Dive Summary:

• Several popular U.S. clothing chains among teen and young adults reported first quarter drops in revenue, although the losses were marginally less than some economists initially predicted.
• Brands which saw the largest declines in revenue for the first quarter include Gap, Abercrombie & Aeropostle. The lackluster totals were somewhat due to shortages in inventory, according to sources.
• After dated comments made by Abercrombie CEO Mike Jefferies recently resurfaced causing a widely-publicized public backlash the company posted a total loss in sales of 9% - a total higher than initially projected.

From the article:

Abercrombie was the story of the group, however. The New Albany, Ohio, apparel seller slid hard after it said sales for the first quarter dropped 9% to $838.8 million and that total comparable sales, including direct-to-consumer online sales, fell 15%. In its physical stores, comps sank 17%. Analysts were looking for a 7.4% decline.