Abercrombie’s stock is down over 10% after seeing profits fall significantly in the first quarter. Same-store sales were down 5%, which was worse than the 0.5% decline expected. Net sales also missed estimates, coming in at $921.2 million compared to the estimates of $952 million.A year ago, Abercrombie posted first quarter earnings of $25.1 million, but this year the first quarter earnings came in significantly lower at just $3 million.
As reported in February, people think Abercrombie is just not cool anymore.
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