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Abercrombie & Fitch issues upbeat revenue guidance following strong holiday quarter

Published 2024-03-06, 09:41 a/m
© Reuters.  Abercrombie & Fitch issues upbeat revenue guidance following strong holiday quarter
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Proactive Investors - Abercrombie & Fitch (NYSE:ANF) has forecast full-year revenue growth above Wall Street estimates on the back of a strong holiday shopping quarter.

The retailer expects its sales to grow by 4% to 6%, ahead of the 3.8% increase expected by analysts.

Growth is expected to be driven by Abercrombie brands, which is set to continue to outperform Hollister brands. The Americas are seen leading regional performance.

For the fourth quarter ended February 3, 2024, the company saw its net sales grow 21% led by 35% growth in its Abercrombie brands. Hollister brands grew 9%.

Sales totalled $1.5 billion, ahead of estimates of $1.42 billion, while earnings per share of $2.97 topped forecasts of $2.81.

For the full year, sales increased 16% to $4.3 billion and earnings per share were $6.28, ahead of estimates of $4.25 billion and $6.15 respectively.

But the company’s strong results and optimistic outlook weren’t enough to impress investors, with Abercrombie stock trading down 4.6% at about $133 in early trade on Wednesday.

Read more on Proactive Investors CA

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