(Bloomberg) -- American Eagle Outfitters Inc.’s stock dropped after it pulled its guidance for the full year following a first quarter that was marred by discounting and a write-down of inventory.

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In a preliminary earnings release, the apparel chain said comparable sales are expected to be down about 3% in the three-month period ended May 3. Revenue is expected to be about $1.1 billion, a decline of roughly 5% from a year earlier.

The apparel chain said it’s withdrawing its outlook “due to macro uncertainty and as management reviews forward plans in the context of first-quarter results.” The company is registering a charge of about $75 million related to “a write-down of spring and summer merchandise.”

“We are clearly disappointed with our execution in the first quarter,” Chief Executive Officer Jay Schottenstein wrote in a statement. “Merchandising strategies did not drive the results we anticipated, leading to higher promotions and excess inventory.”

American Eagle shares slumped 18% at 4:46 p.m. in extended trading in New York. The stock has declined 24% this year through Tuesday’s close.

Consumer companies from McDonald’s Corp. to Steven Madden Ltd. have posted uneven results in recent weeks as consumer sentiment wobbles amid President Donald Trump’s rapidly shifting trade policies.

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