Diamonds and Dogs
Abercrombie & Fitch (ANF) surges 18% thanks to earnings. The apparel maker easily beat estimates by 12 cents as gross sales rose just 0.2% to $861 million, but online sales rose 16% to $243 million for the quarter. Year to date Abercrombie & Fitch has hauled in $675 million from its online business and expects to do a $1 billion in online sales for the full year. US Comps rose 6% with incremental comps improvement in Europe. The company will close fewer stores than originally expected based on stronger performance across its brands and efforts to renegotiate leases with landlords.
Yeti (YETI) yikes. The outdoor and recreational products and cooler maker is down 13% after reporting its first quarterly results as a publicly traded company. The company beat estimates by 3 cents, but sales rose just 7.2% to $196.1 million, below estimates. The company did raise earnings guidance and expects 19% and 20% sales growth for next year, but it looks like investors were expecting much more. The stock is now below its IPO price of $18 a share back in October.
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