Shares of American Eagle Outfitters are tumbling after the retailer withdrew its financial outlook for the year citing “macro uncertainty” and said it would write down $75 million in spring and summer

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. Most Read from BloombergAs Coastline Erodes,

American Eagle Outfitters scrapped its outlook for the year, stating that macroeconomic uncertainty has made it too difficult to predict consumer spending.