NEW YORK (Reuters) - Apparel retailer Abercrombie & Fitch Co posted a quarterly net loss on Friday as cost-cutting efforts failed to offset a sales decline.

The net loss was US$26.8 million, or 31 cents per share in the first quarter that ended May 2, compared with a year-earlier net profit of US$62.1 million, or 69 cents per share.

Sales fell 24 percent to US$612.1 million, Abercrombie said, as shoppers looked elsewhere for lower-priced, trendy clothes.

The company said it was conducting a strategic review of its Ruehl chain.

As a result, it expects to record a noncash impairment charge of up to US$55 million for the first quarter.

Besides Ruehl, Abercrombie also runs its namesake stores and other chains such as Hollister Co. and Gilly Hicks.