37.2	%					37.7	%
Net Income	$	203,848			8.0	%	$	258,941			10.3	%
Net Income Per Share:
Basic	$	2.35					$	2.96
Diluted	$	2.27					$	2.82
Weighted-Average Shares Outstanding:
Basic		86,737						87,623
Diluted		89,636						91,937

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

	(Unaudited)
	November 1, 2008		February 2, 2008
ASSETS
Current Assets
Cash and Equivalents	$	298,043	$	118,044
Marketable Securities		—		530,486
Receivables		57,119		53,801
Inventories		504,898		333,153
Deferred Income Taxes		38,238		36,128
Other Current Assets		97,836		68,643
Total Current Assets		996,134		1,140,255
Property and Equipment, Net		1,443,010		1,318,291
Marketable Securities		261,814		—
Other Assets		116,565		109,052
TOTAL ASSETS	$	2,817,523	$	2,567,598
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts Payable and Outstanding Checks	$	210,597	$	151,798
Accrued Expenses		211,819		280,910
Debt		100,000		—
Deferred Lease Credits		42,584		37,925
Income Taxes Payable		—		72,480
Total Current Liabilities		565,000		543,113
Long-Term Liabilities
Deferred Income Taxes		40,125		22,491
Deferred Lease Credits		219,789		213,739
Other Liabilities		199,516		169,942
Total Long-Term Liabilities		459,430		406,172
Total Shareholders’ Equity		1,793,093		1,618,313
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,817,523	$	2,567,598