Abercrombie Sees Sales Fall
It was revealed on Wednesday that teen-clothing retailer Abercrombie & Fitch (NYSE: ANF) saw sales fall to the lowest price in over a year and a half. The company reported 1Q revenue that missed analyst expectations, while claiming that same-store sales will decline during this fiscal year.
With retailers struggling across the board, not even the unseasonably warm weather was enough to encourage customers to buy news clothes at ANF.
So the numbers. ANF went down 12% to $40.11 on Wednesday morning in New York, and it traded as low as $39.46, its lowest price since October 2010.
For the quarter ending April 28, ANF reported sales of $921.2 million according to a statement sheepishly reported on Wednesday. On the bright side, the sales did rise 10% from the previous year, but they did still miss the average analyst estimate of $953.7 million.
“While we are disappointed that European sales trends remain challenging in a very difficult macroeconomic environment, we are largely satisfied with our overall performance for the quarter in that context,” CEO Mike Jeffries said in a statement.
ANF isn't the only retailer struggling. Fossil (NASDAQ: FOSL) dropped a full 38% earlier in May, its biggest fall since 1985.
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