Exhibit 99.1

New Albany, Ohio, February 16, 2011: Abercrombie & Fitch Co. (NYSE: ANF) today reported unaudited results which reflected net income of $92.6 million and net income per diluted share of $1.03 for the thirteen weeks ended January 29, 2011, compared to a net income of $47.5 million and net income per diluted share of $0.53 for the thirteen weeks ended January 30, 2010.

Excluding store-related asset impairment charges and exit charges associated with domestic store closures, the Company reported non-GAAP net income per diluted share of $1.38 for the thirteen weeks ended January 29, 2011. Excluding a net loss from discontinued operations and store-related asset impairment charges, the Company reported non-GAAP net income per diluted share of $0.91 for the thirteen weeks ended January 30, 2010.

The Company also reported net income of $150.3 million and net income per diluted share of $1.67 for the fifty-two weeks ended January 29, 2011, compared to net income of $0.3 million and net income per diluted share of $0.00 for the fifty-two weeks ended January 30, 2010.

Excluding store-related asset impairment charges and exit charges associated with domestic store closures, the Company reported non-GAAP net income per diluted share of $2.05 for the fifty-two weeks ended January 29, 2011. Excluding a net loss from discontinued operations and store-related asset impairment charges, the Company reported non-GAAP net income per diluted share of $1.12 for the fifty-two weeks ended January 30, 2010.

A reconciliation of net income per diluted share on a GAAP basis to net income per diluted share on a non-GAAP basis is included in a table accompanying the Condensed Consolidated financial statements included with this release.

Fourth Quarter Sales Highlights

	•		Total Company net sales, including direct-to-consumer net sales, increased 23% to $1.149 billion
	•		Comparable store sales increased 13%
	•		Total Company direct-to-consumer net merchandise sales increased 43% to $133.4 million
	•		Total Company domestic net sales, including direct-to-consumer net sales, increased 16% to $919.1 million
	•		Total Company international net sales, including direct-to-consumer net sales, increased 61% to $230.3 million
	•		Abercrombie & Fitch net sales of $469.8 million; Abercrombie & Fitch comparable store sales increased 13%
	•		abercrombie kids net sales of $124.9 million; abercrombie kids comparable store sales increased 9%
	•		Hollister Co. net sales of $539.9 million; Hollister Co. comparable store sales increased 13%

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

“We are very pleased with our fourth quarter results. We finished the year with strong domestic sales growth and continued to see very strong results in Europe. 2010 was a year in which we exceeded our objectives in terms of sales, operating income and earnings per share. We did this while continuing to invest for the future and to build our organization to capitalize on the huge opportunities we see ahead. There are challenges ahead, but we feel very confident in the momentum of our business and the global power of our iconic brands.”

Fourth Quarter and Fiscal Year 2010 Financial Results

Net sales for the thirteen weeks ended January 29, 2011 increased 23% to $1.149 billion from $936.0 million for the thirteen weeks ended January 30, 2010. Total Company fourth quarter comparable store sales increased 13%. Total Company direct-to-consumer net merchandise sales increased 43% to $133.4 million for the thirteen week period ended January 29, 2011. For the fifty-two week fiscal year ended January 29, 2011, the Company reported a net sales increase of 18% to $3.47 billion from $2.93 billion for the fifty-two week fiscal year ended January 30, 2010. Fiscal 2010 total Company comparable store sales increased 7%.Total Company direct-to-consumer net merchandise sales increased 41% to $352.5 million for the fifty-two week fiscal year ended January 29, 2011, compared to the fifty-two week fiscal year ended January 30, 2010.

The gross profit rate for the fourth quarter was 63.6%, approximately flat to last year’s fourth quarter gross profit rate. For Fiscal 2010, the gross profit rate was 63.8% versus 64.3% last year.

Stores and distribution expense for the fourth quarter was $485.5 million, or 42.2% of net sales, and included store-related asset impairment charges of $48.4 million, or 4.2% of net sales, and store closure charges of $4.0 million, or 0.3% of net sales. Stores and distribution expense for the fourth quarter of last year was $414.0, or 44.2% of net sales, and included store-related asset impairment charges of $33.2 million, or 3.5% of net sales. The decrease in the stores and distribution expense rate was primarily driven by lower store occupancy costs and payroll costs as a percentage of net sales. For Fiscal 2010, stores and distribution expense, as a percentage of net sales, decreased to 45.8% versus 48.7% last year.

