ANF - Why Abercrombie & Fitch Stock Surged Today
Shares of Abercrombie & Fitch (NYSE: ANF) leaped 21.7% on Tuesday after the apparel retailer reported a surprise profit.
Abercrombie's sales declined by 3% year over year to $880 million in its fiscal third quarter that ended Oct. 29. A 10% jump in the company's namesake brand sales partially offset a 12% decline in its Hollister brand sales.
Although inflation and job losses are forcing consumers to pare back their discretionary spending, people are still buying clothes as they return to traditional work locations and resume social activities.
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Why Abercrombie & Fitch Stock Surged Today