Abercrombie & Fitch cuts its sales and profit forecast

Abercrombie & Fitch has lowered its full-year sales and earnings outlook after finding itself in an overstocked position with declining demand. “We expect macro headwinds to persist and have taken action to adjust receipts across brands to fuel winning categories for late fall and holiday... We have right-sized the Hollister inventory receipt plan for holiday and beyond,” CEO Fran Horowitz said.