Abercrombie share price tumbles after disappointing Q3 results

Fashion retailer Abercrombie and Fitch saw a significant fall in sales during the third quarter of 2016, sending shares in the Ohio-based company plummeting on Friday.

Sales at Abercrombie's existing stores fell 14% in the period, when compared with the same quarter of last year, the company said on Friday.

Total revenue fell 6.5% to $821.7m in the face of tough competition from the likes of other global brands such as H&M.

Shares fell almost 15% in pre-market trading on the back of the poor sales, after previous falls of 7% and 8% in its sales in the preceding quarters.

"While we anticipate the A&F business will remain challenging through the balance of the fiscal year, we continue to move aggressively to evolve the brand across all channels through significant changes in product, customer experience and marketing," Abercrombie's executive Chairman Arthur Martinez said in a press release.

15 stores have already been closed across the US this year, and 35 are set to shut their doors during the fourth quarter of this year.

One positive point for the company was the performance of its Hollister brand, whose sales were flat during the quarter, despite suffering the same intense competition this year.