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.

Higher-than-planned markdowns and a $75 million write-off of spring and summer merchandise weighed on profitability.

Shares of young adult apparel retailer American Eagle Outfitters (NYSE:AEO) fell 6.9% in the morning session after the company pulled its financial outlook for the year, citing "macro uncertainty." It also planned to write down $75 million in spring and summer merchandise.