Abercrombie & Fitch Co. provided earnings guidance for the third quarter of 2022. For the third quarter of fiscal 2022, the company expects: Net sales to be down high-single-digits to fiscal third quarter 2021 level of $905 million.

The level assumes a continuation of recent trends for the rest of the quarter and includes an estimated adverse impact of approximately 220 basis points from foreign currency. Operating income to be around break-even with the year-over-year decline driven by lower sales and an assumption of lower AURs needed to keep inventory current.