Abercrombie & Fitch (NYSE:ANF) stock is rising higher on Wednesday after the fashion retailer reported results for Q2 2023.
The massive win for ANF shareholders today comes from its adjusted earnings per share of $1.10. That’s an incredible beat compared to Wall Street’s estimate of 17 cents per share. It’s also a positive change compared to the -32 cents per share reported in the same period of the year prior.
Adding to this good news is Abercrombie & Fitch reported revenue of $935 million during the quarter. That’s also better than the $843.97 million analysts were looking for. Plus, it’s a 16% increase year-over-year from $805.09 million.
Fran Horowitz, CEO of Abercrombie & Fitch, said the following in the earnings report:
“Our net sales and operating margin exceeded our expectations as global growth accelerated throughout the second quarter. We continue to see strong customer receptivity of our brands and product, led by 26% net sales growth in Abercrombie brands.”
ANF Stock Outlook
Considering today’s positive earnings results, it makes sense that ANF updated its outlooks for Q3 and 2023. For the third quarter of the year, Abercrombie & Fitch is now expecting a low double-digit increase in revenue. Its guidance for the full year of 2023 has it expecting revenue growth of 10%. The company’s prior 2023 outlook had revenue increasing between 2% and 4%.
ANF stock is up 20.8% as of Wednesday morning as some 724,000 shares change hands. For the record, its daily average trading volume is about 2 million shares.
There’s more stock market news that traders will want to know about down below!
Our coverage of the stock market on Wednesday includes all of the biggest stories worth reading about. For example, we’ve got all of the latest news concerning shares of Dick’s Sporting Goods (NYSE:DKS), Foot Locker (NYSE:FL), and AMC Entertainment (NYSE:AMC) stock today. All of that news is ready to go at the following links!
More Stock Market News for Wednesday
- DKS Stock Alert: Dick’s Sporting Goods Continues to Drop After Worst Day on Record
- Why Is Foot Locker (FL) Stock Down 31% Today?
- Why Is AMC Entertainment (AMC) Stock Down 20% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
