Abercrombie and Fitch fell yesterday after forecasting profit for the current quarter that was less than analysts estimated amid declining customer traffic.

Third-quarter profit would be as much as 45 cents a share, the company said yesterday in a statement, while declining to forecast earnings beyond then. Analysts had estimated $1.07 on average.

Chief executive Mike Jeffries has been struggling to reconnect with the chain’s teenage customers who are less enamoured of Abercrombie’s fashions, half-naked models and cacophonous stores. Also, consumers concerned about the economy have been limiting purchases of non-essential items.

Sales at stores open at least a year and through its websites fell 10 per cent in the quarter ended August 3rd, including an 11 per cent US decline. – (Bloomberg)