Abercrombie & Fitch Profit Drops by a Third

Teen apparel retailer Abercrombie & Fitch Co said its quarterly profit fell by a third, hurt by low demand for its Hollister and namesake brands, discounts and a strong dollar.

The company's net income fell to $44.4 million, or 63 cents per share, in the fourth quarter ended Jan. 31, from $66.1 million, or 85 cents per share, a year earlier.

Net sales fell 14 percent to $1.12 billion, while total comparable sales fell 10 percent. (Reporting by Ramkumar Iyer in Bangalore; Editing by Joyjeet Das)