Abercrombie raises full-year sales forecast on resilient apparel demand
ANF•Full-year earnings outlook
It also raised its annual earnings per share forecast to $13.10 to $13.60 from $10.20 to $11.00.
Brand sales and quarterly results
Its Abercrombie brand has continued to gain traction among millennial consumers, while Hollister has attracted younger shoppers, particularly as teens and young adults refresh their wardrobes for the back-to-school season.
Abercrombie brand sales rose 8% in the quarter while sibling brand Hollister's sales rose 2%.
Quarterly revenue came in at $1.27 billion, slightly above analysts' expectations of $1.25 billion, according to data compiled by LSEG.
Abercrombie raises full-year sales forecast
Aug. 26 (Reuters) - Abercrombie & Fitch raised its full-year sales forecast on Wednesday, as demand for its apparel brands remained resilient despite weakness in international markets.
Shares of the New Albany, Ohio-based retailer rose 11% in premarket trading.
The company now expects full-year net sales to grow 5%, compared with its earlier forecast of 3% to 5%.
