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Abercrombie Fitch's Sales Decline, At Least 60 Stores To Close

Shoppers may be staying away from Abercrombie & Fitch stores, but investors pushed the shares higher on Thursday after the company said that it plans to close at least 60 stores. Traffic has been down and the shoppers who buy online and from catalogs didn't spend enough to compensate. In the past quarter, the retailer posted a loss of 17 cents a share, nearly double the loss from a year ago. Revenue slid 2% to $822 million. The silver lining, if any, is that Wall Street didn't have any expectation going into the earnings call. Analysts were expecting sales to fall nearly 4%. It will be tough for the company to blame its results on the weather as the sales for stores opened at least one year overseas actually declined more than the stores did in the U.S., down about 14%. Stores have been slashing prices to attract more teenager shoppers, but the effort has not yet paid off.