Abercrombie shares soar 30% on Hollister growth, strong earnings beat [MSNBC.com]
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Source: MSNBC.com
Shares ofAbercrombie & FitchDuring the apparel retailer's fiscal third quarter, Abercrombie brand sales fell 2%. But for at least the third quarter in a row, Hollister saved the retailer, as sales climbed 16%. CEO Fran Horowitz said sales at Abercrombie are expected to be flat in the current quarter, indicating growth at Hollister is set to drive the company's holiday shopping season.Companywide, sales rose 7%, beating expectations.Here's how the apparel retailer did in the period ended Nov. 1 compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the quarter was $113 million, or $2.36 per share, compared with $131.98 million, or $2.50 per share, a year earlier.Sales rose to $1.29 billion, up about 7% from $1.21 billion a year earlier.The company's namesake banner hasfueled its comebackMeanwhile, Hollister's revenue rose to $673.27 million, well above the $649.7 million analysts had expected, according to StreetAcco
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