Reported 4 months ago
Abercrombie & Fitch raised its annual sales growth forecast and reported a strong first quarter due to new trendy apparel and accessories driving demand, leading to a surge in shares by up to 19%. The company's focus on refreshing styles like low-rise baggy pants and wide-leg jeans, reduced discounts, and improved margins for the Hollister brand contributed to a 29% rise in comparable sales for Abercrombie and a 13% rise for Hollister. With a gross profit rate increase, the company now expects fiscal 2024 net sales to rise by 10%, up from its previous forecast of 4% to 6%. Shares of Dick's Sporting Goods also hit a record high after raising its annual forecasts.
Source: YAHOO