We recently published a list of While Market Bleeds, These 10 Firms Soar. In this article, we are going to take a look at where Abercrombie & Fitch Co. stands against other best-performing stocks.
Abercrombie grew its share prices by 14.67 percent on Wednesday to finish at $88.47 apiece as investor sentiment was boosted by higher net sales in the first quarter of the year despite a challenging market environment.
In a statement, Abercrombie & Fitch Co. said net sales grew by 7.5 percent to $1.097 billion from the $1.020 billion registered in the same period last year, with the Hollister brand achieving a 22-percent growth during the period. Net sales from Abercrombie, on the other hand, dipped by 4 percent year-on-year.
A close-up of a customer trying on a piece of apparel in the retailer’s spacious dressing room, emphasizing the company’s focus on personal care and experience.
Attributable net income, however, dropped by 29 percent to $80.4 million from the $113.8 million recorded in the same period a year earlier.
Despite the decline, Abercrombie & Fitch Co. CEO Fran Horowitz said the net income figure exceeded its earlier expectations.
For the full year, Abercrombie & Fitch Co. now expects net sales to grow between 3 and 6 percent, slightly higher than the high-end range of 5 percent as previously expected.
The company also aims to grow its net sales between 3 and 5 percent for the second quarter alone.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
This article is originally published at Insider Monkey.
Hedge Fund Resource Center