Abercrombie & Fitch, once the favorite of loyal teens, is considering lowering prices on all items it sells in an effort to win them back after several years of sales declines. A&F's total sales were $3 billion last year, but they have been declining in the face of a weak economy and an intensively competitive retail environment. Price reductions are often effective in increasing sales, but marketers need to analyze how much sales must go up before a price reduction pays off and increases revenue enough to make the it worth doing. Assuming A&F's gross profit margin is 65 percent and cost of goods sold represents the only variable cost, by what percentage must costs decrease to maintain the gross margin percentage of 65 percent if A&F lowers prices by 20 percent? set the initial price equal to $1.00. then the new price is $

Score: 0 of 1 pt 1 of 1 (0 complete) HW SCore: U%, U or pr Metrics 9.2 Question Help- Abercromble &Fitch, once the favorite of loyal toens, is considering lowering prices on all tems it sells in an offort to win them back after several years of sales declines. A&F's total sales were $3 billion last yoar, but they have been declining in the face of a weak economy and an intensively competitive retail environment Price reductions are ohen offective in increasing sales, but markoters need to analyze how much sales must go up before a price reduction pays off and increases revenue enough to make the it worth doing Assuming ASF's gross profit margin is 65 percent and cost of goods sold represents the only variable cost, by what percentage must costs decrease to maintain the gross margin percentage of 65 percent if A&F lowers prices by 20 percent? Set the intial price equal to $1.00. Then the new price is s(Round to the nearest cent) Enter your answer in the answer box and then click Check Answer 2 parts remaining Check Answe Clear Al 0755 p. m di ww/2019