Like-for-like sales fell for the third quarter in a row year-on-year at pricey clothes seller Abercrombie & Fitch Co (NYSE:ANF).
The shares were the worst performers in early trading in New York, tumbling 12.2% to US$14.86, as like-for-like sales fell 6% year-on-year, which was even worse than the 4.4% fall analysts had been expecting.
Underlying earnings per share crashed to two cents from 48 cents in the corresponding period of last year. Analysts had forecast a figure of 21 cents.
"As expected, our third quarter was challenging. While Hollister improved sequentially, it was more than offset by disappointing performance in A&F [Abercrombie & Fitch],” said Arthur Martinez, A&F’s executive chairman.
“On a total company basis, conversion trends remained positive across both channels and the direct-to-consumer business grew domestically and internationally. In addition, we remained disciplined as expense and inventory were well controlled,” Martinez said.
