* Q3 EPS 72 cents vs Street's 70 cents
* Full-year forecast cut
* Capital spending, store growth pared for fiscal year
ATLANTA, Nov 14 Abercrombie & Fitch Co (ANF.N)
reported lower quarterly profit and cut its full-year outlook
on Friday as consumers reduced their spending and the teen
retailer marked down prices amid a deepening economic crisis.
The company cut its capital spending for this year, saying
it would now open fewer stores than previously planned.
Net income fell to $63.9 million, or 72 cents per diluted
share, in the third quarter ended on Nov. 1, from $117.6
million, or $1.29 per share, a year earlier.
Analysts on average had been expecting earnings of 70 cents
per share, according to Reuters Estimates.
Abercrombie had cut its third-quarter earnings view last
Sales fell 8 percent to $896.3 million, below analysts'
estimates of $920.3 million. Same-store sales, a key measure of
retail strength, fell 14 percent.
Abercrombie has seen a string of same-store sales declines
in recent months amid the U.S. economic downturn. Fewer people
are buying clothing, and Abercrombie's higher pricing and
aversion to discounts means that some shoppers have gravitated
to lower-cost rivals like Aeropostale ARO.N.
Abercrombie said it expected profit of $1 to $1.05 a share
for the fourth quarter, assuming same-store sales fall 26
percent. Analysts were expecting $1.59 a share.
For the full year, Abercrombie forecast earnings of $3.27
to $3.32 a share. In August, it said it expected $4.95 to $5.
The analysts' average outlook was $3.83.
Abercrombie also said it now plans capital spending of $390
million to $395 million for this fiscal year, down from $405
million to $410 million it forecast in August, as it opens
fewer stores than it previously planned.
The company said it would boost its gross square footage by
about 9 percent, down from growth of about 9 percent to 10
percent it forecast a few months ago.
(Reporting by Karen Jacobs; Editing by Lisa Von Ahn)