Abercrombie set to lower prices
Teen clothing retailer Abercrombie & Fitch yesterday said it would lower prices to deal with intense competition, after discounts in the holiday season helped quarterly revenue fall less than expected. The company forecast profit of $2.15-$2.35 per share for 2014, higher than the analysts’ average estimate of $1.62 per share. Abercrombie’s net income fell 58 per cent to $66.1m, or 85 cents per share, in the fourth quarter ended 1 February.