Abercrombie & Fitch's Profit Beats Analyst Estimate But Stock Falls -- MarketWatch

MarketWatch · 11/26 12:44

Abercrombie & Fitch Co.'s stock (ANF) fell 4.2% in premarket trading on Tuesday despite its better-than-expected third-quarter revenue and profit. The company cited strength in its brands and double-digit sales growth for its sixth quarter in a row. Abercrombie & Fitch said its third-quarter net income rose 10.9% to $131.98 million, or $2.50 a share, from $96.2 million, or $1.83 a share, in the year-ago quarter. Adjusted profit of $2.50 a share beat the FactSet consensus estimate of $2.39 a share. Revenue increased 14% to a record of $1.21 billion, ahead of the analyst estimate of $1.19 billion. Looking ahead, the company now expects 2024 sales to increase by 14% to 15%, up from its earlier estimate for an increase of 12% to 13%. Separately, Abercrombie & Fitch promoted 22-year company veteran Robert Ball to be its financial chief. He previously as senior vice president of corporate finance, investor relations and treasury.

-Steve Gelsi

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November 26, 2024 07:44 ET (12:44 GMT)

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