Abercrombie Third-Quarter Net Falls 46%

Abercrombie & Fitch ( ANF) reported a 46% decline in third-quarter net income to $63.9 million, or 72 cents a share, on a pullback in consumer spending and a difficult economic environment, and said it expect fourth-quarter earnings well below analysts' estimates.

Earnings in the year-earlier third quarter were $117.6 million, or $1.29 a share.

Analysts surveyed by Thomson Reuters expected the retailer to report third-quarter earnings of 71 cents a share.

Total company net sales fell 8% to $896.3 million in the quarter, while same-store sales declined 14%.

Abercrombie said Friday it now expects fourth-quarter earnings of $1 to $1.05 a share, with fiscal year earnings of $3.27 to $3.32 a share. The guidance assumes a decline in same-store sales of 26% in the period, in line with the early November trend.

Analysts expect fourth-quarter earnings of $1.57 a share.

More from Stocks

Sarepta Shares Keep Climbing and PTC Therapeutics Bounces Back

Sarepta Shares Keep Climbing and PTC Therapeutics Bounces Back

Dow Fluctuates, Nasdaq Strikes Record High

Dow Fluctuates, Nasdaq Strikes Record High

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

GE's Exit From Dow Could Be a Blessing in Disguise, Goldman Says

GE's Exit From Dow Could Be a Blessing in Disguise, Goldman Says