“May 24 (Reuters) – Abercrombie & Fitch Co on Friday reported a steeper-than-expected drop in quarterly comparable sales, in part because of inventory shortages, and the teen clothing retailer’s shares fell more than 11 percent.
Sales at stores open at least a year combined with online sales fell 15 percent. The decline was most pronounced at the Hollister chain, the company’s largest. But Abercrombie lost business under all its banners, even in its direct-to-consumer operations, which include e-commerce.
Abercrombie said it expected comparable sales to be slightly down for the remainder of the year.
Overall sales fell 9 percent to $838.8 million in the first quarter ended May 4, well below analysts’ expectations of $941.3 million, according to Thomson Reuters I/B/E/S…..”
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