Strong online sales can't offset closed stores for Abercrombie & Fitch

Abercrombie & Fitch reported that its namesake chain's revenues declined 30 percent in the most recent quarter and that its Hollister chain saw a 36 percent drop. Digital sales for the retailer grew 25 percent over the period, but that was not enough to offset the damage done when it closed stores across the world in response to the coronavirus pandemic.