UPDATE 2-Discounts help Abercrombie & Fitch beat estimates

* Fourth-qtr adjusted profit $1.34/shr vs est $1.03

* Revenue $1.30 bln vs est $1.26 bln

* Shares rise as much as 8 pct premarket

(Adds share buyback details, 2014 forecast; updates shares)

Feb 26 (Reuters) - Teen apparel retailer Abercrombie & Fitch Co reported higher-than-expected quarterly profit and revenue in the holiday quarter 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 said in November that it would expand its women's tops collection, offer larger sizes and more colors, and start selling shoes, in a bid to attract customers.

The company said it expects 2014 profit of between $2.15-$2.35 per share. Analysts on average were expecting a profit of $1.62 per share, according to Thomson Reuters I/B/E/S.

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.

The company also announced a $150 million accelerated share repurchase program to be executed during the current quarter and said it would buy more over the year. In 2013, Abercrombie repurchased shares worth about $116 million.

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)