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Business

Abercrombie & Fitch ditches turnaround hopes

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Business

Abercrombie & Fitch ditches turnaround hopes

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COMING UP:Abercrombie & Fitch ditches turnaround hopes

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00:00:02
>> A pre-summer fling at Abercrombie & Fitch has gone cold. The teen retailer announcing Tuesday that sales were so unexpectedly bad in the spring to early summer that a late year bounce-back they started talking about in May is now not going to happen.>> I'm Conway in New York.
00:00:20
Abercrombie & Fitch, which also operates the Hollister brand, is not just having trouble connecting with American youngsters. Sales at its international stores, as well as its tourist destinations, like this one on New York's famed 5th Avenue, are down. And that is causing many headaches for the company. Sales at the teen retailer have dropped 14 straight quarters with the company unable to win back finicky teens, who now spend their money at competitors like H&M, Zara and Forever 21.
00:00:53
Fixing up its website, sprucing up stores, and bringing in new designers, all not enough to offset its problems made worse this season by a fashion blunder with female tops. Investors are giving up hope, punishing the stock with a drop of 20%, its biggest one day plunge in 15 years.