Abercrombie & Fitch Stock Surges 25% on Earnings Beat and Record Net Sales
Shares of Abercrombie & Fitch soared 25% in premarket trading Wednesday after the apparel retailer posted fiscal first-quarter earnings that surpassed analysts' expectations.
Adjusted earnings of $1.59 a share topped the $1.36 Wall Street was anticipating, according to FactSet. Net sales of $1.1 billion were up 8% from the previous year and above estimates of $1.06 billion. However, that figure was down from the $1.58 billion reported in the prior quarter.
The company also provided an update to certain parts of its fiscal-year outlook. Management now forecasts net sales to grow between 3% and 6%, versus a prior range of 3% to 5%. Net income per diluted share is expected at between $9.50 and $10.40 a share, down from a prior range of $10.50 to $11.40.
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