Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Abercrombie forecasts better holiday quarter sales on resilient demand

11/22/2022 | 07:48am EST
Abercrombie & Fitch at the Woodbury Common Premium Outlets in Central Valley, New York

(Reuters) - Abercrombie & Fitch Co said on Tuesday it was "cautiously optimistic" ahead of the holiday season and forecast fourth-quarter sales above analysts' estimates on resilient apparel demand, sending its shares up about 7% in premarket trading.

Abercrombie and Gap Inc have posted better-than-expected results as wealthier shoppers have opted for dressier clothing over casuals for post-pandemic outings even as soaring prices encourage consumers on lower incomes to rein in spending.

Last week, U.S. retail chain Macy's Inc signaled strong demand for high-end apparel and accessories ahead of the holiday season as well-to-do customers continue to splurge.

Abercrombie, which posted better-than-expected third-quarter sales, expects fourth-quarter net sales to be down in the range of 2% to 4% in fiscal 2022, compared to analysts' estimates of a 6.3% drop, according to Refinitiv IBES data.

The company's net sales fell 2.8% to $880.1 million, topping estimates of $831.1 million.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MACY'S, INC. -1.39% 24.12 Delayed Quote.16.80%
THE GAP, INC. -4.59% 14.56 Delayed Quote.35.28%
Latest news "Economy"
05:49aIndia's Adani-owned Ambuja Cements' Q3 profit jumps on lower fuel costs
RE
05:47aSwedish PM says ready to restart talks with Turkey when Ankara is
RE
05:44aBrazil police conduct new raids as part of probe into Brasilia riots
RE
05:36aHundreds still under earthquake rubble in rebel-held Syria - rescue workers
RE
05:36aAustralia hikes rates, but pause from big central banks is near
RE
05:32aCongo's Gecamines seeks to diversify into 'transition' minerals
RE
05:30aPrinters of Nigeria election regalia lose out as ad campaigns pivot online
RE
05:30aUK Sells GBP3.5 Billion in January 2027 Gilt
DJ
05:21aIndia's Bharti Airtel beats Q3 revenue estimates
RE
05:21aFavorable Valuation Likely to Boost Demand for UK January 2027 Gilt
DJ
Latest news "Economy"