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.

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