Published on 29 May 2024 on StockStory via Yahoo Finance
Abercrombie and Fitch (ANF) Shares Skyrocket, What You Need To Know
What Happened:
Shares of young adult apparel retailer Abercrombie & Fitch (NYSE:ANF) jumped 27% in the afternoon session after the company reported a "beat and raise" quarter. First quarter results blew past analysts' revenue and EPS expectations, driven by its insanely high 21% year-on-year same-store sales growth (vs analysts' estimates of 12%). The sales performance was broad-based with Abercrombie brands up 31% while Hollister brands delivered growth of 12%. On the back of the strong print, the company raised its full-year revenue guidance from 5% growth at the midpoint to 10%, a massive jump. Zooming out, we think this was a fantastic quarter that shareholders will appreciate.