Shares of Abercrombie & Fitch Co. (NYSE: ANF) soared in morning trading on Tuesday as the lifestyle retailer posted a surprise profit. The company reported adjusted earnings of $0.01 per share versus $0.86 in the same period last year. Analysts were expecting a loss of $0.14 per share in Q3.
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ANF posted net sales of $880 million, down 3% year-over-year and beating analysts’ estimates by $48.9 million.
Fran Horowitz, Abercrombie & Fitch’s CEO commented, “While the environment remains dynamic, we are focused on what we can control. We have strategically adjusted our inventory receipts for holiday and early-2023, and unlike last year, we have the inventory on hand to fulfill holiday demand in the peak Black Friday to Christmas period. Additionally, we have reduced controllable spend where appropriate.”
In FY22, ANF expects net sales to decline year-over-year in the range of 2% to 3%.
As the above graphic indicates, analysts remain sidelined about ANF stock with a Hold consensus rating based on three Buys, two Holds, and two Sells.
