{"id":13581,"date":"2023-05-25T08:15:00","date_gmt":"2023-05-25T12:15:00","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/abercrombie-fitch-tops-q1-expectations-raises-full-year-guidance\/"},"modified":"2023-05-25T08:15:01","modified_gmt":"2023-05-25T12:15:01","slug":"abercrombie-fitch-tops-q1-expectations-raises-full-year-guidance","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13581","title":{"rendered":"Abercrombie & Fitch tops Q1 expectations, raises full-year guidance"},"content":{"rendered":"
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\u00a9 Reuters. Abercrombie & Fitch (ANF) tops Q1 expectations, raises full-year guidance<\/span>
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Abercrombie & Fitch (NYSE:)\u00a0shares surged more than 22% in early Wednesday trading after topping first-quarter earnings and revenue expectations.<\/p>\n

The clothing retailer reported of $0.39, $0.38 better than the analyst estimate of $0.01, while revenue for the quarter came in at $836 million versus the consensus estimate of $814.92 million.<\/p>\n

The company’s revenue hit a decade high for Q1, led by 14% growth from Abercrombie brands. Meanwhile, its gross profit rate rose 570 basis points over Q1 2022, driving operating margin above expectations.<\/p>\n

ANF also reported that inventory levels fell 20% year-over-year due to its supply chain recovery and the return of chase capability.<\/p>\n

Looking ahead, the company said it remains cautiously optimistic about consumer demand and its ability to react to a dynamic macro environment.<\/p>\n

As a result of its positive first quarter performance, ANF now sees net sales growth for fiscal 2023 in the range of 2% to 4% from $3.7B in 2022. This is an increase to the previous outlook of up 1% to 3%. Operating margin is now expected to be between 5% and 6%, up from 4% to 5%.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Abercrombie & Fitch (ANF) tops Q1 expectations, raises full-year guidance Abercrombie & Fitch (NYSE:)\u00a0shares surged more than 22% in early Wednesday trading after topping first-quarter earnings and revenue expectations. The clothing retailer reported of $0.39, $0.38 better than the analyst estimate of $0.01, while revenue for the quarter came in at $836 million […]<\/p>\n","protected":false},"author":1,"featured_media":3353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-13581","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAbercrombie & Fitch tops Q1 expectations, raises full-year guidance | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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