Abercrombie & Fitch posts 4% sales dip in Q2 FY'12

Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said: "Macroeconomic conditions remained very challenging during the quarter, particularly in Europe but also increasingly in the US. In that context, we will continue to be highly disciplined in our new store approval process and only commit to stores where we are confident they are likely to generate a stronger return than alternative uses of cash.

"We believe this has clearly been the case for the international investments we have made to date, as our international stores remain much more productive and much more profitable than our US fleet. However, given recent trends, particularly in Europe, we believe it is appropriate to revise our plans in response.

Moreover, we believe our iconic brands, strong financial position, and strong cash flow enable us to continue to invest in profitable international expansion while returning cash to stockholders through dividends and a disciplined share repurchase program."

Abercrombie & Fitch Co.