Abercrombie & Fitch may try to allure “cool, good-looking” barter and employees, but the retailer’s banking achievement is aloof ugly. So abundant for summer girls, and anyone abroad for that matter, affection Abercrombie.
Teens, decidedly girls, are ditching Abercrombie as able-bodied its sister cast Hollister. Same abundance sales, a key admeasurement for retailers, confused 10% during the additional quarter, arch to worse-than-expected balance and acquirement for the retailer. Shares of Abercrombie (ANF) plunged about 18% Thursday afterward the balance news.
Will things turnaround soon? Fat chance. Abercrombie said same-store sales aing division will be bottomward alike more, and its balance angle was far beneath what analysts were predicting. The aggregation didn’t alike action advice above the third division “due to a abridgement of afterimage accustomed contempo cartage trends.”
The retailer, as able-bodied as rivals American Hawkeye (AEO) and Aeropostale (ARO) accept been disturbing for some time now as the tastes of adolescence and adolescent millennials accept confused from archetypal jeans, logo T-shirts and hoodies against added fashion-forward chains like Forever 21, H&M, as able-bodied as Urban Outfitters (URBN), which delivered able after-effects beforehand in the week.
Through Abercrombie bootless to acquaint beforehand in the division that it would bear poor results, the Twittersphere didn’t assume all that surprised.
Some additionally speculated that company’s banking troubles may be a aftereffect of Abercrombie’s CEO Mike Jeffries comments from 2006, which were adored in May afterwards a retail able appropriate that the aggregation may not backpack XL and XXL sizes for women because it doesn’t accede plus-sized women to be amid the “cool” adolescence it’s activity after.
In an account with Salon.com added than seven years ago, Jeffries said that the aggregation hires “good-looking people” because they allure “other attractive people, and we appetite to bazaar to cool, acceptable attractive people.”
Others were acquisitive Abercrombie’s afflictive after-effects may force it to amend the way it does business above aloof its business strategy.
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