Abercrombie & Fitch Co. (NYSE: ANF) shares leaped Friday, as the company posted upbeat Q3 results.
The clothing retailer, based in New Albany, Ohio, reported GAAP net income per diluted share of $0.15 for the third quarter ended October 28, compared to GAAP net income per diluted share of $0.12 for the third quarter last year.
Excluding certain items, the company reported adjusted non-GAAP net income per diluted share of $0.30 for the quarter, compared to adjusted non-GAAP net income per diluted share of $0.02 last year.
A news release out Friday shows net sales for the third quarter were $859.1 million, up 5% over last year, with comparable sales for the third quarter up 4% and changes in foreign currency exchange rates benefiting net sales by 1%.
ANF CEO Fran Horowitz said, "We are pleased by the clear progress across all brands, delivering another quarter of sequential comparable sales improvement, and a return to positive comparable sales. This sales performance in combination with disciplined expense management drove profit growth, despite the promotional environment.
Horowitz concluded, “We continue to execute on our strategic plan, and we are positioned to compete in what we expect to be a challenging and promotional fourth quarter. We maintain our focus on driving operating expense leverage, while also making strategic investments in marketing and omnichannel to meet our customers' needs whenever, wherever and however they choose to engage with our brands."
Shares shot skyward $3.27, or 26.1%, by the last hour of trading Friday, to $15.82
