Abercrombie & Fitch (NYSE:ANF) shares rose about 12% after the company reported first-quarter results that beat profit expectations, while revenue slightly missed and comparable sales declined.
For the quarter ended May 2, the company posted adjusted earnings of $1.47 per share, above analyst expectations of $1.28
Net sales rose 2% year over year to $1.11 billion, narrowly missing consensus estimates of $1.12 billion. Comparable sales fell 1%, compared with expectations for flat performance. The company’s 14th consecutive quarter of revenue growth was driven by a 3% increase in the Americas and a 24% jump in APAC, while EMEA declined 10%.
Abercrombie brand sales rose 3%, while Hollister was flat. Looking ahead, the company maintained its full-year outlook, expecting net sales growth of 3% to 5% and net income per diluted share of $10.20 to $11. It also reiterated plans for approximately $450 million in share repurchases for the year.