Abercrombie & Fitch Co. returned to a second-quarter profit as its strategy of lowering some prices boosted sales.But its shares fell 9 percent as investors worried about the company's gross margin eroding and its inventory growing.
The company, which has struggled during the down economy, said Tuesday that it will close 60 stores in the U.S. in 2010 as it expands internationally.
Quarterly net income totaled $19.5 million, or 22 cents per share. A year ago the company lost $26.7 million, or 9 cents per share. Earnings were 24 cents per share excluding a charge for closing stores.(AP)
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