Abercrombie & Fitch shares tumbled more than 20% in premarket trading Tuesday after the retailer reported an unexpected loss in its fiscal first quarter, with freight and product costs weighing on sales.

Abercrombie also slashed its sales outlook for fiscal 2022, anticipating that economic headwinds will remain at least through the end of the year.

It now sees revenue flat to up 2%, compared with a prior forecast of a 2% to 4% growth. Analysts had been looking for a year-over-year increase of 3.5%, according to Refinitiv consensus estimates.

Here’s how Abercrombie did for the three-month period ended April 30, compared with what Wall Street was anticipating, based on Refinitiv estimates:

• Loss per share: 27 cents adjusted vs. earnings of 8 cents expected
• Revenue: $813 million vs. $799 million expected

Abercrombie reported a net loss in its fiscal first quarter of $14.8 million, or 32 cents per share, compared with net income of $42.7 million, or 64 cents a share, a year earlier.

Excluding one-time items, Abercrombie lost 27 cents per share. Analysts had expected the company to earn 8 cents a share during the quarter.

Sales grew 4% to $812.8 million from $781.4 million a year earlier. That was ahead of expectations for $799 million.

Abercrombie shares have fallen 23% year to date, as of Monday’s market close.

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