Abercrombie Profit Sinks on Low Traffic, Higher Discounts
Struggling apparel retailer Abercrombie & Fitch Co reported a 25 percent fall in adjusted quarterly profit due to lower mall traffic, higher discounts and weak demand.
The company said adjusted net income fell to $30.4 million, or 42 cents per share, in the third quarter ended Nov. 1 from $40.5 million, or 52 cents per share, a year earlier.
Revenue fell 12 percent to $911 million.
Abercrombie said it expected a mid-to-high single-digit percentage fall in its current-quarter comparable sales. (Reporting by Ramkumar Iyer and Devika Krishna Kumar in Bengaluru; Editing by Kirti Pandey)