Nathan Bomey

USA TODAY

Shoppers snubbed fashion retailer Abercrombie & Fitch in the third quarter, damaging the company's finances and sending its stock plunging Friday.

Abercrombie shares (ANF) plummeted nearly 15% to $14.43 in late-afternoon trading after the chain outlined a "disappointing performance" by its flagship brand.

Sales at Abercrombie stores open at least a year fell 14% in the third quarter. It had declined 7% in the second quarter and 8% in the first quarter.

Battered by nimble competitors from the world of fast fashion — namely H&M and Forever 21 — the company's total revenue fell 6.5% to $821.7 million.

Net income tumbled 81.2% to $7.9 million, missing S&P Global Market Intelligence estimates of $15.4 million. On a per-share basis, the company earned 12 cents, trailing expectations of 25 cents.

The company's Hollister brand is faring better than its flagship Abercrombie stores. Sales at U.S. Hollister stores open at least a year were flat.

But Abercrombie stores suffered decreasing foot traffic, poor sales of seasonal products and underwhelming interest from tourists.

"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," Executive Chairman Arthur Martinez said in a statement, hinting at "a comprehensive set of strategic and operational actions" to come.

The outlook for the crucial holiday shopping season is not looking much better. The company said same-store sales will be "challenging, but modestly improved from the third quarter."

The company said it plans to close 35 stores in the fourth quarter after already shuttering 15 this year. It will open seven new locations during the period, after already opening 13 so far this year.

The retailer has more than 900 stores worldwide.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.