Marketing, general and administrative expense for the fourth quarter was $106.4 million, a 15% increase compared to $92.4 million during the same period last year. The increase in marketing, general and administrative expense was primarily due to increases in compensation and benefits, including incentive and equity compensation, legal reserves, and asset write-offs. For Fiscal 2010, marketing, general and administrative expense was $400.8 million compared to $353.3 million last year, a 13% increase.

The effective tax rate for continuing operations for the fourth quarter was 35.5% compared to 35.3% during the same period last year. For Fiscal 2010, the effective tax rate for continuing operations was 34.3% compared to 33.9% last year.

Net income was $92.6 million and net income per diluted share was $1.03 for the thirteen weeks ended January 29, 2011, compared to a net income of $47.5 million and net income per diluted share of $0.53 for comparable period last year. The results for the thirteen weeks ended January 29, 2011 included store-related asset impairment charges of $0.33 per diluted share and store closure charges of $0.03 per diluted share. The results for the thirteen weeks ended January 30, 2010 included store-related asset impairment charges of $0.23 per diluted share and a net loss from discontinued operations of $0.15 per diluted share. For Fiscal 2010, net income was $150.3 million and net income per diluted share was $1.67, compared to net income of $0.3 million and net income per diluted share of $0.00 for the comparable period last year. The results for the fifty-two weeks ended January 29, 2011 included store-related asset impairment charges of $0.34 per diluted share and store closure charges of $0.03 per diluted share. The results of the fifty-two weeks ended January 30, 2010 included store-related asset impairment charges of $0.23 per diluted share and a net loss from discontinued operations of $0.89 per diluted share.

The Company ended the fourth quarter of Fiscal 2010 with $826.4 million in cash and cash equivalents, borrowings under the credit agreement of $43.8 million and outstanding letters of credit of $2.9 million, compared to $670.0 million in cash and cash equivalents, borrowings under the credit agreement of $50.9 million and outstanding letters of credit of $50.0 million at the comparable point last year.

During the fourth quarter of Fiscal 2010, the Company repurchased approximately 0.9 million shares of its common stock at an aggregate cost of approximately $47.0 million. During Fiscal 2010, the Company repurchased approximately 1.6 million shares of its common stock at an aggregate cost of approximately $76.2 million. As of January 29, 2011, the Company had approximately 9.8 million remaining shares available for purchase under its publicly announced stock repurchase authorizations.

Fiscal 2010 total capital expenditures were $161 million, which consisted of approximately $118 million for new stores, store refreshes and remodels, and $43 million related to information technology, distribution center and other home office projects.

During Fiscal 2010, the Company opened 36 new stores, 12 domestically and 24 internationally, and closed 64 stores. A summary of store openings and closings for the thirteen and fifty-two week periods ended January 29, 2011 is included with the financial statement schedules following this release.

2011 Outlook

In Fiscal 2011, the Company expects to open international Abercrombie & Fitch flagship stores in Paris, Madrid, Dusseldorf, Brussels, Dublin and Singapore. The Dusseldorf location will also include an abercrombie kids store. In addition the Company expects to open 30 to 40 international mall-based Hollister stores, primarily in the latter part of the year. The Company expects a minimal number of domestic store openings in 2011. In addition, the Company continues to expect to close approximately 50 domestic stores during Fiscal 2011, primarily at the end of 2011 through natural lease expirations.

During the fourth quarter of Fiscal 2010, the Company commenced the consolidation of its two domestic distribution centers. The consolidation will facilitate the potential sale of the second distribution center and result in reduced distribution costs upon completion of the consolidation, which is expected to be by mid-2012. The Company expects to incur approximately $26 million in capital expenditures associated with the consolidation, of which approximately $19 million will occur in 2011 and to incur $28 million or slightly higher in accelerated depreciation charges, of which approximately $4 million per quarter will be recognized in 2011.

Based on current new store plans and other planned expenditures, the Company expects total capital expenditures for 2011 to be approximately $300 million, predominately related to new stores, store refreshes and remodels.

Other Developments

On February 15, 2011, 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 March 15, 2011 to shareholders of record at the close of business on February 25, 2011.

