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.
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11 MARCH 2015, USA