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Board Member Samuel N. Shahid, Jr. Will Not Stand for Re-Election --
NEW ALBANY, Ohio, May 16 /PRNewswire-FirstCall/ -- Abercrombie & Fitch (NYSE: ANF) today announced that Allan A. Tuttle has been nominated for election to the Company's board of directors at the annual meeting of shareholders to be held on June 15, 2005. Mr. Tuttle will seek to fill the vacancy opened by the departure of Samuel N. Shahid, Jr., whose term will expire at the upcoming annual meeting and who will not stand for re-election.
Mr. Tuttle, 65, has served as a legal consultant to the Gucci Group N.V., a multi-brand luxury goods company, since May 2004 following his retirement as the Group's General Counsel, a capacity in which he served since 1997. Before joining the Gucci Group N.V., Mr. Tuttle maintained a litigation practice with Patton Boggs LLP in Washington, D.C., where he remains an inactive partner. Earlier in his career Mr. Tuttle tried felony cases in US District Court and conducted Grand Jury investigations as Assistant US Attorney under Robert Morgenthau. Mr. Tuttle also served as Assistant to Solicitors General Erwin Griswold and Robert Bork, arguing 12 cases in the US Supreme Court.
"We are pleased to add such a knowledgeable and experienced member to our Board of Directors," said Mike Jeffries, Chairman and Chief Executive Officer of Abercrombie & Fitch. "Allan Tuttle's extensive knowledge of corporate governance issues, coupled with his experience with an important global luxury brand like Gucci will enable him to make a valuable contribution to our Board."
"At the same time, on behalf of the Board and our shareholders, I want to personally express my thanks and gratitude to Sam Shahid. Sam's many contributions over the years are certainly appreciated," Mr. Jeffries concluded.
The Company operated 351 Abercrombie & Fitch stores, 167 abercrombie stores, 260 Hollister Co. stores and 5 RUEHL stores at the end of fiscal April. The Company operates e-commerce websites at http://www.abercrombie.com , http://www.abercrombiekids.com , and http://www.hollisterco.com
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, A&F's Form 10-K 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 1. BUSINESS" of A&F's Annual Report on Form 10-K for the fiscal year ended January 29, 2005, in some cases have affected and in the future could affect the Company's financial performance and could cause actual results for the 2005 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; and 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.
SOURCE Abercrombie & Fitch
CONTACT: Thomas D. Lennox , Director, Investor Relations and Corporate
Communications of Abercrombie & Fitch, +1-614-283-6751