(Reuters) - Teen apparel retailer Abercrombie & Fitch Co ( ANF ) posted a bigger-than-expected loss for the second quarter as efforts to win back shoppers through store remodeling and other measures failed to boost sales and are not expected to do so for the rest of the year.
The retailer's about-turn from a forecast issued in May, when it said it expected results to improve in the second half of the year, sent its shares tumbling more than 14 percent in premarket trading on Tuesday.
Abercrombie's sales dropped for the 14th straight quarter and comparable sales fell a slightly steeper-than-expected 4 percent, mainly due to lower traffic, including from tourists, at its flagship stores.
"Comparable sales (will) remain challenging through the second half of the year, with a disproportionate effect from flagship and tourist locations," the company said.
The retailer's about-turn from a forecast issued in May, when it said it expected results to improve in the second half of the year, sent its shares tumbling more than 14 percent in premarket trading on Tuesday.
Abercrombie's sales dropped for the 14th straight quarter and comparable sales fell a slightly steeper-than-expected 4 percent, mainly due to lower traffic, including from tourists, at its flagship stores.
"Comparable sales (will) remain challenging through the second half of the year, with a disproportionate effect from flagship and tourist locations," the company said.