Retailer Abercrombie’s profit falls on bigger discounts

Struggling clothing retailer Abercrombie & Fitch reported a 25 per cent fall in adjusted quarterly profit due to lower 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 November 1st from $40.5 million, or 52 cents per share, a year earlier.

Revenue fell 12 per cent to $911 million.

Abercrombie said it expected a mid-to-high single-digit percentage fall in its current-quarter comparable sales.

Reuters