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Abercrombie & Fitch shares surge premarket after market beating third quarter results

Abercrombie is now guiding fourth quarter same store sales in the low-single digits and sales up in the mid-to-high-single digits

Abercrombie & Fitch shop
Adjusted EPS was 30 US cents, coming in above the 22 US cents that the market had pencilled in.

Abercrombie & Fitch Co.(NYSE:ANF) saw its shares soar in premarket trade after the company unveiled market beating third quarter results.

In a statement, the clothing company said that net income in the quarter came in at US$10.1mln, or 15 US cents per share, up from US$7.9mln or 12 US cents per share a year ago.

READ: Abercrombie & Fitch shares tumble after JPMorgan downgrades retailer

Adjusted EPS was 30 US cents, coming in above the 22 US cents that the market had pencilled in.

During the quarter, revenue stood at US$859.1mln, up from the US$821.7mln recorded a year ago and far ahead of market expectations for US$820.0mln.

Similarly, same store sales rose 4% in the quarter, soundly beating analysts’ projections. The retailer’s Hollister brand rose 8% and its namesake brand saw sales fall 2%.

Abercrombie is now guiding fourth quarter same store sales in the low-single digits and sales up in the mid-to-high-single digits.

In premarket trade, its shares were up 20.88% at US$15.17.

Quick facts: Abercrombie & Fitch

Price: 16.76 USD

NYSE:ANF
Market: NYSE
Market Cap: $1.05 billion
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