Shares of lifestyle retailer Abercrombie & Fitch Co ANF are shooting higher after it raised its net sales and operating margin outlook for Q4 and FY2023.
The retailer raised its Q4 net sales guidance from the previously expected low double-digit growth to up high-teens.
ANF sees Q4 operating margin of around 15% from the previous outlook of 12% - 14%.
"Consistent with the first three quarters of 2023, our customers responded positively to compelling product assortments and engaging marketing leading us to increase our fourth quarter and full year net sales and operating margin outlook," said CEO Fran Horowitz.
Abercrombie raised FY23 net sales outlook to a growth of 14%-15% from 12%-14%. It expects FY23 operating margin of around 11% from the previous guidance of 10%.
"We believe our increased full year fiscal 2023 expectations will put us ahead of schedule on our Always Forward Plan 2025 financial targets," Horowitz added.
Price Action: ANF shares are trading higher by 7.77% at $97.57 on the last check Monday.
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