Abercrombie & Fitch 2003 Annual Report Download - page 38

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Abercrombie &Fitch
36
REPORT OF INDEPENDENT AUDIT ORS
TO THE BOARD OF DIRECT ORS AND SHAREHOLDERS OF ABERCROMBIE & F ITCH CO.:
In our opinion, the accompanying consolidated balance sheets and the related consolidated
statements of income, shareholders’ equity and cash flows present fairly, in all material respects,
the financial position of Abercrombie & Fitch Co. and its subsidiaries at January 31, 2004 and
February 1, 2003, and the results of their operations and their cash flows for each of the three
years in the period ended January 31, 2004 in conformity with accounting principles generally
accepted in the United States of America. These financial statements are the responsibility of the
Company’s management; our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in accordance with auditing
standards generally accepted in the United States of America, which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
Columbus, Ohio
February 17, 2004