Abercrombie to buy back shares, curtail Europe expansion-NY Post

Abercrombie & Fitch Co plans a big share buyback to appease investors and is also likely to cut back on its European expansion plans, the New York Post reported. The exact size of the repurchasing program could not immediately be determined, but a source told the paper it would be a "material increase" over the board's current authorization to buy back 12.9 million shares, or about 15 percent of the teen apparel retailer's float. The New York Post also quoted sources as saying that Chief Executive Mike Jeffries is considering curtailing the company's European expansion and that Abercrombie is