Abercrombie & Fitch ‘s stock was racing higher on Wednesday after the retailer raised its outlook for sales and delivered impressive second-quarter earnings aided by higher prices on products and lower freight costs.
The owner of the Abercrombie and Hollister brands reported $1.10 in adjusted earnings per share on sales of $935 million for the period that ended on July 29. Analysts tracked by FactSet were looking for 17 cents in earnings on $844 million sales. CEO Fran Horowitz said both brands experienced lower freight costs as well as higher average unit retail. That’s another way of saying, on average, each item was being sold at a higher price compared with a previous period.Abercrombie & Fitch also raised its outlook for full-year sales growth on the back of the solid quarter performance. It expects fiscal 2023 sales to grow around 10% from $3.7 billion reported in 2022. It previously expected between 2% and 4% in sales growth.
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