The Conference Board said consumer confidence took its biggest one-month slide in four years, forcing many national chains to lower earnings guidance.

Abercrombie & Fitch on Wednesday becoming the latest. U.S. consumer confidence plunged last month, the biggest monthly decline in more than four years, according to the Conference Board.

Abercrombie & Fitch continues to see success across the board as well. Sales at the Abercrombie brand were up 16% to $2.55 billion in 2024 with a 15% comparable sales increase. The Hollister brand rose 15% to $2.39 billion with a 19% comparable sales increase.

The company today also announced that the company’s Board of Directors authorized a new $1.3 billion stock repurchase program, which replaces