Abercrombie & Fitch boosts sales growth outlook, but stock set for a pullback

Abercrombie & Fitch Co. (ANF) raised its outlook for fiscal fourth-quarter sales, citing better-than-expected holiday sales. The apparel and accessories retailer now expects sales for the quarter through January to rise in the "high-teens" percentage range from a year ago, compared with previous guidance of "low double-digits" growth. The current FactSet sales consensus of $1.367 billion implies a 13.8% rise. The company raised its guidance range for full-year sales growth to 14% to 15% from 12% to 14%. For operating margin, the fourth-quarter guidance was raised to around 15% from 12% to 14% and the full-year outlook was lifted to 11% to 10%. The company isn't expected to report fourth-quarter results until early March. The stock fell 0.2% in premarket trading. It gained during the first week of 2024, after rocketing 285.1% in 2023.

-Tomi Kilgore

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01-08-24 0814ET

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