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Abercrombie's The Next Retailer To Shutter Stores As Sales Fall
Abercrombie & Fitch announced plans to shutter 60 U.S. stores after experiencing Q4 sales losses.
The firm said same-store sales dropped 5% in Q4 and net sales retreated 7%, yet omnichannel sales grew to account for 31% of the company’s net sales, up from 28% a year ago. Abercrombie said it will close stores as leases expire, and it plans to replace the 60 stores lost with six full-price stores, four of which will be in the U.S., Retail Dive reports.
The teen apparel retailer is not alone. On Wednesday Crocs announced plans to close 160 stores, echoing announcements that have plagued the industry since the start of the year.
