Abercrombie & Fitch Co shares rose as much as 27% on Tuesday after the U.S. apparel retailer lifted its full-year sales forecast, helped by strong demand for its latest Hollister and Abercrombie collections..
The company now expects net sales in fiscal 2023 to rise in the high-teens percentage range, compared with its prior forecast of a mid-teens percentage increase. .
Comparable sales are forecast to grow in the mid-teens percentage range, versus the previous outlook for a high-single-digit percentage rise..
Abercrombie & Fitch raised its fourth-quarter net sales outlook to a high-teens percentage increase from a mid-teens percentage increase..
The company also sees comparable sales for the fourth quarter growing in the mid-teens percentage range, compared with its prior forecast for a low-teens percentage increase..
Gross margin is forecast to be roughly flat for the fourth quarter and fiscal 2023..
