Abercrombie & Fitch posts higher profit, shares jump

Abercrombie & Fitch Co (ANF.N) teen clothing retailer posted a higher quarterly profit on Wednesday after improved demand in foreign markets, prompting the company to forecast yearly earnings above Wall Street's estimates.

Shares of the company, which hired Goldman Sachs Group Inc (GS.N) in September to help ward off pressure from investors, jumped 21 percent to $37.75 in trading before the bell. Abercrombie & Fitch closed at $31.18 on Tuesday on the New York Stock Exchange.

The retailer expects to make about $2.85-$3.00 a share for the full year. Analysts, on average, were expecting the company to earn $2.48 a share, according to Thomson Reuters I/B/E/S.

Over the past year, Abercrombie & Fitch sales fell as the chain's style lost favor in a segment dominated by so-called fast-fashion retailers.

Read Full Article from Reuters

- Posted: 2012-11-14 12:57:57

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