shares slipped lower in pre-market trading after the iconic clothing maker slashed its full-year profit forecasts, citing a pullback in consumer spending, following weaker-than-expected third quarter sales.
Gross margins were also hit, falling 1.3% to 55.6%, thanks in part to deeper promotions needed to shift inventory that piled up as a result of a warmer-than-expected summer that slowed store traffic and higher product costs. “In the third quarter, we delivered double-digit growth in our direct-to-consumer business, driven by strong comp-store gains, which helped offset continued softness in the wholesale channel, primarily in the U.S.,” said CEO Chip Bergh.
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