Abercrombie Shares Surged After This

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Shares of Abercrombie and Fitch spiked on Thursday after the company reported better than expected second quarter results. Shares were up as much as 16% after reporting a smaller net loss than was expected.

While Wall Street was waiting for a loss of 33 cents a share, the company posted a loss of just 16 cents a share.
Net sales at $779.3 million was also ahead of expectations of $758.6 million.

“We are encouraged by the clear progress across all brands,” said Chief Executive Officer Fran Horowitz.

“Through aggressive execution of our strategic plan, we delivered our third consecutive quarter of sequential comparable sales improvement.’

While analysts had waited for a 2.1% drop in same-store sales, the company reported a loss of just 1%.

The company also reported a 5% rise in comparable sales which was ahead of the average estimate of 2.9% according to Consensus Metrix.

Disclaimer: We have no position in Abercrombie & Fitch Co. (NYSE: ANF) and have not been compensated for this article.

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