Abercrombie and Fitch shares are up more than 12% this morning after the retailer raised its full-year earnings outlook to a range of $US1.55 to $US1.65 from $US1.40 to $US1.50 prior.
Analysts surveyed by FactSet had forecast $US1.47 a share, according to Marketwatch.
It was a solid piece of news for CEO Michael Jeffries, whose head has been called for by some investors after a year of disappointing figures and insensitive remarks. As BI’s Ashley Lutz writes:
Jeffries has also been criticised this year for his comments about only wanting “cool kids” to wear the brand’s clothes. Business Insider was the first to report that the company didn’t offer larger sizes for women.
After the backlash, the company announced it would start offering larger sizes.
Shares are now about 30% below their 52-week high.
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