Abercrombie & Fitch's Sales Fall 7%

U.S. teen apparel retailer Abercrombie & Fitch reported a 7 percent drop in quarterly sales on Thursday - the 16th straight quarterly decline - and said a competitive retail environment drove it to promote more.

Sales at established stores fell 5 percent, compared with analysts' average expectation for a 4.9 percent drop, according to research firm Consensus Metrix.

The retailer, known for its Hollister and abercrombie kids brands, said net sales fell to $1.04 billion in the fourth quarter ended Jan. 28, from $1.11 billion, a year earlier.

Net income attributable to the company fell to $48.8 million, or 71 cents per share, from $57.7 million, or 85 cents per share.

(Reporting by Gayathree Ganesan in Bengaluru; Editing by Sai Sachin Ravikumar)