Abercrombie & Fitch Q2 Profit Beats Estimates; Shares Surge

(RTTNews) - Abercrombie & Fitch Co. (ANF) reported second quarter adjusted net income per share of $0.23, compared to net loss per share of $0.48, last year. On average, 13 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.83, for the quarter. Analysts' estimates typically exclude special items. The company's gross profit rate improved 140 basis points to 60.7% on lower promotional and clearance activity.

Second quarter net sales were $698 million, down 17% as compared to last year, reflecting the adverse impact of COVID-19 on store sales. Analysts expected revenue of $658.44 million, for the quarter. Digital net sales rose 56% to $386 million.

For the third quarter, the company expects net sales to be down in the range of 15% to 20% year-on-year.

Shares of Abercrombie & Fitch Co. were up 12% in pre-market trade on Thursday.