Abercrombie & Fitch 4Q profit declines 68 percent

[February 13, 2009]  NEW ALBANY, Ohio (AP) -- Teen retailer Abercrombie & Fitch Co. says its fourth-quarter profit slid 68 percent, weighed down by hefty asset impairment and tax costs.

The New Albany, Ohio-based company also said Friday that because of the "tumultuous environment," it's cutting costs and not providing profit guidance for this year.

In the quarter ended in January, Abercrombie earned $68.4 million, or 78 cents per share, down from $216.8 million, or $2.40 per share, a year earlier. Results include 32 cents per share in charges.

Sales fell 19 percent to $998 million.

Analysts -- which typically exclude one-time items from their estimates -- expected earnings per share of $1 and revenue of $997.7 million.

[Associated Press]

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