UPDATE: Abercrombie & Fitch Posts 33% Drop In Q2 Profit, Issues Downbeat Q3 Forecast

Abercrombie & Fitch Co

reported a 33% drop in its fiscal second-quarter profit. For the current quarter, it projects earnings of $0.40 to $0.45 per share, versus analysts' estimates of $1.06 per share. Abercrombie's quarterly profit fell to $11.4 million, or $0.14 per share, from $17.1 million, or $0.20 per share, in the year-ago period. The company in May had expected earnings between $0.28 and $0.33 per share. Its sales declined 0.6% to $945.7 million, versus estimates of $996.2 million. Abercrombie shares tumbled 19.59% to $37.63 in pre-market trading.