Abercrombie & Fitch Co. has seen a decline in its quarterly profit figure.
This comes after low demand for its namesake and Hollister brands, a strong dollar and discounts.
The company saw a decline in its net income to $44.4m from $66.1m the previous year, or 63 cents per share from 85 cents per share the previous year. Net sales declined by 14% to $1.121m, with a 10% reduction in total comparable sales.
This has been a tough year for Abercrombie, but the company has made the decision that it will phase out the logos placed on its clothing in a bid to try and regain the lucrative teen market.
According to Arthur Martinez, the executive chairman of Abercrombie & Fitch, the company has clear priorities for 2015. These include improving comparable sales, both in the US and internationally.
They also intend making further investments in their omni-channel and DTC business. Above all, they need to reduce expenditure and become more efficient. The company is expecting a challenging 2015 first-half, but believes that there will be an improvement during the second half of the year.
The outlet is located at the prestigious 668 Fifth Avenue location, between 52nd and 53rd Streets.
Abercrombie & Fitch marks its presence in the vibrant city of London.
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