Holiday slump slows clothes retailer

Apparel retailer Abercrombie & Fitch said net income rose in the fourth quarter as it opened stores abroad. Revenue in stores open at least one year, however, fell 4 percent. As US growth slowed, Abercrombie has accelerated growth overseas and online. The company said it plans to close 40 to 50 US stores in 2013. The company said it earned $157.2 million, or $1.95 per share, during the period, compared to $45.8 million, or 52 cents, a year ago. Revenue rose 11 percent to $1.47 billion. Analysts had expected $1.48 billion.