Abercrombie & Fitch profit tops view, shares up

U.S. teen apparel retailer Abercrombie & Fitch (ANF.N) posted a much better-than-expected quarterly profit helped by cost cuts and said it plans to speed up its expansion in more profitable markets overseas, sending shares up 6 percent.

The high-end retailer, known for its casual styles and shirtless models, has seen deep sales declines for months as the recession sent cost-conscious shoppers to lower-priced rivals, which include American Eagle Outfitters Inc (AEO.N) and Aeropostale Inc (ARO.N).

After steadfastly refusing to discount merchandise to safeguard Abercrombie's cachet, the company has been lowering prices and offering discounts.

Read Full Article from Reuters

- Posted: 2009-11-13 11:14:19

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