An investor presentation of fourth quarter results will be available in the “Investors” section of the Company’s website at www.abercrombie.com at approximately 8:00 AM, Eastern Time, today.

At the end of Fiscal 2010, the Company operated a total of 1,069 stores. The Company operated 316 Abercrombie & Fitch stores, 181 abercrombie kids stores, 502 Hollister Co. stores and 18 Gilly Hicks stores in the United States. The Company also operated nine Abercrombie & Fitch stores, four abercrombie kids stores, 38 Hollister Co. stores and one Gilly Hicks store internationally. The Company operates e-commerce websites at www.abercrombie.com, www.abercrombiekids.com, www.hollisterco.com and www.gillyhicks.com.

Today at 8:30 AM, Eastern Time, the Company will conduct a conference call. Management will discuss the Company’s performance and its plans for the future and will accept questions from participants. To listen to the conference call, dial (888) 812-8589 and ask for the Abercrombie & Fitch Quarterly Call or go to www.abercrombie.com. The international call-in number is (913) 312-0406. 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 7186724 or through wwww.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 January 30, 2010, in some cases have affected and in the future could affect the Company’s financial performance and could cause actual results for the 2010 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: general economic and financial conditions could have a material adverse effect on the Company’s business, results of operations and liquidity; loss of the services of skilled senior executive officers could have a material adverse effect on the Company’s business; ability to hire, train and retain qualified associates could have a material adverse effect on the Company’s business; equity-based compensation awarded under the employment agreement with the Company’s Chief Executive Officer could adversely impact the Company’s cash flows, financial position or results of operations and could have a dilutive effect on the Company’s outstanding Common Stock; failure to anticipate, identify and respond to changing consumer preferences and fashion trends in a timely manner could cause the Company’s profitability to decline; unseasonable weather conditions affecting consumer preferences could have a material adverse effect on the Company’s business; disruptive weather conditions affecting the consumers’ ability to shop could have a material adverse effect on the Company’s business; the Company’s market share may be adversely impacted at any time by a significant number of competitors; the Company’s international expansion plan is dependent on many factors, any of which could delay or prevent successful penetration into new markets and strain its resources; the Company’s growth strategy relies on the addition of new stores, which may strain the Company’s resources and adversely impact current store performance; the Company may incur costs related to store closures; availability and market prices of key raw materials and labor costs could have a material adverse effect on the Company’s business and results of operations; the interruption of the flow of merchandise from key vendors and international manufacturers could disrupt the Company’s supply chain; the Company does not own or operate any manufacturing facilities and therefore depends upon independent third parties for the manufacture of all its merchandise; the Company’s reliance on two distribution centers domestically located in the same vicinity, and one distribution center internationally, makes it susceptible to disruptions or adverse conditions affecting its distribution centers; the Company’s reliance on third parties to deliver merchandise from its distribution centers to its stores and direct-to-consumer customers could result in disruptions to its business; the Company’s development of new brand concepts could have a material adverse effect on the Company’s financial condition or results of operations; fluctuations in foreign currency exchange rates could adversely impact financial results; the Company’s net sales and inventory levels fluctuate on a seasonal basis, causing its results of operations to be particularly susceptible to changes to back-to-school and holiday shopping patterns; the Company’s ability to attract customers to its stores depends heavily on the success of the shopping centers in which they are located; comparable store sales will continue to fluctuate on a regular basis; the Company’s net sales are affected by direct-to-consumer sales; the Company may be exposed to risks and costs associated with credit card fraud and identity theft; the Company’s litigation exposure could exceed expectations, having a material adverse effect on the Company’s financial condition or results of operations; the Company’s failure to adequately protect its trademarks could have a negative impact on its brand image and limit its ability to penetrate new markets; the Company’s unsecured credit agreement includes financial and other covenants that impose restrictions on its financial and business operations; changes in taxation requirements could adversely impact financial results; the Company’s inability to obtain commercial insurance at acceptable prices or failure to adequately reserve for self-insured exposures might increase expense and adversely impact financial results; modifications and/or upgrades to information technology systems may disrupt operations; the Company could suffer if the Company’s computer systems are disrupted or cease to operate effectively; 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 could have a material adverse effect on the Company’s business; potential disruption of the Company’s business due to the occurrence of, or fear of, a health pandemic could have a material adverse effect on the Company’s business; changes in the regulatory or compliance landscape could adversely affect the Company’s business or results of operations; and the Company’s operations may be effected by greenhouse emissions and climate change.

Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
Thirteen Weeks Ended January 29, 2011 and Thirteen Weeks Ended January 30, 2010
(in thousands, except per share data)

		(Unaudited)								(Unaudited)
		2010				% of Net Sales				2009				% of Net Sales
Net Sales		$	1,149,396				100.0	%		$	935,991				100.0	%
Cost of Goods Sold			418,410				36.4	%			341,449				36.5	%
Gross Profit			730,986				63.6	%			594,542				63.5	%
Total Stores and Distribution Expense			485,475				42.2	%			413,983				44.2	%
Total Marketing, General and Administrative Expense			106,354				9.3	%			92,390				9.9	%
Other Operating Income, Net			(5,549	)			-0.5	%			(7,268	)			-0.8	%
Operating Income			144,706				12.6	%			95,437				10.2	%
Interest Expense, Net			1,058				0.1	%			1,093				0.1	%
Income from Continuing Operation Before Taxes			143,648				12.5	%			94,344				10.1	%
Tax Expense for Continuing Operations			51,055				4.4	%			33,319				3.6	%
Net Income from Continuing Operations			92,593				8.1	%			61,025				6.5	%
Net Loss from Discontinued Operations (net of taxes)			—				0.0	%			(13,566	)			-1.4	%
Net Income		$	92,593				8.1	%		$	47,459				5.1	%
Net Income Per Share from Continuing Operations:
Basic		$	1.06							$	0.69
Diluted		$	1.03							$	0.68
Net Loss Per Share from Discontinued Operations:
Basic		$	—							$	(0.15	)
Diluted		$	—							$	(0.15	)
Net Income Per Share:
Basic		$	1.06							$	0.54
Diluted		$	1.03							$	0.53
Weighted-Average Shares Outstanding:
Basic			87,691								87,977
Diluted			90,214								89,114

Abercrombie & Fitch Co.
Condensed Consolidated Statements of Income
Fifty-Two Weeks Ended January 29, 2011 and Fifty-Two Weeks Ended January 30, 2010
(in thousands, except per share data)

		(Unaudited)								ACTUAL
		2010				% of Net Sales				2009				% of Net Sales
Net Sales		$	3,468,777				100.0	%		$	2,928,626				100.0	%
Cost of Goods Sold			1,256,596				36.2	%			1,045,028				35.7	%
Gross Profit			2,212,181				63.8	%			1,883,598				64.3	%
Total Stores and Distribution Expense			1,589,501				45.8	%			1,425,950				48.7	%
Total Marketing, General and Administrative Expense			400,804				11.6	%			353,269				12.1	%
Other Operating Income, Net			(10,056	)			-0.3	%			(13,533	)			-0.5	%
Operating Income			231,932				6.7	%			117,912				4.0	%
Interest Expense (Income), Net			3,362				0.1	%			(1,598	)			-0.1	%
Income from Continuing Operation Before Taxes			228,570				6.6	%			119,510				4.1	%
Tax Expense for Continuing Operations			78,287				2.3	%			40,557				1.4	%
Net Income from Continuing Operations			150,283				4.3	%			78,953				2.7	%
Net Loss from Discontinued Operations (net of taxes)			—				0.0	%			(78,699	)			-2.7	%
Net Income		$	150,283				4.3	%		$	254				0.0	%
Net Income Per Share from Continuing Operations:
Basic		$	1.71							$	0.90
Diluted		$	1.67							$	0.89
Net Loss Per Share from Discontinued Operations:
Basic		$	—							$	(0.90	)
Diluted		$	—							$	(0.89	)
Net Income Per Share:
Basic		$	1.71							$	0.00
Diluted		$	1.67							$	0.00
Weighted-Average Shares Outstanding:
Basic			88,061								87,874
Diluted			89,851								88,609

