![]() ![]() So why is Abercrombie & Fitch outperforming this quarter? The gangbusters report comes as other discretionary retailers have reported a pullback in consumer spending this season: Some of the largest retailers are warning of trouble ahead, American bank accounts are dwindling and debt is growing. The retailer also said it expects net sales to grow between 2% and 4% this year, up from previous estimates of between 1% and 3%. Sales also rose to $836 million, up from $812.8 million a year ago. That’s an improvement on a loss of $16.46 million a year earlier. The company reported a net income of $16.57 million in the first quarter. “Abercrombie’s offering is resonating meaningfully with our target customer, setting several other sales records this quarter across genders, categories and geographies,” Chief Executive Officer Fran Horowitz said in a statement on Wednesday. The numbers show that despite growing economic uncertainty, the US consumer is willing to spend money on discretionary items like acid-washed jeans and polo shirts. (ANF) soared more than 30% Wednesday after the mall retailer released a stellar first-quarter earnings report.Ībercrombie beat analysts’ estimates, reported a surprise profit and boosted its outlook for the full year. ![]()
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