Abercrombie & Fitch Rallies On Upbeat Q1 Results, Raised Outlook

(RTTNews) - Shares of specialty retailer Abercrombie & Fitch Co. (ANF) are surging more than 21% Wednesday morning after reporting upbeat quarterly results. The company also raised its full-year sales outlook, above the Street view.

The company reported a profit of $16.57 million or $0.32 per share in the first quarter compared with a loss of $16.47 million or $0.32 per share last year.

Excluding one-time items, earnings of $0.39 per share beat the consensus estimate of analysts polled by Thomson-Reuters of $0.05 loss per share.

Net sales were $835.99 million, up 3% compared to last year. Analysts were expecting sales of $814.53 million for the quarter.

For the full year, the company now expects sales to grow in the range of 2%-4%, up from the prior outlook of up 1% - 3%. Analysts expect sales to grow 1.6% for the year.

ANF is at $27.93 currently. It has traded in the range of $14.02 - $31.69 in the last 52 weeks.