Abercrombie Profits Fell 81 Percent In Third Quarter Of 2016
The rough turnaround continues for preppy teen retailer Abercrombie and Fitch. The latest quarterly earnings report from the New Albany-based retailer says profits tumbled 81 percent compared to the same quarter a year ago.
August through October brought the third-straight quarter of declining same-store sales.
The company also says it predicts a down holiday shopping season.
News of the continued struggles pushed stock shares down 12 percent before markets opened Friday morning.
The company’s been desperately trying to re-brand itself after former CEO Michael Jefferies alienated many shoppers by saying they hire good-looking employees to help attract good-looking shoppers. Jefferies also once said some people don’t belong in Abercrombie clothes.
Abercrombie has since abandoned shirtless male workers in dimly-lit stores in favor of brighter stores, looser-fitting clothing, and more-inclusive branding.