Abercrombie & Fitch shares spike after revenue beat
Abercrombie & Fitch Co. shares jumped nearly 5% in Friday premarket trading after the apparel retailer reported first-quarter revenue that beat expectations. Abercrombie & Fitch reported a net loss of $42.5 million, or 62 cents per share, after a loss of $61.7 million, or 91 cents per share, for the same period last year. The adjusted loss per share was 56 cents. Revenue totaled $730.9 million, up from $661.1 million last year. The FactSet consensus was for a loss of 77 cents and revenue of $696.0 million. Same-store sales increased 5%, with Hollister up 6% and Abercrombie & Fitch up 3%. For fiscal 2018, Abercrombie & Fitch is guiding for same-store sales growth in the 2% to 4% range and sales up in the 2% to 4% range with sales up in the high-single digits for the second quarter. Abercrombie & Fitch stock is up nearly 37% for the year to date, outpacing the S&P 500 index , which is up 1.2% for the period.