Hip teen retailer Abercrombie & Fitch reported even worse sales than expected this week. The retailer's same-store sales for May plunged 28%. This was a result that was 4% weaker than analysts were expecting.
Before the market opened, Abercrombie reported its same-store sales plunged 28 percent in May. The decline was about 4 percent steeper than Wall Street analysts expected, according to a poll by Thomson Reuters. In the year-ago period, Abercrombie saw its same-store sales dip 1 percent.
Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance.
The company said sales in men's graphic tees and knit tops and women's shorts and fleece were particularly weak.
The Columbus Dispatchsays May was Abercrombie & Fitch's seventh straight month with sales falling by 20% or more.
The retailer has switched its previous policy on discounting. In some stores there are signs about discounts posted inside the store where pictures of male models (like the twins pictured above) used to be.
Hip teen retailer Abercrombie & Fitch reported even worse sales than expected this week. The retailer's same-store sales for May plunged 28%. This was a result that was 4% weaker than analysts were expecting.
