Abercrombie & Fitch Shares Are Tanking After Company Reports Abysmal Sales

Third quarter comparable-store sales fell 14%, the company said in a statement. Shares fell about 6% on the news.

"Our results for the third quarter reflect continued top-line challenges, with overall spending among younger consumers remaining weak," Jeffries said. "Until we have seen a clear trend improvement, we are continuing to take a cautious approach into the fourth quarter and are working to end the year with appropriate levels of fall carryover inventory."

Abercrombie has been criticized for not updating its fashions for the fickle teen market and sticking to a preppy aesthetic that many feel is outdated.

Teens are also going to the mall less frequently, meaning they aren't frequenting Abercrombie stores as much.