Abercrombie & Fitch ANF First Quarter 2023 Earnings Report

Pedestrians walk past the Abercrombie & Fitch Co. store in San Francisco.

David Paul Morris | Bloomberg | Getty Images

shares Abercrombie & Fitch Shares soared more than 20% on Wednesday after the mall retailer beat expectations, raised guidance and reported a surprise profit.

Here’s how Abercrombie performed in its fiscal first quarter compared to Wall Street expectations, according to a Refinitiv survey of analysts:

  • Earnings per share: Adjusted 39 cents vs. expected loss of 5 cents
  • Revenue: $836 million vs. $815 million expected

The company reported net income of $16.57 million, or 32 cents a share, for the three months ended April 29, compared with a loss of $16.46 million, or 32 cents a share, a year earlier. Excluding one-time items, Abercrombie reported earnings per share of 39 cents for the quarter.

Sales rose to $836 million from $812.8 million a year ago.

Same-store sales rose 3% in the quarter, while Street Account estimates fell 1%.

The apparel retailer raised its guidance after better-than-expected results. For fiscal 2023, it now expects net sales to rise 2% to 4%, compared with a previous rise of 1% to 3%. It now expects its operating margin to be in the range of 5% to 6%, compared with an earlier forecast of 4% to 5%.

For the fiscal second quarter, the company expects net sales to grow 4% to 6%, with operating margins in the range of 2% to 3%.

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