Abercrombie & Fitch Co. today reported a GAAP net loss per diluted share of $0.59 for the first quarter ended April 30, 2016, compared to a GAAP net loss per diluted share of $0.91, or an adjusted non-GAAP loss per diluted share of $0.53 excluding certain items, for the first quarter last year. GAAP net loss per diluted share for the quarter was adversely impacted by approximately $0.05 related to changes in foreign currency exchange rates compared to the prior year."Our results for the quarter reflect significant traffic headwinds, particularly in international markets and in our U.S. flagship and tourist stores, resulting in negative comparable sales. However, in the face of these headwinds, we were encouraged by our U.S. business, where comparable sales improved in the Hollister brand, and gross margin rate increased meaningfully for both brands. Overall, our business remains well managed in these challenging times, with our assortment and customer-centricity efforts driving improved conversion, and expense and inventory well controlled." Net sales for the first quarter of $685.5 million were down 3% over last year, with comparable sales for the first quarter down 4%. By brand, net sales for the first quarter decreased 5% to $323.3 million for Abercrombie and decreased 2% to $362.1 million for Hollister over last year. Net loss attributable to Abercrombie & Fitch Co. for the first quarter was $39.6 million compared to $63.2 million for the first quarter last year. Excluding certain items last year, net loss attributable to Abercrombie & Fitch Co. increased $2.4 million. Here is the same story as it was with COST - the margin dropped, net loss is 6% more than last year. But ANF sales dropped as well, that sent the stock 11% down in the pre-market. I still think that the stock is moved by analysts. No buy, no sell, simply avoid them now. Investors should feel discomfort due to the uncertainty - the sales are going down, but even the margins are dropping. Is it the worst case for ANF?