Abercrombie & Fitch Co. was stung by the slowdown in consumer spending in the second quarter.
The retailer reported a 4.2 percent fall in second-quarter profits Friday to $77.8 million, or 87 cents a diluted share, from $81.2 million, or 88 cents a share, in the same period last year. Second-quarter sales rose 5.1 percent to $845.8 million from $804.5 million a year ago.
"Our second quarter financial results reflect difficult macroeconomic conditions and a significant slowdown in consumer spending," said Mike Jeffries, chairman and chief executive officer of the New Albany, Ohio-based business.
Peter Kim's Los Angeles-based premium denim line has always had its finger on the pulse of youth. This season, novelty is back in a way reminiscent of early Aughts, with studs, lace-ups, racing waxed denim and more. For more highlights if some of the key brands at the Vegas trade shows, go to WWD.com. #wwdfashion (📷: Patrick Gray; Styled by @thealexbadia; Story by @karihamanaka and @marcy_wwd)
"I was driving back on Saturday afternoon from the beach, and I just saw this sign saying 'Skydiving for $95.' And I was like, I can't not sky dive for $95," says Tom Bateman about a moment in Hawaii while shooting "Snatched." #wwdeye (📷: @vsteves; Interview by @ktauer; Styled by @thealexbadia)