NEW YORK (AP) — Abercrombie & Fitch Co. on Tuesday reported a wider fiscal second quarter loss as both U.S. and international sales fell.
Its shares tumbled more than 13 percent in premarket trading.
The New Albany, Ohio-based company lost $13.1 million, or 19 cents per share, compared with a loss of $810,000, or 1 cent per share, a year prior. Losses, adjusted for non-recurring gains, were 25 cents per share.
The teen clothing retailer’s revenue fell 4 percent to $783.2 million.
The results failed to meet Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for a loss of 23 cents per share, while 10 analysts expected revenue of $788.6 million.
“As we look to the rest of the year, we now expect flagship and tourist locations will continue to weigh on the business,” said Executive Chairman Arthur Martinez, in a statement.
Still, Martinez said that the company expects to see “traction” from its investments in marketing and new products.
Abercrombie shares were down $3.06, or 13.3 percent, to $19.89 in premarket trading about an hour before the market opening. They have decreased 15 percent since the beginning of the year. The stock has risen 22 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ANF at http://www.zacks.com/ap/ANF
Keywords: Abercrombie & Fitch, Earnings Report