ANF - Why Abercrombie & Fitch Stock Just Jumped 19%
2024-05-29 12:48:19 ET
Abercrombie & Fitch (NYSE: ANF) stock surged 19% through 11:05 a.m. ET after reporting Q1 2024 earnings this morning -- and beating Wall Street analyst targets with a stick.
Expected to earn $1.73 per share on $963 million in sales in the year's first quarter, Abercrombie instead reported a per-share profit of $2.14 and sales of more than $1 billion.
And this good news gets better. A&F's sales didn't just beat expectations; it reported its best sales quarter ever, with sales up 22% year over year. Hollister brand sales grew 12%, and Abercrombie brands were up 31%. Profits on these sales also surged, with operating margins rising 860 basis points to 12.7%.
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Why Abercrombie & Fitch Stock Just Jumped 19%