SALES SLUMP: Abercrombie & Fitch Co. said its profit fell by 52 percent in the second quarter as a key sales figure fell.
BEHIND THE CURVES: The New Albany, Ohio-based company said that its high inventory levels prevented it from updating trends more quickly.
MOVING ON: The company said it plans to keep its inventory levels leaner and shorten buying time. It also plans to hold off on opening new flagship stores and scale back on international store openings to prevent cannibalization of sales.
