Abercrombie Shares Jump After Positive Earnings Report
Shares for New Albany-based Abercrombie and Fitch surged this morning with the announcement of a strong third quarter. The teen retailer reported third-quarter sales of $1.2 billion, about $100 million higher than the same quarter last year. Strong international sales also led to a 41 percent in third quarter income. The strong sales report sent shares up nearly 30 percent in morning trading. The strong quarterly performance is welcome news as the retailer has been struggling to sell its preppy line of jeans and T-shirts as fashion trends are shifting and a rough economy has left teens around the world on tighter budgets.