By
Reuters
Reuters
Published
Nov 16, 2010
Nov 16, 2010
Abercrombie & Fitch Q3 profit tops Wall Street
By
Reuters
Reuters
Published
Nov 16, 2010
Nov 16, 2010
BANGALORE | Tue Nov 16, 2010 - Abercrombie & Fitch Co (ANF.N) posted a bigger quarterly profit and the teen apparel retailer beat Wall Street estimates, led by strong demand in international markets.
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Abercrombie, which competes with Aeropostale (ARO.N) and American Eagle Outfitters Inc (AEO.N) earned $50.0 million, or 56 cents per share, in the third quarter, compared with $38.8 million, or 44 cents per share, a year earlier.
Analysts, on average, were expecting earnings of 51 cents a share, according to Thomson Reuters.
The company runs popular stores around the world, and many analysts think that growth from the international markets can offset sluggish domestic sales.
Abercrombie, whose chains include Abercrombie & Fitch, Hollister and its children's unit abercrombie kids, had earlier reported an 18 percent rise in sales.
Shares of the company have risen about 29 percent since it posted second-quarter results in August. They closed at $45.33 on Monday on the New York Stock Exchange.
(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anne Pallivathuckal)
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