ANF - Why Kohl's American Eagle and Abercrombie Popped
As you've probably heard by now, shares of Walmart (NYSE: WMT) jumped nearly 6% in afternoon trading today after the retail giant reported a big earnings beat -- $0.14 more than analysts were expecting .
Responding to that good news, shares of other retailers are enjoying bounces of their own -- indeed, several of them are rising even more than Walmart itself. As of 1:40 p.m. ET, shares of American Eagle Outfitters (NYSE: AEO) are gaining 9.4%, Kohl's (NYSE: KSS) stock is up 9.5%, and Abercrombie & Fitch (NYSE: ANF) is knocking it absolutely out of the park with a 13% gain.
In this morning's report, Walmart observed that its second-quarter 2022 sales ended up coming in "well ahead of plan," with same-store sales rising 10% year over year -- albeit much of the increase was due to inflation raising the price of goods sold. That's still a trend that could extend to rival retailers specializing in clothing, such as American Eagle, Abercrombie, and to an extent, Kohl's.
For further details see:
Why Kohl's, American Eagle, and Abercrombie Popped