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 merchandise.

American Eagle on Tuesday said it is writing off $75 million in spring and summer merchandise and withdrawing its full-year guidance as it contends with slow sales, steep discounting and an uncertain economy.

Merch strategies “did not drive the results we anticipated,” teen and young-adult favorite American Eagle says.