COLUMBUS, United States — Abercrombie & Fitch Co topped Wall Street forecasts for quarterly same-store sales on Friday, led by stronger demand for Hollister surf-wear as well as its namesake line of teen apparel.
Shares of the New Albany, Ohio-headquartered apparel retailer rose more than 7 percent in premarket trading following a 7.3 percent slide on Thursday.
Same-store sales at Hollister, the company's key revenue contributor, rose 6 percent and topped analysts' estimates, while the Abercrombie brand also exceeded expectations on same-store sales.
Overall sales at established stores rose 5 percent in the first quarter ended May 5. Analysts on average had expected a 4 percent increase, according to Thomson Reuters I/B/E/S.
Net sales rose nearly 11 percent to $730.9 million and came in ahead of Wall Street estimates of $695.7 million.
Net loss attributable to Abercrombie & Fitch narrowed to $42.5 million from $61.7 million a year earlier.
Excluding one-time items, the company reported a loss of 56 cents per share, smaller than the 77 cents analysts were expecting.
By Uday Sampath; editor: Sai Sachin Ravikumar.