Abercrombie & Fitch beats expectations but stock slides


Abercrombie & Fitch Co. ANF, -4.55% reported third-quarter net income totaling $47.2 million, or 77 cents per share, up from $42.3 million, or 66 cents per share, last year. Adjusted EPS of 86 cents was well ahead of the FactSet consensus for 66 cents. Sales of $905.2 million were up from $819.7 million last year and also ahead of the FactSet consensus for $895.0 million. Digital sales rose 8%. Abercrombie’s lineup includes the namesake chain and Hollister, which both reported sales rises during the quarter. “We continue to actively manage through ongoing supply chain constraints, including production and delivery delays and elevated costs,” said Chief Executive Fran Horowitz, who expressed confidence that new and existing customers would find what they’re looking for during the holiday shopping season. Abercrombie & Fitch stock slumped 6.5% in Tuesday premarket trading, but has skyrocketed 131% for the year to date while the S&P 500 index SPX, +0.23% has gained 24.7% for the period.

This article was originally published by Marketwatch.com. Read the original article here.

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