* Q3 adj EPS 30 cts tops Wall St expectation of 20 cts

* Q3 net sales fell 15 pct to $765.4 mln

* Shares up 6 percent (Adds details on expansion, comments, background, byline)

By Martinne Geller

NEW YORK, Nov 13 (Reuters) - U.S. teen apparel retailer Abercrombie & Fitch (ANF.N: Quote, Profile, Research) posted a much better-than-expected quarterly profit helped by cost cuts and said it plans to speed up its expansion in more profitable markets overseas, sending shares up 6 percent.

The high-end retailer, known for its casual styles and shirtless models, has seen deep sales declines for months as the recession sent cost-conscious shoppers to lower-priced rivals, which include American Eagle Outfitters Inc (AEO.N: Quote, Profile, Research) and Aeropostale Inc (ARO.N: Quote, Profile, Research).

After steadfastly refusing to discount merchandise to safeguard Abercrombie's cachet, the company has been lowering prices and offering discounts.

Its third-quarter results on Friday show it is resorting to less severe markdowns and that the company is getting more serious about cutting costs, said Jefferies & Co analyst Randal Konik.

Konik predicted that Abercrombie can top Wall Street estimates for the next four to six quarters, as comparisons ease and sales trends improve. He affirmed his "buy" rating on the shares.