Abercrombie Profits Plummet (ANF)

Abercrombie & Fitch (NYSE: ANF) posted a lower quarterly net income. The apparel retailer posted net income of $47.5 million or 53 cents per share, down from $68.4 million, a year ago. The drop in income is due to general economic slump.

Net income, excluding one-time items, is at 91 cents per share for the fourth-quarter. Its EPS for the entire year stood at $1.12 in comparison to $3.51 last year. Abercrombie’s (ANF) net sales also plummeted by 16% to $2.93 billion.

Abercrombie has posted an 8 percent increase in same-store sales in January.