Abercrombie shares tumble as supply chain constraints, delayed back-to-school purchases hurt sales

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The Abercrombie & Fitch store at South Park mall in Charlotte, North Carolina.Chris Keane | ReutersAbercrombie & Fitch shares tumbled around 10% on Thursday after the apparel retailer reported disappointing sales as more teens are delaying back-to-school clothing purchases.The company, which also owns Hollister, cautioned it continues to experience shipping delays and inventory constraints due to manufacturing facilities being temporarily shutdown overseas. And in the short term, that will weigh on results."Right now, it's tough out there. All the articles you read are real," Chief Financial Officer Scott Lipesky told analysts on an earnings conference call. "And those of us on this side of the fence are living through it every day."Abercrombie is managing through shipment delays of one to three weeks, on average, by pulling forward deliveries as much as possible and leveraging air freight where necessary, Lipesky said. However, he expects these steps will lead to high
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