Abercrombie & Fitch raised its full-year sales forecast on Wednesday, as demand for its apparel brands remained resilient despite weakness in international markets. Shares of the New Albany, Ohio-based retailer rose 11 per cent in premarket trading. The company now expects full-year net sales to grow 5 per cent, compared with its earlier forecast of 3 per cent to 5 per cent. Its Abercrombie brand has continued to gain traction among millennial consumers, while Hollister has attracted younger shoppers, particularly as teens and young adults refresh their wardrobes for the back-to-school season. Abercrombie brand sales rose 8 per cent in the quarter while sibling brand Hollister’s sales rose 2 per cent. Quarterly revenue came in at US$1.27 billion, slightly above analysts’ expectations of US$1.25 billion, according to data compiled by LSEG. It also raised its annual earnings per share forecast to US$13.10 to US$13.60 from US$10.20 to US$11.00. (Reporting by Angela Christy in Bengaluru; Editing by Tasim Zahid)
