Ambercrombie stock higher after retailer sees ‘digital momentum’

Ambercrombie stock higher after retailer sees ‘digital momentum’

Shares of Abercrombie & Fitch Co. ANF, +7.01% rose more than 1% in the extended session Monday after the retailer said “ongoing digital momentum” is helping sales. Abercrombie said it expects fourth-quarter net sales to decline in the 5% to 7% range, compared with a previously forecast decline of 5% to 10%, because of online sales, which are offsetting store closures and capacity restrictions in North America and the retailer’s Europe, Middle East and Africa region.

Abercrombie shares ended the regular trading session up 7%. “We are successfully navigating this unprecedented environment, while keeping the health and safety of our associates, customers and communities a top priority, and executing on our key strategies,” Chief Executive Fran Horowitz said in a statement. Abercrombie shares ended the regular trading session up 7%. Abercrombie is expected to report quarterly earnings in March.

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