Abercrombie & Fitch is getting used to not being in the cool crowd. As young consumers turn to Urban Outfitters and a resurgent Gap, the teen T-shirt empire keeps sliding.
This morning, Abercrombie said sales in the recent quarter declined 12 percent, to $1.3 billion. Meanwhile, profit dropped 58 percent, to $66 million, as the company wrote down some big expenses for closing stores.
