International Growth Helps Abercrombie & Fitch (ANF) Beat Q3 Expectations
Revs rose about 9 percent in the quarter from $1.076 billion up to $1.170 billion, with U.S. sales flat at $818.6 million. Abercrombie was boosted by a 37 percent increase in International sales and 20 percent rise in direct-to-customer sales.
Net income popped 40.5 percent to $71.5 million, or 87 cents per share.
Overall, the Street was looking for revs of $1.11 billion and EPS of 59 cents.
Comps fell 3 percent in the quarter, with the Abercrombie & Fitch brand leading the way at a 4 percent decline.
Abercrombie & Fitch opened a flagship store in Hong Kong through the quarter, also opening up one in Dublin, Ireland, since the end of the third quarter.
Looking ahead, Abercrombie & Fitch boosted its 2012 EPS outlook from $2.50 to $2.75 up to a new range of $2.80 to $3.00. The Street is at $2.48 currently.
Shares are bid higher in early trading.