Abercrombie 4th-quarter profit rises

Teen retailer Abercrombie & Fitch Co posted higher quarterly earnings on Friday, as a lower theft rate and wider profit margins early in the quarter overshadowed deeper discounts later.

Fourth quarter net profit was $216.8 million, or $2.40 per share in the quarter that ended Feb. 2, compared with $198.2 million, or $2.14 per share, a year earlier.

Sales rose 8 percent to $1.2 billion, however sales at stores open at least a year dropped 1 percent in the quarter.

The company said gross profit rate rose 0.8 percentage point, helped by higher margins early in the quarter.

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- Posted: 2008-02-15 10:11:05

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