Abercrombie & Fitch (NYSE: ANF)
On Friday before the market opened, Abercrombie & Fitch ($ANF) announced third quarter earnings that crushed analyst estimates and sent shares soaring in the premarket.
The clothing retailer announced adjusted earnings per share of 30 cents on 859 million in sales, topping analyst expectations of 22 cents per share on 820 million in sales.
Another impressive number was same-store sales were up 4% compared to estimates of just 0.4%. Shares are looking to open at 11 month highs and are currently trading in the premarket at $15.53.
Abercrombie Technicals
Shares of $ANF took off Friday morning and are looking to open above $15.00 per share after closing Thursday at $12.55. This puts it above a lot of major pivot levels including $14.80 which will act as the first major support area. After that we will look to $14, $13.31 and $13 for support
We have to go pretty far back to find resistance levels as shares haven’t traded at these levels since December. Look for premarket highs to act as resistance along with $18 and $19.51.
Shares will be active today with higher than normal volatility so there should be plenty of opportunity to trade it today.
CEO Comments
Fran Horowitz, Chief Executive Officer, said:
“We are pleased by the clear progress across all brands, delivering another quarter of sequential comparable sales improvement, and a return to positive comparable sales. This sales performance in combination with disciplined expense management drove profit growth, despite the promotional environment. Our customers remain at the center of all we do, and that singular focus continues to drive both our brands forward, with effective engagement across all channels driving positive overall traffic and conversion trends. Hollister delivered another quarter of sales growth across all channels and geographies, and Abercrombie is beginning to show signs of stabilization. . .”
Company Profile
Abercrombie & Fitch Co., through its subsidiaries, operates as a specialty retailer. The Company operates through two segments, Abercrombie and Hollister.
It offers knit tops, woven shirts, graphic T-shirts, fleece, sweaters, jeans, woven pants, shorts, outerwear, dresses, intimates, and swimwear; and personal care products and accessories for men, women, and kids under the Abercrombie & Fitch, abercrombie kids, Hollister, and Gilly Hicks brand names.
As of January 28, 2017, it operated through 709 stores in the United States; and 189 stores in Canada, Europe, Asia, and the Middle East.
The company sells products through its stores and direct-to-consumer operations, as well as through various wholesale, franchise, and licensing arrangements. Abercrombie & Fitch Co. was founded in 1892 and is headquartered in New Albany, Ohio. YahooFinance
