Abercrombie & Fitch 4Q Profit Down 68%

Abercrombie & Fitch Co. (ANF) said its fourth-quarter profit slid 68 percent, weighed down by hefty asset impairment and tax costs and slumping sales. The company also said it's cutting costs and declined to issue 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 a charge of 21 cents per share related to the impairment of store-related assets and a charge related to tax expense of 11 cents per share.

Sales fell 19 percent to $998 million from $1.29 billion. Analysts expected earnings per share of $1 and revenue of $997.7 million.

by Mark Anderson | 02/13/09 | Stocks: ANF,

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Abercrombie & Fitch 4Q Profit Down 68%

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