Abercrombie & Fitch said that its September sales were below the company's expectations.
The New Albany, OH, company said that comparable-store sales declined by a percentage “in the mid-teens.”
“Although I believe we will have a strong merchandise assortment for holiday, at this point it is very difficult to predict the level of consumer confidence and how that might impact the fourth quarter,” said Mike Jeffries, chairman/CEO. “We continue to be extremely cautious in our inventory and expense planning, but if current sales trends continue through Christmas, it will be very difficult to match last year's level of earnings for the fourth quarter.”
