Abercrombie quarterly profit shrinks

Abercrombie & Fitch Co posted an 88 percent drop in quarterly profit on Wednesday, hurt in part by difficult market conditions in Europe.

Photo: Abercrombie & Fitch

For the first quarter ended April 28, the teen clothes retailer earned $3.0 million or 3 cents per share, compared with $25.1 million or 28 cents per share last year.

Sales at the company, which competes with chains such as American Eagle Outfitters Inc, Aeropostale Inc and Gap Inc, rose 10 percent to $921.2 million, but sales at stores open at least a year - an important measure of retail growth - were down 5 percent.

© Thomson Reuters 2017 All rights reserved.

Fashion - Ready-to-wearRetail