Teenagers aren’t opening their wallets like they once were. Abercrombie & Fitch issued a disappointing full-year forecast late Tuesday.
Abercrombie & Fitch also said that
revenue for its quarter that ended Nov. 2 fell 12 percent year-over-year to $1.03 billion.
Analysts polled by FactSet were anticipating $1.07 billion.
The company expects its adjusted earnings for the third quarter will come in at the higher-end of its prior guidance of 40 to 45 cents per share; analysts had forecast earnings of 40 cents per share.
Abercrombie’s sales from stores open at least a year fell 14 percent for the third quarter.
This is considered a key indicator of operating performance because it strips away recently opened or closed stores.
Abercrombie is scheduled to release its full quarterly results on Nov. 21.