Abercrombie & Fitch surprises with big swing to profit in Q1
New Albany, Ohio -- Abercrombie & Fitch Co. said Wednesday that overseas strength pushed its net income to $25.1 million for the first quarter, compared with a loss of $11.8 million a year earlier.
As previously reported, revenue rose 22% to $837 million, helped by a 64% surge in international revenue.
Abercrombie is closing struggling stores in the United States and looking for other ways to trim costs, including combining its two U.S. distribution centers and trimming the size of its Gilly Hicks stores, the Associated Press reported. The retailer is targeting new locations in China, Hong Kong, Paris and Dublin, among others.