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Investing.com -- Abercrombie & Fitch Co. shares surged 25% premarket on Wednesday after the apparel retailer reported first-quarter earnings that beat analyst expectations, despite slightly missing on revenue.
The company posted adjusted earnings per share of $1.59 for Q1, exceeding the analyst consensus of $1.33 by $0.26. Revenue came in at $1.06 billion, just shy of the $1.08 billion estimate, but still representing 8% YoY growth.
Comparable sales increased 4% YoY, driven by strong performance from the Hollister brand, which saw 22% growth and achieved its best-ever first-quarter sales. This was partially offset by a 4% decline in Abercrombie brand sales.
"We delivered record first quarter net sales with 8% growth to last year. This was above our expectations and was supported by broad-based growth across our three regions," said CEO Fran Horowitz.
The company repurchased 2.6 million shares for $200 million during the quarter, representing 5% of shares outstanding.
Looking ahead, Abercrombie & Fitch provided full-year EPS guidance of $9.50-$10.50, compared to the $10.28 analyst consensus. For Q2, the company expects EPS of $2.10-$2.30, below the $2.47 consensus estimate.