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UPDATE 1-Discounts help Abercrombie & Fitch beats estimates

(Adds details, estimates, shares)

Feb 26 (Reuters) - Teen apparel retailer Abercrombie & Fitch Co reported higher-than-expected quarterly profit and revenue as discounts helped win back young shoppers and the company cut costs.

Abercrombie's shares, which have fallen about 25 percent in the past year, rose about 8 percent in premarket trading.

The company has been revamping its merchandise to woo back shoppers from "fast fashion" chains such as Zara, Forever 21 and H&M, which offer more fashionable clothing at lower prices.

Abercrombie's net income fell to $66.1 million, or 85 cents per share, in the fourth quarter ended Feb. 1 from $157.2 million, or $1.95 per share, a year earlier.

Revenue fell 12 percent to $1.30 billion.

The company earned $1.34 per share, excluding restructuring charges and other items.

Analysts on average had expected a profit of $1.03 per share on revenue of $1.26 billion, according to Thomson Reuters I/B/E/S.

Abercrombie bowed to investor pressure last month and stripped Chief Executive Mike Jeffries of his chairman duties.

The company's shares closed at $35.99 on the New York Stock Exchange on Tuesday. The stock is trading at 15.25 times forward earnings.

(Reporting by Aditi Shrivastava; Editing by Kirti Pandey and Joyjeet Das)