Abercrombie & Fitch posted a lower quarterly profit on Friday, as a prolonged sales slump at the company's stores could not offset cost cuts.

The retailer of young men and women's clothing and operator of chains such as Abercrombie & Fitch and Hollister said third-quarter net income fell to $38.8 million, or 44 cents per share, from $63.9 million, or 72 cents per share, a year earlier.

Excluding items, the company earned 30 cents per share.

Net sales fell 15 percent to $765.4 million as sales at stores open at least a year fell 22 percent.

(Reporting by Martinne Geller; Editing by Derek Caney)