10% drop in sales for A&F
Print Edition
Abercrombie & Fitch Co reported comparable sales and profits that were far below Wall Street expectations, blaming a drop in store visits by shoppers, and said business will decline more during the back-to-school quarter.
The teen retailer’s comparable sales — online and at stores open at least a year — fell 10 percent last quarter. It said yesterday sales would drop slightly more this quarter.
It also gave a disappointing profit forecast, sending its shares down 17 percent to US$38.85 in premarket trading.
Wall Street analysts expected a comparable sales drop of only 2.5 percent.
Overall revenue fell 1 percent to US$945.7 million — well below the US$996.2 million expected.
The one bright spot was international revenue rose 15 percent.
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