SHOCKING REPORT: Teen retailer Abercrombie & Fitch reported a 33 percent drop in second-quarter profit and warned that business would get even worse in the current quarter, which includes the final stretch of the back-to-school selling period.
INVESTOR REACTION: The company's results and forecast both missed Wall Street estimates, and shares of Abercrombie plummeted.
TEENAGE BLUES: Teen retailers have struggled in the summer quarter. Their customer base can be fickle, with constantly changing tastes in fashion and promotions causing shopper loyalty to wane.
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