ANF - Why Abercrombie & Fitch Stock Soared Today
2023-08-23 11:29:34 ET
Things are looking up for apparel retailer Abercrombie & Fitch (NYSE: ANF) and that's why the stock is up a whopping 25% as of 10:45 a.m. ET and hitting its highest price in a decade. The boost to investor enthusiasm came after the company reported financial results for its fiscal second quarter of 2023.
In Q2 (which ended in July), Abercrombie & Fitch generated net sales of $935 million, which was a strong increase of 16% year over year and driven by particular strength in its Abercrombie brand.
Expectations were low to start Abercrombie's fiscal 2023. Management only guided for 1% to 3% year-over-year net sales growth for the year. But so far, the business is crushing those expectations.
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Why Abercrombie & Fitch Stock Soared Today