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Yahoo! Inc. Message Board

  • fishnman1973 fishnman1973 Feb 23, 2013 8:48 AM Flag

    Economic Gloom- Abercrombie to close 50 stores

    Nothing in Yahoo "news" about it.
    Abercrombie and Fitch said it would close 40 to 50 stores in the US this year (2013) as the youth fashion retailer's shares tumbled follwing a weak sales in the crucial Christmas quarter.

    " Our Profitability is not where it needs to be," said Mike Jefferies, chief executive, on an earnings call with analysts, highlighting " a challenging US retail environment over the holiday period."

    "It is unknown how the customer will respond to the economic situation," said Oliver Chen, analyst at Citi Investment Research. "The impact of the increased payroll tax, elevated gas prices and continued macroeconomic uncertainty all led to weaker guidance."

    -Feb 23 2013 Financial Times

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