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.
@serenawilliams, in @versace and a @bulgariofficial necklace, with @alexisohanian attending the #royalwedding at St. George’s Chapel. See all of the celebrities in attendance on WWD.com. #wwdeye #wwdfashion
The wait is over: Meghan Markle picks @givenchyofficial’s Clare Waight Keller for her wedding dress. Markle entered St. George’s Chapel in a Givenchy Haute Couture gown paired with Queen Mary’s Diamond Bandeau Tiara, loaned to her by The Queen. Read more on WWD.com - Link in bio. #wwdnews #wwdfashion #royalwedding