New York -- In its annual report filed Tuesday, Abercrombie & Fitch revealed that it plans to open Abercrombie & Fitch flagship stores in Seoul and Shanghai in 2013, as well as 20 international Hollister stores. The news sent the teen retailer’s shares rising on Wednesday.
The company also said in the report that it is maintaining its focus on boosting profitability by simplifying processes, eliminating less-profitable parts of its business, shoring up efficiencies and cutting expenses.
The Hollister openings will include debuts in Australia, in Dubai (through a joint venture) and Japan. The company said it is considering opening international mall-based Abercrombie & Fitch stores within the next 12 months.