Abercrombie & Fitch Co on Thursday cut its full-year sales and margin forecasts after reporting a surprise quarterly loss, underscoring increasing competition for consumer dollars amid surging inflation.
“(Abercrombie’s) second-quarter earnings disappointed on Hollister weakness, which is more exposed to a younger, less affluent customer base and international disruptions, Telsey Advisory Group analyst Dana Telsey said. “A shift away from core basics to more fashion-driven product also contributed to the below-plan performance for the brand,” Telsey added.
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