Nov 6 (Reuters) – Abercrombie & Fitch Co’s shares were set to open around 7 percent lower after the teen fashion retailer reported sliding sales and slashed its profit outlook.
At least three analysts cut their price targets on A&F’s stock and others were looking for the company to explain its plans at an investor briefing later on Wednesday.
Known for its edgy marketing and buff young shop assistants, A&F has lost its way with younger shoppers, who have tired of its charms.
Even before Tuesday’s results, the company’s shares had shed a fifth of their value this year. They fell 15 percent in extended trading to a low of $32.63 before recouping some of their losses.
Source: The Huffington Post
