Abercrombie & Fitch 4Q profit slips on charges

[February 16, 2010]  NEW ALBANY, Ohio (AP) -- Abercrombie & Fitch says its fiscal fourth-quarter profit dropped partly on costs to close its Ruehl stores, but adjusted results topped analysts' expectations.

The clothing retailer's earnings fell 31 percent to $47.5 million, or 53 cents per share, for the period ended Jan. 30.

Taking out a charge related to the Ruehl store closings and other items, profit was 91 cents per share. That beat analysts' 87 cents-per-share estimate.

Sales slipped 5 percent to $936 million, short of Wall Street's $953.7 million.

Abercrombie, based in New Albany, Ohio, has struggled with falling sales for two years as consumers have cut back and headed to lower-priced competitors like American Eagle and Aeropostale.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.