Why Abercrombie & Fitch Is Trading Higher Today

Abercrombie & Fitch Co ANF is trading significantly higher Wednesday morning after the company reported a huge earnings beat. 

What Happened: Abercrombie & Fitch reported first-quarter earnings of 67 cents per share, which crushed the estimate for an earnings loss of 38 cents per share. The company reported quarterly revenue of $781.4. million, which beat the estimate of $687.35 million.

Abercrombie & Fitch benefited from its focus on its online business as online sales accounted for around half of its first-quarter revenue. 

“We built on the significant progress we made in 2020, registering our best first quarter operating income since 2008. The first quarter is evidence that our shift to a digitally-led global business model is working," said CEO Fran Horowitz.

The apparel retailer noted that sales momentum continued into the current quarter. 

Price Action: Abercrombie & Fitch traded as high as $43.60 and as low as $9.30 over a 52-week period.

At last check Wednesday, the stock was up 13.20% at $43.06.

Photo by Mike Mozart from Flickr.