Abercrombie & Fitch Co. raised its annual earnings outlook on Thursday after reporting a surprise quarterly profit as demand for its casual wear improved in recent months, sending its shares soaring 20%..
The teen retailer, which reported a 75% slump in quarterly sales last year, has benefited from cost-cutting initiatives and a shift towards more comfortable clothing during the COVID-19 pandemic..
Comparable sales for the quarter ended April 30 fell 14%, an improvement from a 34% drop in the previous quarter. It was the smallest decline in comparable sales since the onset of the pandemic..
