Abercrombie & Fitch Stock Gains After Q2 Beat, Lower Inventories, Raised Outlook
Portfolio Pulse from Nabaparna Bhattacharya
Abercrombie & Fitch (ANF) reported Q2 FY23 sales growth of 16% YoY to $935.35 million, beating the consensus of $842.38 million. Adjusted EPS of $1.10 also beat the consensus of $0.17. The company saw sales growth across all regions and brands, with a significant increase in gross profit margin. ANF ended the quarter with $617 million in cash and equivalents, and a 30% YoY decrease in inventories. The company raised its outlook for Q3 and FY23. ANF shares are trading higher by 16.15% premarket.
August 23, 2023 | 12:55 pm
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Abercrombie & Fitch reported strong Q2 FY23 results, beating sales and EPS consensus. The company also raised its outlook for Q3 and FY23, which is likely to positively impact the stock.
Abercrombie & Fitch reported strong Q2 FY23 results, with sales and EPS beating consensus. This indicates strong operational performance and is likely to boost investor confidence. The company also raised its outlook for Q3 and FY23, signaling expected continued strong performance. This is likely to further boost investor sentiment and could lead to a rise in the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100