Pursuits
Abercrombie & Fitch Drops After Cutting Profit Forecast
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Abercrombie & Fitch Co. declined the most in nine months after the teen retailer reduced its annual profit forecast and said comparable-store sales would be lower for the remainder of the year.
The shares fell 11 percent to $48.35 at 10:07 a.m. in New York, after earlier dropping 12 percent for the biggest intraday decline since August 2012. Abercrombie had advanced 13 percent this year through yesterday, compared with a 16 percent gain for the Standard & Poor’s 500 Index.