Teen retailer Abercrombie & Fitch has enjoyed a 79 per cent net income jump to $71.6 million for the third quarter of the year, thanks to reduced markdowns.

Third-quarter net income increased to $71.6 million from $39.9m last year, as net sales grew 35 per cent to $704.9m and same-store sales rose 25 per cent.

Abercrombie & Fitch same-store sales were up 16 per cent, abercombie same-store sales increased 62 per cent, and Hollister same-store sales were up 27 per cent.

Chief executive and chairman Mike Jeffries said: "We are pleased with our performance for the third quarter. These strong results reflect the broad momentum and successful differentiation of our brands".
By the end of this financial year, Abercrombie plans to operate 360 Abercrombie & Fitch stores, 163 abercrombie stores, 318 Hollister stores, and eight RUEHL stores.