What: Dampened by three straight quarters of declining sales, Abercrombie & Fitch says it’s planning to shake things up in hopes of boosting profits. Up first on the agenda: lowering prices and focusing more on its target audience of tweens and 20-somethings. Abercrombie CEO Mike Jeffries says he plans to start reducing prices by the end of the year, with “most dramatic” cuts happening at spinoff stores like Hollister and Abercrombie Kids.

What They Say:
“We are young. We are sexy. We are controversial at times. That’s what we know how to do and that’s the business that we own here and are comfortable that we can around the world,” said CEO Mike Jeffries.

What We Say:  It’s about time! We often complained about Abercrombie’s overly inflated prices—$50 for a plain polo tee? No thanks.