Abercrombie stock climbs 285%, defies apparel market slump.
Sectors & Industries
June 5, 2024
Abercrombie & Fitch shares surged 23.4% May 29th after the retailer reported a 22% increase in first-quarter sales.
The company's profit was nearly seven times higher than the previous year, surpassing Wall Street estimates.
Abercrombie’s transformation is years in the making, but began to bear fruit in 2023 when the retailer posted a 16% annual sales gain at the same time the U.S. apparel market shrunk.
Its stock surged 285% in 2023 and is up another 73% so far this year as of Tuesday’s close, outpacing the S&P 500′s gains of 11%.
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