GPS - Abercrombie & Fitch Reports Its Best Ever Quarter That Officially Cement It As One Of The Biggest Retail Winners | Benzinga
On Wednesday, Abercombie & Fitch Co. (NYSE: ANF) continued to surpass expectations. For the fiscal first quarter, sales jumped 22% YoY with profits multiplying about seven times compared to last year’s comparable quarter. Upon the report, shares rose 25% on Wednesday but tumbled on Thursday.
Fiscal First Quarter Highlights
For the quarter ended on May 4th, revenue rose 22% YoY to $1.02 billion, surpassing LSEG’s consensus estimate of $963.3 million. Net income skyrocketed to $113.9 million, which is about seven times more compared to last year’s comparable quarter. CEO Fran Horowitz noted that Abercrombie brands grew 31% while Hollister brands reported growth of 12%.
Outlook
With comparable sales growing 21%, on top of the 3% growth from last year’s comparable quarter, Abercombie expects sales to rise again in the current fiscal year, while also lifting its revenue guidance. For the full year, Abercombie expects sales growth of about 10%, lifting its prior outlook in the range from 4% to 6%, surpassing LSEG’s expectation of 7%. As for the current ...