Abercrombie & Fitch Shares Soar After Reporting Smaller-than-expected Loss

Abercrombie & Fitch Co. shares soared 4.2% in Thursday premarket trading after the clothing retailer reported a smaller-than-expected loss in the second-quarter. Abercrombie reported a net loss of $15.5 million, or 23 cents per share, after a loss of $13.1 million, or 19 cents per share, for the same period last year. The adjusted loss was 16 cents per share, ahead of the FactSet consensus for a 33-cents loss. Sales totaled $779.3 million, down from $783.2 million last year, but exceeding the $759.0 million FactSet estimate. Company same-store sales fell 1%, with Hollister brand same-store sales rising 5% and Abercrombie brand same-store sales falling 7%. The company reaffirmed its previous guidance for about flat fiscal 2017 same-store sales. Abercrombie shares are down 20% for the year to date, while the S%P 500 index is up 9.2% for the period.