Paying the Price

Abercrombie & Fitch adamantly refused to cut prices last Christmas season and early this year, and many wondered what the results would be. The results are in. August sales were down 29% from August 2008 (which was down 11% from 2007). July was down 28%, June 32%, and soon for May. One consultant says that A&F "has mismanaged this economic downturn more than any other retailer." Hard to argue when you look at those numbers.