BUSINESS BRIEFING / RETAIL
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Abercrombie & Fitch Co. reported a wider-than-expected first-quarter loss as consumers cut spending on premium clothes to what the chief executive called an unprecedented degree.
The New Albany, Ohio, company said it was prompted to write down the value of its Ruehl apparel chain by $55 million. Sales at the Ruehl chain, which targets shoppers older than 22, sank 34%.
The net loss, excluding the Ruehl write-down, was $26.8 million, or 31 cents a share, compared with net income of $62.1 million, or 69 cents, a year earlier. Revenue fell 24% to $612.1 million.
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