NEW YORK (TheStreet) -- Abercrombie & Fitch (ANF) shares are flying 16.52% to $22.17 in pre-market trading on Friday after the apparel retailer earlier this morning delivered better-than-expected third quarter 2015 financial data.
For the latest quarter ended October 31, the company earned 48 cents a share on $878.6 million in revenue.
Wall Street had forecast the company to deliver 22 cents a share on revenue of $863 million.
In the same period the year prior, the company earned 42 cents a share on $911.5 million in revenue.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio commented on Abercrombie & Fitch's earnings saying: "This company's been ramping ever since they fired Mike Jefferies--good trajectory even without a CEO."
Along with the earnings release, Executive Chairman Arthur Martinez stated, "Our third quarter results exceeded our expectations coming into the quarter and provide the strongest validation yet that our initiatives are working."
While currency fluctuations had a negative impact on financial figures, overall, the company's results were helped by initiatives to have fewer discounted items on sale, the Wall Street Journal reports.
Comparable store sales were also better than estimates in the U.S. and internationally, declining 3% year-over-year and rising 1%, respectively. Analysts had thought comp sales would fall 4% in the U.S. and drop 10% abroad.
For the first time since January 2012, sales at Hollister were up 3% year-over-year.
Earlier this week on Wednesday, the company declared a quarterly cash dividend of 20 cents a share on its Class A common stock, payable on December 9, 2015 to stockholders of record at the close of business on December 1, 2015.
Separately, TheStreet Ratings team rates ABERCROMBIE & FITCH as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate ABERCROMBIE & FITCH (ANF) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: ANFANF data by YCharts