(Adds Outlook, share movement)
Following the release of the quarterly results, and outlook shares of Abercrombie & Fitch Co. (ANF) were trading up by 19.51 percent at $27.50 per share in the pre-market trading on the New York Stock Exchange.
Looking ahead, for the second quarter, the company expects sales growth of 4 percent to 6 percent, on last year’s $805 million. Analysts, on average, expect ANF to report sales of $813.27 million
For the full year 2023, the retailer has revised up its sales outlook assuming that it will continue to outperform Hollister and the U.S. will continue to outperform International. Also, the year 2023 includes a 53rd week for reporting purposes, along with net store expansion. The additional week is expected to add around $45 million to total net sales of the fourth quarter and full year.
The company now projects net sales growth of 2 percent – 4 percent, on last year’s $3.7 billion. The new projection is an increase to the previous outlook of up 1 percent to 3 percent. Analysts, on average, project ANF to report sales of $3.76 billion, for the year.
Below are quarterly earnings highlights for Abercrombie & Fitch.
Earnings: $16.571 million in Q1 vs. -$16.469 million in the same period last year.
EPS: $0.32 in Q1 vs. -$0.32 in the same period last year.
Excluding items, Abercrombie & Fitch Co. reported adjusted earnings of $19.820 million or $0.39 per share for the period.
Analysts projected -$0.05 per share
Revenue: $835.994 million in Q1 vs. $812.762 million in the same period last year.
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