Shares of Abercrombie & Fitch soared more than 17 percent in morning trading Wednesday after the teen retailer reported strong earnings and same-store sales growth during its fiscal fourth quarter.
The teen apparel company has been trying to turn around its struggling business by shrinking the size of its stores and changing up its marketing strategy through loyalty programs and other initiatives. Its international business, which makes up nearly a third of its revenue, saw sales drop by 10 percent. The company attributed the plunge to macroeconomic uncertainty and soft tourism sales.
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Wow! They turned themselves around!