Why Abercrombie & Fitch Stock Soared Today
Things are looking up for apparel retailer Abercrombie Fitch (NYSE: ANF) and that's why the stock is up a whopping 25% as of 10:45 a.m. ET and hitting its highest price in a decade. The boost to investor enthusiasm came after the company reported financial results for its fiscal second quarter of 2023.
In Q2 (which ended in July), Abercrombie Fitch generated net sales of $935 million, which was a strong increase of 16% year over year and driven by particular strength in its Abercrombie brand.
Expectations were low to start Abercrombie's fiscal 2023. Management only guided for 1% to 3% year-over-year net sales growth for the year. But so far, the business is crushing those expectations.
Source Fool.com
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