NEW YORK (TheStreet) -- Abercrombie & Fitch
(ANF - Get Report) were tumbling Thursday on volume that was more than four times the stock's three-month average after sales fell well short of analyst expectations.
Shares of the New Albany, Ohio-based clothing retailer were dropping 4.5% to $42.03, trimming its gain for 2014 to 28%.
Abercrombie reported second-quarter earnings, including charges, of 17 cents a share for the three-month period ended Aug. 2, compared to 14 cents a share for the same period a year ago. Consensus estimates called for 11 cents a share. Adjusted earnings came in at 19 cents a share.
Net sales missed Wall Street expectations, posting $891 million, down 6% from a year earlier, and below the $909.8 million consensus estimate. Same-store sales declined 11%, worse than the consensus estimate of -4.1%, as tallied by Consensus Metrix, led by a 10% drop at Hollister, where the company has been focused on lowering prices to compete with the fast-fashion players in the mall. Same-store sales at the company's flagship brand dropped 1% and abercrombie kids declined 6%.