Hollister parent company Abercrombie & Fitch said this morning that third quarter company sales came in significantly below plan.
The weakest trends were at the Hollister chain, an industry competitor at the mall.
Total company same-store sales for all chains declined 10%. U.S. comps fell 7% and international comps dropped 15%.
The company blamed weak traffic, especially in Europe, which is showing further signs of a slowdown, the company said.
Sales were also hurt by the reduction in sales of logo product, which the company is moving away from to align with consumer trends.
Gross margins for the quarter will also be lower than expected due to increased promotions because of the challenging environment.
