Abercrombie & Fitch warns Q3 sales below expectations, shares fall 14%


Retailer Abercrombie & Fitch warned that third-quarter sales were below expectations, and shares fell 14 percent in premarket trading on the news.

Abercrombie said net sales for the quarter ended Nov. 1 fell 12 percent to $911.4 million. Analysts polled by Thomson Reuters, on average, had expected sales of $982.2 million for the period. Abercrombie's result was almost $40 million worse than the most pessimistic forecast of the 30 analysts polled.

Same-store sales fell 7 percent in the United States and 15 percent internationally. The company said September and October were "significantly weaker" than August.

The company said it expects to report an adjusted profit of 40 to 42 cents per share. Analysts had expected a profit of 67 cents per share.