Abercrombie’s profit falls amid lower mall traffic, bigger discounts

December 3, 2014, 1:04 PM UTC
Shoppers On Fifth Avenue Ahead OF Consumer Comfort Figures
A shoppers carries an Abercrombie & Fitch Co. bag while walking on 5th Avenue in New York, U.S., on Tuesday, April 8, 2014. Consumer Comfort figures are scheduled to be released on April 10. Photographer: Craig Warga/Bloomberg via Getty Images
Photograph by Craig Warga — Bloomberg via Getty Images

Struggling apparel retailer Abercrombie & Fitch Co (ANF) reported a 25 percent fall in adjusted quarterly profit due to lower mall traffic, higher discounts and weak demand.

The company said adjusted net income fell to $30.4 million, or 42 cents per share, in the third quarter ended Nov. 1 from $40.5 million, or 52 cents per share, a year earlier.

Revenue fell 12 percent to $911 million.

Abercrombie said it expected a mid-to-high single-digit percentage fall in its current-quarter comparable sales.

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