NEW YORK (TheStreet) --Shares of Abercrombie & Fitch Co. (ANF) are rising higher by 4.74% to $29.16 in mid-afternoon trading on Wednesday, as the teen apparel retailer's CEO Michael Jefferies commented on the company's plan to win back its shoppers, MarketWatch reports.
The company's third quarter 2014 earnings results were disappointing, with earnings and revenue declining year over year, and comparable store sales falling 10%, as Abercrombie is downsizing its logo merchandise.
Watch the video below for a closer look at Abercrombie & Fitch's adjusted Q3 results:
However, Abercrombie said its non-logo apparel and jeans sales yielded positive results for the quarter, MarketWatch added.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Jefferies said the company is testing price cuts of close to 15% in the U.K. and will then expand that practice throughout Europe, as comparable store sales dropped in Europe for the most recent quarter, MarketWatch said.
The company's has also added more new fashion more frequently, cut costs, and closed underperforming stores, MarketWatch noted.
For the 2014 third quarter Abercrombie said its non-GAAP net earnings were 42 cents per diluted share, a decline from the 52 cents per diluted share reported for the year ago quarter, but higher than analysts' forecasts of 41 cents per share.
For the most recent quarter Abercrombie & Fitch reported revenue of $911 million, compared to $1.03 billion for the 2013 third quarter.