abercrombie and fitch. said Thursday that its sales careened 29 percent in August, worse than expected as shoppers continued to scale back shopping amid the recession.
The 29 percent decline in sales at stores open at least a year was bigger than a decline of 23.9 percent expected by analysts surveyed by Thomson Reuters.
The measurement is an important retail performance indicator because it measures growth at existing locations rather than newly opened ones.
For the four weeks that ended Aug. 29, the teen retailer said results in all its divisions were worse than expected.
Sales at stores open at least a year at its eponymous abercrombie and fitch chain sank 26 percent, a deeper decline than analyst's expected 22.1 percent drop. The figure slid 26 percent at children's chain abercrombie and fitch, 32 percent at Hollister company, and 37 percent at Ruehl, a brand the company plans to shut by the end of the year. Analysts had expected sales at that store to fall 29.6 percent.
For the four week period, the New Albany, Ohio-based chain said its net sales declined 23 percent to $313.9 million, down from $405.5 million last year.
abercrombie and fitch shares sank $1.29, or 4 percent, to $30.80 in premarket trading Thursday after closing Wednesday at $32.09.
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