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.

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

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