HomeIndustriesAbercrombie & Fitch Raises Annual Sales Forecast After Positive Q2 Earnings

Abercrombie & Fitch Raises Annual Sales Forecast After Positive Q2 Earnings

Retailer Abercrombie & Fitch surprised more than a few people with its second-quarter earnings that easily beat Wall Street analysts’ expectations. The company also doesn’t expect its business will slow down anytime soon, having raised its annual sales forecast.

Analysts expected Abercrombie & Fitch to have $0.17 earnings per share on $842.4 million revenue. However, the New Albany-headquartered company comfortably cleared these numbers, reporting revenue of $935.3 million with $1.10 earnings per share for the second quarter.

After a successful first part of the year, Abercrombie & Fitch now expects its net sales will go up by 10% compared to the $3.7 billion figure in 2022. The company previously expected its sales to grow between 2% and 4% on the year.

“The story behind the story is years of hard work, lots of transformation in the company,” CEO Fran Horowitz told Yahoo Finance. “We’ve really top-down and bottom-up gone through every single function.”

With a promising second quarter and a raised sales forecast, Abercrombie & Fitch managed to get the attention of investors. The company’s stock jumped 25% at one point, going from Tuesday’s close price of $41.16 per share to $51.44 on Wednesday. Abercrombie & Fitch shares closed at $50.86 by the end of the day, being 115.51% up year-to-date.

Adobe’s Stock Surges More Than 14% Percent On the Back of Record Revenue

Software company Adobe shared its report for the second quarter, which showed record revenue and earnings results that beat the expectations of analysts. The...

Cruise Stocks Drop Amid Worries About Their Pricing Power

Cruise companies Carnival, Norwegian Cruise, and Royal Caribbean all saw their stock take a significant dip on Friday after analysts expressed concerns about their...

U.S. Home Sales Approach Lowest Level in a Decade Amid All-Time High Prices

Prospective homebuyers in the United States continue to remain on the sidelines amid all-time high prices. Real estate brokerage Redfin recently released a report...