Abercombie: raises FY targets
(CercleFinance.com) - On the occasion of its quarterly earnings call, Abercombie & Fitch raised its forecasts for the current financial year, expecting an operating margin of 5% to 6% and sales growth of 2% and 4%.
The clothing chain posted Q1 adjusted EPS of $0.39, compared to a loss of $0.27 per share a year ago, on sales that are up 3% to $836m (+4% at constant exchange rates).
Driven by 14% growth in Abercombie brands, sales reached their highest level in over a decade for this time of year, while its gross margin rose 5.7% points to 61% due to lower transport costs.
Note the share is up a whopping 16.7% in pre-market trading today.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The clothing chain posted Q1 adjusted EPS of $0.39, compared to a loss of $0.27 per share a year ago, on sales that are up 3% to $836m (+4% at constant exchange rates).
Driven by 14% growth in Abercombie brands, sales reached their highest level in over a decade for this time of year, while its gross margin rose 5.7% points to 61% due to lower transport costs.
Note the share is up a whopping 16.7% in pre-market trading today.
Copyright (c) 2023 CercleFinance.com. All rights reserved.