Abercrombie & Fitch Co. (ANF) shares are experiencing a notable increase of over 16% this Wednesday, following the company's announcement of a significant rise in first-quarter profits compared to the previous year.
The company reported a quarterly profit of $113.85 million, translating to $2.14 per share, up from $16.57 million or $0.32 per share in the same quarter last year.
On an adjusted basis, earnings stood at $2.14 per share, surpassing analysts' expectations of $1.73 per share. Analyst estimates typically exclude special items.
Revenue for the quarter surged 22% to $1.02 billion, compared to $835.99 million in the year-ago quarter.
Looking ahead, the company anticipates approximately 10% sales growth for fiscal 2024, up from $4.3 billion in fiscal 2023.
Currently, Abercrombie & Fitch's stock is trading up 16.43%, reaching $177.38 from the previous close of $152.39 on the New York Stock Exchange. Over the past year, the stock has traded between $29.88 and $180.65.
