NEW ALBANY, Ohio (AP) -- Abercrombie & Fitch says its second-quarter net income fell 52 percent, but topped analysts' estimates, as sales slowed in the U.S.
Weaker-than-expected sales prompted the teen clothing company to cut its 2012 earnings guidance. The chain also said Wednesday that it will open fewer Hollister stores abroad in fiscal 2012 than initially planned.
Abercrombie & Fitch Co. earned $15.5 million, or 19 cents per share, for the period ended July 28. That's down from $32 million, or 35 cents per share, a year earlier.
Analysts expected earnings of 17 cents per share.
Revenue for the New Albany, Ohio, company climbed 4 percent to $951.4 million, but fell short of Wall Street's $954.9 million estimate.
Sales in the U.S. - its biggest market - dropped 5 percent.