A&F Beats Estimates, Soars 18%

Abercrombie & Fitch surged 18% in premarket trading on Wednesday after the mall retailer surpassed earnings and revenue expectations. Adjusted earnings per share were 39 cents, far exceeding the anticipated loss of 5 cents. Revenue was $836 million, surpassing the expected $815 million. Abercrombie & Fitch exceeded expectations with its same-store sales, which experienced a 3% growth in the quarter, surpassing the anticipated 1% decline. The apparel retailer revised its guidance for fiscal 2023 and now expects net sales to grow between 2% and 4%, up from the previous range of 1% to 3%.