Abercrombie & Fitch Q1 earnings: revenue jumps 22%

Abercrombie & Fitch Co (NASDAQ: ANF) is trading up at writing after announcing market-beating financial results for its first quarter.

Abercrombie & Fitch stock climbs on raised guidance

Investors are cheering also because the management raised its guidance for the full year. $ANF now forecasts net sales to climb some 10% in fiscal 2024.

Analysts, in comparison, were at %. Fran Horowitz – the chief executive officer of Abercrombie & Fitch said in a press release today:

We remain on track to achieve our 2024 goal of demonstrating sustainable, profitable growth after a defining year for the company in fiscal 2023.

Both Abercrombie and Hollister brands were up significantly versus last year in Q1. Abercrombie & Fitch stock is now up close to 70% for the year.

Abercrombie & Fitch Q1 earnings snapshot

• Operating income printed at $130 million versus $34 million last year
• Per-share earnings also climbed from 32 cents to $2.14 per
• Adjusted EPS also printed at $2.14 as per the earnings report
• Net sales jumped 22% year-over-year to $1.0 billion
• Consensus was $1.70 per share on $962 million in revenue

Abercrombie & Fitch improved its gross profit rate about 540 basis points in the recently concluded quarter to 66.4%. CEO Horowitz also said on Wednesday:

We continue to make strategic investments across stores, digital and technology to further strengthen the company in pursuit of our long-term ambition.

Wall Street currently has a consensus “hold” rating on $ANF.