Abercrombie & Fitch Co. (ANF) - Get Report shares closed trading up more than 20% on Thursday after the teen apparel retailer's third-quarter results topped estimates on both the top and bottom lines.
The New Albany, Ohio-based company reported adjusted earnings of 33 cents a share on revenue of $861.2 million. Analysts were expecting the company to report earnings of 20 on revenue of $855 million.
"We are pleased with our third-quarter performance, our fifth consecutive quarter of positive comparable sales, with growth across both of our brands. We delivered 3% comparable sales growth on top of 4% last year, with continued gross profit rate stabilization. Our strong U.S omnichannel business, and 16% global digital sales growth, confirm that our playbooks are working," said CEO Fran Horowitz.
Shares were rising despite the company's warning of a mid-single-digits decline in net sales in the fourth quarter, though it still expects comparable-store sales to be up low single digits.
Separately, the company announced that Kristin Scott has been appointed president, global brands, a promotion from her previous role as brand president of Hollister Co.