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Author: Alan LittleDate: 2020-08-28

Abercrombie & Fitch (ANF) shares up 15.25% after Q2 report

Abercrombie & Fitch (ANF) said that a digital sales drive offset the closure of physical stores during fiscal Q2 and helped earnings to rebound to a healthy $5.5m.

The clothing retail company, which operates a single retail store in the UK, posted its latest report on Thursday and it went above and beyond the expectations of Wall Street analysts.

The 9 cents per share earnings for the three-month period to 1st August was a marked recovery from the $31.1m loss (-$0.48 EPS) recorded a year ago.

Adjusted earnings per share of 23 cents beat the FactSet consensus of an 83 cent loss.

Revenue did decline 17% year over year to $698.3m, but that was still enough to beat the $658m pre-report forecast.

Chief executive Fran Horowitz said that “highly penetrated” digital revenue had helped the company to thrive in a “tough” trading environment.

Digital sales climbed 56% during Q2.

Horowitz added: “We are proud of our recent execution, although cognizant and humbled by the many unknowns we as individuals and as a company continue to face.”

Abercrombie shares have been in a tough spot so far this year, falling 36% since 1st January before Thursday.

However, the solid report was enough to boost shares in the early hours of trading on the New York Stock Exchange.

ANF shares had already soared 15.25% at 11:50am EST to a value of $12.84.

On the analyst front, ANF currently has four buy ratings, eight hold ratings and one sell rating, with a consensus at hold.

The average price target is $12.25.

Looking ahead to the rest of the year, Abercrombie & Fitch said that it does expect revenue to drop by up to 20% during fiscal Q3.

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