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Abercrombie & Fitch Drops After Cutting Profit Forecast

May 24 (Bloomberg) -- Abercrombie & Fitch Co. declined the most in nine months after the teen retailer reduced its annual profit forecast and said comparable-store sales would be lower for the remainder of the year.

The shares fell 11 percent to $48.35 at 10:07 a.m. in New York, after earlier dropping 12 percent for the biggest intraday decline since August 2012. Abercrombie had advanced 13 percent this year through yesterday, compared with a 16 percent gain for the Standard & Poor’s 500 Index.

Earnings per share for the company’s fiscal 2013 will be $3.15 to $3.25, down from a previous projection of $3.35 to $3.45, New Albany, Ohio-based Abercrombie said today in a statement. Comparable-store sales will be “slightly down” for the rest of the year, the company said.

The net loss in the first quarter, which ended May 4, narrowed to $7.2 million, or 9 cents a share, from $21.3 million, or 25 cents, a year earlier, Abercrombie said today. Analysts projected a loss of 5 cents a share, on average.

“The first quarter proved to be more difficult than expected on the top-line due to more significant inventory shortage issues than anticipated, added to by external pressures,” Chairman and Chief Executive Officer Mike Jeffries said in the statement.

To contact the reporter on this story: James Callan in New York at jcallan2@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

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