Abercrombie & Fitch shares tank 14 percent after Q3 trading update

Shares of Abercrombie & Fitch plummeted 14 percent, after the teen clothing retailer reported a 12 percent slump in its third quarter revenues, more than what analysts estimated, hurt largely by weak traffic given the highly promotional and challenging environment. The company also detailed a weak earnings outlook for third quarter.

Abercrombie's third-quarter sales decreased 12 percent to 911.4 million dollars from 1.03 billion dollars last year. Analysts polled by Thomson Reuters expected sales of 982.24 million dollars, or down 4.90 percent.