Abercrombie & Fitch stock plummets more than 30%, headed towards biggest ever one-day decline

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Abercrombie & Fitch Company ANF,
-31.13%
The stock sank more than 30% in Tuesday’s trading, en route to the stock’s biggest one-day drop. The clothing and accessories retailer reported first quarter results during premarket times; It ended at a loss and gave guidance below Street expectations. Neil Saunders, managing director of GlobalData, wrote, “Given that there is little promotional activity, this underscores the severe inflationary pressures affecting Abercrombie & Fitch, particularly from higher freight and manufacturing and material costs.” ” “Management’s claim that these adverse events are likely to persist for the next two quarters is, in our view, an unfortunate but accurate reflection of reality. However, this would scare away investors who were expecting margin gains.” Abercrombie acquired American Eagle Outfitters Inc. dragged the AEO,
-9.16%
Down with that, shares of American Eagle were down 9.1% in Tuesday’s trading. American Eagle is due to report first-quarter earnings before the opening bell on Thursday. Abercrombie stock is down 45.6% so far this year.

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Credit: www.marketwatch.com /

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