Preppy teen clothier
Abercrombie & Fitch
reported a solid quarter after the close of trading, giving investors another morsel of data that suggests the consumer is not backing off.
The company, based in New Albany, Ohio, said net income in the first quarter was $23.3 million, up from $20.6 million in last year's first quarter. Earnings per share were 23 cents, up from 20 cents a share last year and a penny above the consensus estimate, according to Thomson Financial/First Call.
Revenue for the quarter increased 19% to $312.8 million from $263.7 million last year. Wall Street had been expecting $310 million in sales. Comparable store sales, which measure activity in shops open at least a year, decreased 6%. Same-store sales had also declined in the fourth quarter.
"Once again, the entire management responded to the challenge of protecting the bottom line through disciplined management of inventory and expenses," said Mike Jeffries, chairman and CEO, in a statement.
The company said it expects to earn 26 cents a share in the second quarter, up from its previous guidance but in line with current Wall Street expectations.
Abercrombie's news capped a sunny day in the retail sector, as a host of companies, such as
, reported good quarters and the government reported strong retail data for April. Shares across the sector rallied, including Abercrombie's, which rose $1.90, or 6.3, to close at $31.92.