Salem Radio Network News Sunday, July 3, 2022

Business

Abercrombie cuts annual sales forecast as inflation hits apparel demand

(Reuters) – Abercrombie & Fitch Co trimmed its full-year sales forecast on Tuesday as record-high inflation hits demand for the retailer’s jeans, tops and dresses, sending its shares down 18% in premarket trade.

The company now expects net sales to be flat to up 2% in fiscal 2022, compared with its earlier forecast of a 2% to 4% growth. Analysts on average expect sales to increase 3.5% to $3.84 billion, according to Refinitiv IBES data.

(Reporting by Deborah Sophia in Bengaluru; Editing by Vinay Dwivedi)

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