Abercrombie Q4 profit falls 31% on charges

New Albany, Ohio Costs associated with the closing of its Ruehl stores helped push Abercrombie & Fitch Co.'s fiscal fourth-quarter profit lower Tuesday.

Still, adjusted results topped analysts' expectations as the clothing retailer works on strengthening its business overseas and domestically.

Abercrombie said its fourth-quarter net income fell 31% to $47.5 million, compared with a profit of $68.4 million a year ago. Sales slipped 5% to $936 million from $980.8 million, short of Wall Street's $953.7 million.

Same-stores sales fell 13% in the quarter.

Abercrombie reported declines across all brands for sales at stores open at least a year. At Hollister, the key sales figure slipped 19%, while abercrombie kids posted an 11% decline. For its namesake stores, the key sales figure fell 8%.

Abercrombie's full-year profit sagged to $254,000, or break-even, from $272.3 million in the prior year.

The company said it plans to open one of its namesake stores in Copenhagen, Denmark and another in Fukuoka, Japan, during fiscal 2010. The retailer also expects to open a Hollister Epic store in New York and about 30 mall-based Hollister stores internationally.