Abercrombie & Fitch Gains On Surge In Q1 Profit That Beat Estimates

(RTTNews) - Abercrombie & Fitch Co. (ANF) shares are climbing over 16 percent on Wednesday after the announcement of a surge in first-quarter profit, compared to the prior year.

The company's quarterly profit increased to $113.85 million or $2.14 per share from $16.57 million or $0.32 per share in the prior-year quarter.

On an adjusted basis, profit stood at $2.14 per share, higher than analysts' expectation of $1.73 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter grew 22 percent to $1.02 billion from $835.99 million in the same quarter last year.

Looking forward, the company expects sales growth of around 10 percent in fiscal 2024 from $4.3 billion in fiscal 2023.

Currently, Abercrombie & Fitch's stock is moving up 16.43 percent, to $177.38 over the previous close of $152.39 on the New York Stock Exchange. It has traded between $29.88 and $180.65 in the past one year.