Abercrombie raises full-year sales forecast on resilient apparel demand
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Abercrombie & Fitch products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly
Aug 26 (Reuters) - Abercrombie & Fitch raised its full-year sales forecast on Wednesday, as demand for its apparel brands remained resilient despite weakness in international markets.
Shares of the New Albany, Ohio-based retailer rose 11% in premarket trading.
The company now expects full-year net sales to grow 5%, compared with its earlier forecast of 3% to 5%.
Its Abercrombie brand has continued to gain traction among millennial consumers, while Hollister has attracted younger shoppers, particularly as teens and young adults refresh their wardrobes for the back-to-school season.
Abercrombie brand sales rose 8% in the quarter while sibling brand Hollister's sales rose 2%.
Quarterly revenue came in at $1.27 billion, slightly above analysts' expectations of $1.25 billion, according to data compiled by LSEG.
It also raised its annual earnings per share forecast to $13.10 to $13.60 from $10.20 to $11.00.
(Reporting by Angela Christy in Bengaluru; Editing by Tasim Zahid)
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