Abercrombie & Fitch Co. posted sharply lower fourth-quarter profits as its revenues declined in both the quarter and the full year.
In the three months ended Feb. 1, net income was $66.1 million, or 85 cents a diluted share, 58 percent below the $157.2 million, or $1.95, logged in the final quarter of 2012. Adjusted net income, eliminating charges associated with the closure of the Gilly Hicks division and other initiatives, was $1.34 a share, 31 cents better than the most recent estimates of analysts.
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