Abercrombie & Fitch Co.’s stock fell 16% on Wednesday to its lowest levels since 2023, after the retailer issued a first-quarter profit warning due partly to higher inventory levels and slower sales over the winter.

Abercrombie & Fitch joined other U.S. retailers in forecasting weak annual sales growth and warned of softer demand heading into spring for its namesake brand, sending its shares down 14% on Wednesday.

Shares of apparel retailer Abercrombie & Fitch ( ANF -11.70%) plunged on Wednesday after it reported financial results for the fourth quarter of 2024. As of noon ET, Abercrombie stock was down 14% for the day and down nearly 60% from its 52-week high.