Local Retailer Reports Quarterly Profit Decline
New Albany-based Abercrombie & Fitch says second quarter profit fell by 33 percent compared with the same period a year ago.
The retailer blames declining store traffic and weakness in the sales of girls clothing. The company reports a profit of 11.4 million dollars, compared with 17.1 million in the same quarter a year ago. The results are below the expectations of Wall Street analysts. Sales for the quarter fell by 1 percent to 945.7 million dollars.