Why Abercrombie & Fitch Stock Crashed Today
Shares of Abercrombie & Fitch (NYSE: ANF) plunged 28.7% on Tuesday after the apparel retailer reported an unexpected quarterly loss and slashed its full-year sales forecast.
Abercrombie's revenue rose 4% year over year to $813 million in its fiscal first quarter, which ended on April 30. A 13% rise in the company's namesake brand sales, to $383.9 million, was partially offset by a 3% decline in its Hollister brand sales, to $428.8 million.
Abercrombie's revenue in its Asia Pacific region was particularly hard hit by coronavirus-related lockdowns in China. Net sales in the segment fell 35% to $29.8 million.
Source Fool.com
