The stock of Abercrombie & Fitch (ANF) is up 10% after the U.S. clothing retailer delivered better-than-expected financial results.
For the year’s second quarter, Abercrombie & Fitch posted earnings per share of $4.17 U.S., which was well above Wall Street’s forecast for $1.99 U.S.
Revenue in the April through June quarter totaled $1.27 billion U.S., beating the consensus expectation among analysts of $1.25 billion U.S. Sales were up 5% from a year earlier.
Management at Abercrombie & Fitch delivered strong guidance, saying they expect third-quarter earnings of $2.90 U.S. to $3.20 U.S. a share, ahead of forecasts of $2.82 U.S. per share.
The company also said that it expects sales growth of 5% to 6% in the current third quarter.
For the entire year, Abercrombie & Fitch expects sales growth of about 5% and earnings of $13.10 U.S. to $13.60 U.S. a share.
The full-year earnings outlook is above analysts’ consensus estimate of $10.72 U.S. a share.
Abercrombie & Fitch had previously forecast full-year earnings of $10.20 U.S. to $11 U.S. per share with sales growth of about 3%.
Prior to today (Aug. 26), ANF stock had declined 12% this year to trade at $108.90 U.S. per share.
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