The consumer slowdown is forcing abercrombie and fitch, of New Albany, Ohio, to reduce prices after the company has spent much of the economic downturn with premium pricing in place.
"We are planning to deliver greater reductions in [average retail prices] for the fall season, but we will continue to review pricing on an ongoing basis," Mr. Jeffries said.
The Wall Street Journal reports that abercrombie and fitch is looking to cut prices more this fall.
"Consumer spending patterns domestically continue to be dictated by cost and value propositions, and this is clearly a headwind for our premium brands," Chief Executive Michael Jeffries said during a conference call.
abercrombie and fitch saw sales plunge 23% and stores open at least a year fall 30% in its second quarter. By cutting prices and running sales they should be able to lure more shoppers into abercrombie and fitch stores.
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