by
Bloomberg
Published
August 28, 2024
Abercrombie & Fitch’s sales beat analysts’ expectations for the sixth straight quarter, but that wasn’t enough to please investors after a big run in the stock price this year.
The company said comparable sales rose 18% in the second quarter ended Aug. 3, beating analysts’ expectations of 15% growth. The company also raised its full-year sales forecast.
Shares of Abercrombie Inc. were down 5.2% at 7:42 a.m. in early trading in New York. Expectations were high ahead of the results as the stock has nearly doubled this year through Tuesday’s close and was the best performer among 15 companies in the S&P Composite 1500 Apparel Retail Index.
Once known for its perfume-scented stores and topless mannequins, the New Albany, Ohio-based company has been courting Gen Z and millennials with its denim offerings, bridal shop and weekly releases of new items. Sales at Abercrombie have continued to grow rapidly in recent quarters even as budget-conscious shoppers have reined in spending on other discretionary purchases.