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Abercrombie & Fitch reports sharp drop in sales

NEW YORK (AP) — Abercrombie & Fitch is still having trouble getting teens to buy its clothing.

Sales fell by more than expected in September and October as fewer people headed to the mall and shoppers shunned clothing with the retailer’s logo on it. Abercrombie & Fitch also reported weaker sales at its European stores, especially at its Hollister brand.

Shares slid in late morning trading Friday, touching a two-year low.

The New Albany, Ohio-based retailer has been trying to win customers back by removing logos from its clothing. It’s also cutting expenses and closing some of its stores.

Abercrombie & Fitch expects adjusted third-quarter earnings of between 40 cents per share and 42 cents per share. Analysts expected 68 cents per share, according to FactSet. The company will report full results on Dec. 3.

Revenue fell 12 percent to $911.4 million in the quarter that ended on Nov. 1, below analysts’ estimate of $982.4 million.

Sales at stores open at least a year fell 10 percent in the period — down 7 percent in the U.S. and down 15 percent internationally. The metric is a key indicator of a retailer’s health, as it excludes potentially distorting results from stores that recently opened or closed.

Shares of Abercrombie & Fitch Co. fell $4.59, or 13 percent, to $30.80 in late morning trading. They bottomed at $30.31 earlier Friday, the lowest point since 2012.

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Summer McIntosh storms to Pan Pacs 400 IM title, rebounding from 200 free runner-up finish

IRVINE, Calif. (AP) — Summer McIntosh of Canada led all the way in winning the 400-meter individual medley at the Pan Pacific Championships on Thursday night, bouncing back after a runner-up finish in the 200 freestyle. Australia led all but 150 meters of the women's 4 x 200 freestyle relay, with the team of Inez Miller, Lani Pallister, Hannah Casey and Milla Jansen winning in 7 minutes, 42.40 seconds to lower the country's championship mark of 7:44.12 set at the 2018 Pan Pacs. Katie Ledecky swam the anchor leg for the U.S., but couldn't overhaul Jansen although she got within a body length in the closing meters. Erin Gemmell, Anna Peplowski, Rylee Erisman and Ledecky took silver in 7:43.10, also going under the old championship mark. “I've kind of struggled with the 200 individually from a flat start over the last couple years, but I always know I'll have something in me for the relay and I'll pull out a good split,” Ledecky said. “I love swimming that anchor leg.”
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