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

		(Unaudited)
		January 29, 2011				January 30, 2010
ASSETS
Current Assets
Cash and Equivalents		$	826,353			$	669,950
Marketable Securities			—				32,356
Receivables			81,264				90,865
Inventories			385,857				310,645
Deferred Income Taxes			60,405				44,570
Other Current Assets			79,389				77,297
Total Current Assets			1,433,268				1,225,683
Property and Equipment, Net			1,149,583				1,244,019
Non-Current Marketable Securities			100,534				141,794
Other Assets			264,517				210,370
TOTAL ASSETS		$	2,947,902			$	2,821,866
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts Payable and Outstanding Checks		$	137,235			$	150,134
Accrued Expenses			306,587				246,289
Deferred Lease Credits			41,538				43,597
Income Taxes Payable			73,491				9,352
Total Current Liabilities			558,851				449,372
Long-Term Liabilities
Deferred Income Taxes			33,515				47,142
Deferred Lease Credits			192,619				212,052
Long-term Debt			68,566				71,213
Other Liabilities			203,567				214,170
Total Long-Term Liabilities			498,267				544,577
Total Shareholders’ Equity			1,890,784				1,827,917
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	2,947,902			$	2,821,866

Abercrombie & Fitch Co.
Domestic Store Count
(Unaudited)
Thirteen and Fifty-Two Week Periods Ended January 29, 2011

Store Activity		Abercrombie & Fitch				abercrombie				Hollister				Gilly Hicks				Total
October 30, 2010			340				201				510				17				1,068
New			1				—				1				—				2
Remodels/Conversions (net activity)			—				2				—				1				3
Closed			(25	)			(22	)			(9	)			—				(56	)
January 29, 2011			316				181				502				18				1,017
January 30, 2010			340				205				507				16				1,068
New			4				2				5				1				12
Remodels/Conversions (net activity)			(1	)			1				—				1				1
Closed			(27	)			(27	)			(10	)			—				(64	)
January 29, 2011			316				181				502				18				1,017

Abercrombie & Fitch Co.
International Store Count
(Unaudited)
Thirteen and Fifty-Two Week Periods Ended January 29, 2011

Store Activity		Abercrombie & Fitch				abercrombie				Hollister				Gilly Hicks				Total
October 30, 2010			7				4				27				—				38
New			2				—				11				1				14
Remodels/Conversions (net activity)			—				—				—				—				—
Closed			—				—				—				—				—
January 29, 2011			9				4				38				1				52
January 30, 2010			6				4				18				—				28
New			3				—				20				1				24
Remodels/Conversions (net activity)			—				—				—				—				—
Closed			—				—				—				—				—
January 29, 2011			9				4				38				1				52

This release contains non-GAAP financial measures reflecting adjustments to the Company’s net income per diluted share for the thirteen and fifty-two weeks ended January 29, 2011 and January 30, 2010. Provided in the tables below are reconciliations between the relevant GAAP financial measures and the non-GAAP financial measures contained in this release. As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America.

The Company believes that the non-GAAP financial measures presented in the release and below in the reconciliation tables are useful to investors as they provide the ability to measure the Company’s operating performance and compare it against that of prior periods without reference to the Condensed Consolidated Statements of Income impact of discontinued operations and non-cash, store related asset impairment charges. These non-GAAP financial measures should not be used as alternatives to net income per diluted share as indicators of the ongoing operating performance of the Company and are also not intended to supersede or replace the Company’s GAAP financial measures.

Abercrombie & Fitch Co.

Reconciliation of net income per diluted share on a
GAAP basis to net income per diluted share on a non-GAAP basis
(Unaudited)

		Thirteen Weeks Ended
		January 29, 2011				January 30, 2010
Net income per diluted share on a GAAP basis		$	1.03			$	0.53
Plus: Net loss from discontinued operations (1)			—			$	0.15
Plus: Non-cash, store-related asset impairment charges (2)		$	0.33			$	0.23
Plus: Store closure charges (3)		$	0.03				—
Net income per diluted share on a non-GAAP basis		$	1.38			$	0.91

		Fifty-two Weeks Ended
		January 29, 2011				January 30, 2010
Net income per diluted share on a GAAP basis		$	1.67			$	0.00
Plus: Net loss from discontinued operations (1)			—			$	0.89
Plus: Non-cash, store-related asset impairment charges (2)		$	0.34			$	0.23
Plus: Store closure charges (3)		$	0.03				—
Net income per diluted share on a non-GAAP basis		$	2.05			$	1.12