Abercrombie sales are rising even faster than analysts expected
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By
Bloomberg
Published
May 29, 2024
Abercrombie & Fitch Co. blew past sales estimates in the first quarter and raised its year outlook, extending a remarkable comeback from the teen fashion graveyard.
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Shares of the retailer jumped by 3% in premarket trading in New York.
Revenue rose for the sixth straight quarter to $1 billion. Same-store sales at the Abercrombie namesake brand climbed 29% in the period, the New Albany, Ohio-based said in a statement Wednesday. That compares to an estimate of 17% growth.
Through Tuesday, the company’s stock had risen 73% so far this year and was trading at an all-time high.