Finance
Abercrombie & Fitch is going nuts after crushing earnings
Facebook/Abercrombie
Abercrombie
& Fitch surged more than 25% early Thursday after
reporting strong third-quarter results.
The teen retailer earned an adjusted $0.33 a share on revenue on
revenue of $861.2 million, easily beating the $0.21 and $853
million that analysts surveyed by Bloomberg were expecting.
Same-store sales jumped 3% versus a year ago, outpacing the 1.7%
gain that Wall Street was looking for. Abercrombie said that both
its flagship business and its Hollister brand had solid quarters.
“We are pleased with our third quarter performance, our fifth
consecutive quarter of positive comparable sales, with growth
across both of our brands,” CEO Fran Horowitz said in the
earnings release.
“Our strong U.S omnichannel business, and 16% global digital
sales growth, confirm that our playbooks are working.”
Looking ahead, Abercrombie maintained its fiscal year 2018
same-store sales forecast of between 2% and 4%, and said that it
expects to close 40 stores by year-end — down from its previous
estimate of up to 60.
Abercrombie was down 3.28% this year through Wednesday, trading
at $17.12 a share.
-
Entertainment7 days ago
‘Interior Chinatown’ review: A very ambitious, very meta police procedural spoof
-
Entertainment6 days ago
Earth’s mini moon could be a chunk of the big moon, scientists say
-
Entertainment6 days ago
The space station is leaking. Why it hasn’t imperiled the mission.
-
Entertainment5 days ago
‘Dune: Prophecy’ review: The Bene Gesserit shine in this sci-fi showstopper
-
Entertainment4 days ago
Black Friday 2024: The greatest early deals in Australia – live now
-
Entertainment3 days ago
How to watch ‘Smile 2’ at home: When is it streaming?
-
Entertainment3 days ago
‘Wicked’ review: Ariana Grande and Cynthia Erivo aspire to movie musical magic
-
Entertainment2 days ago
A24 is selling chocolate now. But what would their films actually taste like?