BRIEF-Abercrombie and Fitch CEO says "moderated" promotional stance during holiday

Fri Feb 22, 2013 9:36am EST

Feb 22 (Reuters) - Abercrombie & Fitch Co : * CEO says there was "moderated" promotional stance during holiday shopping

period and lower levels of clearance inventory * CEO says "our profitability is not where it needs to be" * CEO expects a slow Q1 * CEO says has established a cross-functional team with mandate to review ways

to simplify processes, increase efficiencies and lower expense * CFO sees Q1 net loss per share

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A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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