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Flailing Abercrombie Turns to Outlets and International Stores

Shoppers walk past a billboard for a Abercrombie & Fitch store in Singapore
Shoppers walk past a billboard for a Abercrombie & Fitch store in SingaporePhotograph by Wong Maye-E/AP Photo

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.