Thursday, November 29, 2018

Abercrombie & Fitch shares soar on earnings beat, retailer expects to close fewer stores than expected

Abercrombie & Fitch shares soared 20 percent Thursday morning after the teen apparel retailer reported quarterly earnings and sales that topped Wall Street expectations, fueled by growth of its Hollister label and momentum in the U.S.

Sales at stores open for at least 12 months were up 3 percent, better than the 1.6 percent increase forecast by analysts who cover the company. Same-store sales at Hollister were up 4 percent during the quarter, while those at Abercrombie were up 1 percent. In the U.S., same-store sales were up 6 percent, while they were down 3 percent internationally. . . . more