Abercrombie & Fitch's stock surges after Q4 sales outlook
Shares of Abercrombie & Fitch Co. surged 5.2% in premarket trade Monday, after the apparel retailer affirmed its fourth-quarter outlook. The company said it expects fourth-quarter same-store sales to be up in the "low-single digits" percentage range from a year ago, compared with the FactSet consensus of a 1.2% rise. Abercrombie said it expects net sales to decrease in the "mid-single digits" range, given the negative impact of a calendar shift and changes in foreign currency rates, while the FactSet sales consensus of $1.14 billion implies a 4.8% decline. Abercrombie plans to report full results on March 6. The stock has run up 9.1% over the past three months, while the SPDR S&P Retail ETF has dropped 7.6% and the S&P 500 has lost 6.2%.
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