Shares of Abercrombie & Fitch (ANF) were sinking sharply Wednesday after the apparel retailer reported soft first-quarter same-store sales.
Shares were down 24.8% to $18.81 in trading.
Abercrombie & Fitch reported a 1% increase in same-store sales, below analysts' average estimate of 1.33%, according to Refinitiv IBES.
The company reported a loss of 29 cents per share, narrower than analysts' call for a loss of 43 cents. Revenue of $734 million also topped Wall Street estimates of $733.5 million.
"We are focused on our transformation initiatives, with global store network optimization a key priority. We continue to believe in stores and are committed to delivering intimate, omni-channel brand experiences that closely align with our customers' needs," CEO Fran Horowitz said.
The company announced plans to close three additional flagship locations, bringing the total number of flagships closed since 2017 to five.
The company's Abercrombie brand reported a 1% decline in revenue to $305.5 million while its Hollister brand increased sales 1% to $428.45 million.