Abercrombie & Fitch Co. shares rallied 13% in premarket trades on Tuesday after the retailer beat revenue projections and delivered a narrow adjusted profit against an expected loss. Abercrombie & Fitch said it swung to a third-quarter net loss of $2.2 million, or 4 cents a share, versus net income of $47.2 million, or 77 cents a share in the year-ago quarter. The retailer posted adjusted net income of a penny a share, against the analyst estimate for a loss of 15 cents a share, according to FactSet data. Revenue at the retailer fell 3% to $880.1 million from $905.2 million in the year-ago quarter. Analysts were looking for revenue of $831.1 million. Looking ahead, Abercrombie & Fitch said it is “cautiously optimistic” about the holiday season. Abercrombie & Fitch said it expects fourth-quarter sales to fall 2% to 4% from $1.2 billion in 2021’s fourth quarter. Analysts are currently expecting fourth-quarter revenue of $1.09 billion.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Read Full Story
- Market Snapshot: U.S. stock futures slide as China unrest raises growth fears - November 28, 2022
- NerdWallet: ‘Monthly payments will be pushed even higher.’ What can you do if you need to buy a new car? - November 28, 2022
- Kelley Blue Book: Check out Ferrari’s first SUV (just don’t call it an SUV) - November 28, 2022