This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Abercrombie & Fitch Cuts 170 Jobs

Teen apparel retailer Abercrombie & Fitch (ANF - Get Report) announced on Thursday that it will cut 170 jobs at its Columbus, Ohio, headquarters as its reviews all expenses.

The cut represents about 9% of the Abercrombie & Fitch's home-base staff and is the second round of layoffs for the company this year. In January it eliminated 50 positions.

Abercrombie & Fitch, which makes pricier t-shirts and polos than its competitors American Eagle Outfitters (AEO - Get Report) and Aeropostale (ARO - Get Report), has been hit especially hard by the recession. While most apparel retailers have been slashing prices, Abercrombie & Fitch has kept its pricing strategy steady, and as a result has seen slumping sales.

In 2008, profit fell 44% to $272.3 million, while sales fell 6% to $3.54 billion.

Shares of Abercrombie & Fitch closed up 2% in after-market trading to $27.56. Aeropostale closed up 2% to $33.97, while American Eagle Outfitters also saw a 2% jump to end the day at $14.82.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ARO $3.50 0.00%
ANF $22.86 0.00%
AEO $17.15 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs